Owing to this, cross laminated timber is now being increasingly used in the construction industry which has further given impetus to the market.
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Cross laminated timber (CLT) is a panel of wood, designed by gluing together layers of solid-sawn timber. The process offers improved dimensional stability to the product, in-plane and out-of-plane strength, stiffness and increases the splitting resistance. Over the years, cross laminated timber has replaced other concrete alternatives such as steel and masonry due to their cost effectiveness, easy and faster installation, high strength, etc. A new research report by IMARC Group, titled “Cross Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 564 Million in 2017. The report further anticipates the market to reach a value of approximately US$ 1.3 Billion by 2023, at a projected CAGR of around 15% over the forecast period.
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The green building movement and other international initiatives are gaining momentum worldwide. Cross laminated timber is regarded as environment-friendly material which requires low energy consumptions as compared to its counterparts.
The use of cross laminated timber offers structural capability and reduction in construction cost as well as time, making it apt for usage in all elements of construction such as walls, roofs, floor, etc.
The consistent marketing efforts by manufacturers have also aided in creating awareness about the advantages of cross-laminated timber among consumers.
However, there are several factors that hamper the market growth. Structures created using cross laminated timber require external support and added insulation. Moreover, any kind of future transformations with structure is difficult in comparison to the traditional constructional materials.
Residential represents the largest application segment in the cross-laminated timber market. Residential is followed by educational institutes, government/public buildings and commercial spaces.
On a geographical front, Europe enjoys a leading position in the global cross-laminated timber market on account of its high demand in the region. In Europe, Austria exhibits a clear dominance in the market. It is followed by North America (including the United States and Canada).
The market is concentrated with the presence of large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for new players to survive. Some of the leading players operating in the market are:
Browse related reports:
European Cross-Laminated Timber Market Research Report: https://www.imarcgroup.com/european-cross-laminated-timber-market
North America Cross-Laminated Timber Market Research Report: https://www.imarcgroup.com/north-america-cross-laminated-timber-market
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