The global cross laminated timber market is set to gain traction from the increasing research and development activities by prominent companies. They are mainly striving to experiment with temperate and soft wood species for producing cross laminated timber. This information is given by Fortune Business Insights™ in a published report, titled, “Cross Laminated Timber Market Size, Share & Industry Analysis, By Bonding Technology (Adhesive Bonded and Mechanically Fastened), By Application (Residential Buildings, Non-Residential Buildings, and Others), and Regional Forecast, 2020-2027.” The report further states that cross laminated timber market size was USD 756.9 million in 2019 and is projected to reach USD 2,062.2 million by 2027, exhibiting a CAGR of 13.7% during the forecast period.

How Did We Develop This Report?

Our analysts have conducted both qualitative and quantitative techniques, as well as a blend of primary and secondary sources to collect information. They have taken data from paid databases, press releases, company journals, and other sources to provide a complete picture of the market for cross laminated timber. To derive information about the competitive landscape, such as collaborations, joint ventures, acquisitions, mergers, partnerships, and acquisitions, they have conducted thorough interviews with prominent figures.

Drivers & Restraints-

Increasing Demand for Sustainable Materials to Boost Growth

The high demand for environmentally sustainable construction materials is surging on account of the increasing awareness of damages caused to the environment amid the manufacturing processes of bricks and cement. Hence, technicians and consumers are inclining towards the usage of sustainable materials. Government bodies are supporting the adoption of cross laminated timber as it is made up of wood. It also has acoustic and thermal insulation properties, unlike the conventional construction materials. These factors are expected to accelerate the cross laminated timber market growth in the near future. However, if water gets accumulated in the timber, bacteria and mold can form in it. It may hamper growth.

Segment-

Residential Segment to Grow Steadily Backed by Development of Multi-family Buildings

Based on application, the residential buildings segment earned 41.04% in terms of the cross laminated timber market share in 2019. This growth is attributable to the increasing usage of cross laminated timber for developing multi-family buildings.

Regional Insights-

Rising Usage in Construction Small & Medium-sized Buildings to Propel Growth in Europe

Geographically, Europe stood at USD 466.48 million in 2019. It is anticipated to retain its dominant position throughout the forthcoming years. This growth is attributable to the increasing adoption of cross laminated timber for the construction of medium and small-sized houses.

On the other hand, Asia Pacific is likely to show significant growth fueled by the high demand for this timber from New Zealand, Australia, and Japan. As the product has excellent seismic performance characteristics, it is utilized for creating wood-based buildings in this region.

Competitive Landscape-

Key Players Focus on Developing New Plants to Fulfil High Consumer Demand

The global market is highly consolidated with the presence of five leading organizations. Most of them are investing huge sums in building their production plants to cater to the increasing demand worldwide. Below are two latest industry developments:

• January 2020: Mayr-Melnhof Holz Holding AG invested around USD 145 million to construct a unique cross laminated timber manufacturing plant in Austria. It would strengthen the company’s position in the European timber industry.

• May 2019: Stora Enso invested USD 49 million to build its new production plant in Sweden. It has an annual production capacity of 100,000 m3. The company aims to replace fossil-based materials with renewable energy in the construction sector.

A list of all the renowned cross laminated timber manufacturers operating in the market:

• Stora Enso (Finland)

• Mayr Melnhof Holz Holding AG (Austria)

• Binderholz GmbH (Austria)

• Xlam Ltd. (Australia & New Zealand)

• Sterling Company (USA)

• Schilliger Holz AG (Switzerland)

• KLH Massivholz GmbH (Austria)

• B&K Structures (UK)

• Eugen Decker Holzindustrie KG (Germany)

• Structurlam Mass Timber Corporation (Canada)

• Smartlam NA (USA)

• APA - The Engineered Wood Association (USA)

• Katerra (USA & India)

• IB EWP Inc. (Canada)

• Nordic Structures (Canada)

• StructureCraft Builders Inc. (Canada)

• DRJ Wood Innovations (USA)

• PFS Corporation (USA)

• Other Key Players

Information Source: -

https://www.fortunebusinessinsights.com/cross-laminated-timber-clt-market-102884