Pune, India, June 2019/MRFR Press Release/- Market Research Future Published a Half-Cooked Research Report on Global Cross Laminated Timber Market. The Cross Laminated Timber Market is Expected to Grow at 12% CAGR During the Period 2019 to 2024.
The Global Cross Laminated Timber Market is anticipated to witness sustainable growth throughout the forecast period. High demand from the construction sector for various applications, such as roofing, cladding, flooring, and ceiling, is expected to improve sales prospects in the overall Cross Laminated timber market. Manufacturers in the construction industry are tapping lucrative opportunities by adopting key strategies, such as investments, regional expansions, in order to increase their presence in the market. However, stringent regulations on manufacturing cross laminated timber products are expected to be a threat to manufacturers.
The global Cross Laminated Timber was valued at USD 1,450 million in 2018; it is anticipated to witness 12% CAGR during the forecast period.
Europe to witness a gradual increase in the Cross Laminated timber market during the forecast period
On the basis of region, the global cross laminated timber market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Europe accounted for the largest market share in 2018,, followed by North America, primarily due to the leading consumers and environmental advantages to wood-based construction. The rise in construction industry is attributed to private housing, commercial and infrastructure construction growth and impressive growth in privately funded projects. Moreover, various benefits of CLT panels such as structural, combustion, and dimensional stability have further enhanced the demand for the cross laminated timber market.
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Adhesive-bonded CLT segment, to witness the higher growth rate in the global Cross Laminated timber market
On the basis of type, the adhesive-bonded CLT segment accounted for the larger market share, which is also expected to witness maximum growth rate during the forecast period, due to its widespread use in residential and commercial buildings. Such types of timber are cost-effective and involve enhanced durability and performance. Companies are coming up with innovation in the wood industry and are investing in research & development activities to boost the demand for eco-friendly manufacturing of cross laminated timber products.
Mechanically fastened CLT accounted for the 25% market share in the overall type segment, due to its number of applications in residences.
Residential segment, accounted for the largest market share in the Cross Laminated timber market
On the basis of application, the residential application segment accounted for the largest market share in 2018, which will retain its position by 2024. This is attributed to the growing population in emerging economies, such as China, India, and Brazil, which in turn drives the demand for residential buildings. Hence, the residential application segment is anticipated to exhibit a sustainable growth rate over the forecast period.
The prominent players in the cross laminated timber market are HASSLACHER Holding GmbH (Austria), Stora Enso (Finland), Structurlam Mass Timber Corporation (Canada), Mayr-Melnhof Holz Holding AG (Austria), and Ed. Züblin AG (Germany). KLH Massivholz GmbH (Austria), Stora Enso (Finland), Eugen Decker Holzindustrie KG (Germany), Sterling Lumber Company (US), and W. u. J. Derix GmbH & Co. (Germany), are among others.
Scope of the Report
This study provides an overview of the global cross laminated timber market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific and the rest of the world (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global cross laminated timber market by type, application, and region.