“Cross-Laminated Timber Market”
According to current reports and data analysis, the global Cross Laminated Timber Market was valued at USD 786.71 Million in 2019 and is projected to reach USD 2,021.29 Million by 2027, growing at a CAGR of 12.51% .
According to current reports and data analysis, the global Cross Laminated Timber Market was valued at USD 786.71 Million in 2019 and is projected to reach USD 2,021.29 Million by 2027, growing at a CAGR of 12.51% . In volume, the market is expected to reach 3,237.61 thousand cubic meters in 2027 from 1,411.55 thousand cubic meters in 2019, with a CAGR of 11.23%. Growing awareness of sustainable architectural methods coupled with growing number of cross-laminated timber producers and increasing interest in green homes are factors that are increasing the growth of the market.
The shift from concrete-based development to wood-based development, alongside government initiatives to reduce pollution from construction activities worldwide, are factors that are impacting the market. Additionally, the steady decline in CLT costs due to more vendors and shorter total project development time is having a positive impact on the industry. Strict government regulations regarding the use of wood for house construction (due to the risk of fire) are expected to be a significant brake on the growth of the industry. However, some unique advantages like the ability to absorb seismic shock better than concrete structures are also a reason why builders are interested in this material.
A report from the Institute of Civil Engineers (ICE), UK, shows that the construction industry is likely to be one of the fastest growing industrial sectors over the next ten years from 2020 and that the same thing will happen in economies around the world. The report shows that the volume of construction production will increase by 85% to reach more than 15.5 trillion dollars worldwide by 2030, including the three main countries of China, the United States and India represent more than 57% of this growth. China’s share of the global construction industry will increase slightly as growth slows through 2030. Comparatively, US construction will grow faster than China, with average growth of more than 5% per year. The report estimates that India will overtake Japan to become the third largest construction market by 2021.
The same report illustrates that apart from the top three countries, the extraordinary growth of the construction industry is seen in Indonesia, while Mexico is expected to overtake Brazil in the Latin America region. In the European region, until 2025, UK is a remarkable growth industry surpassing Germany to become the largest industry in the European region and the sixth largest contributor by 2030. However, with the current pandemic situation as the world knows, the construction industry is a major industry that is taking a huge hit due to the social distancing policy and many ongoing projects currently stalled or even canceled. Government stimulus can help the industry through initiatives such as tax benefits or direct cash disbursements, making the situation somewhat bearable in the short term. However, in the long term (over 3-4 years and more), the construction sector should regain its momentum.
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The impact of COVID-19: The recent outbreak of COVID-19 caused by a new strain of coronavirus has created some unique upheavals in the construction industry, of which CLT (Cross Laminated Timber) is an emerging sector. From the surveys and interviews we regularly conduct, many industrialists point to weak demand for real estate and real estate projects in the coming months, due to the slowdown in the global economy and massive disruptions in the supply chain. supply. As China slowly brings facilities back online, the focus shifts from a supply (production) issue to demand as the broader structural impact of the coronavirus outbreak widens. The main markets expected to experience a drop in sales are China, Europe and North America, although virtually all territories face the prospect of some degree of demand distortion in the coming months . In particular, as China, the rest of Asia-Pacific and North America function as the most important markets for the construction sector, supply chain disruptions and logistical challenges resulting from the lockdown virtual world trade point to a bleak future for this sector, at least for the next few quarters.
Other key findings from the report suggest
- Cross-laminated timber is gaining more and more popularity due to its advantages. CLT is a sustainable alternative as it is renewable and sustainable in nature. CLT is made of wood which can store carbon from the environment. One kilogram of hardwood (depending on the type) stores 1.5 to 2 kg of CO from the environment.
- Based on type, adhesive bonded CLT takes the lion’s share with almost 72.18%. One of the advantages of bonded CLT is that the bonding is comparatively superior to that of mechanical CLT. This adds to the overall quality of the CLT, producing an excellent quality CLT. However, one factor that might affect the growth of this segment over the forecast period is that the manufacturing of bonded CLT is more costly than that of mechanically bonded CLT, as the cost of adhesives is added to the cost of production. This leads to an increase in the cost of bonded CLT and hence may restrain the growth of the segment over the forecast period
- Based on application, floor tile held the industry’s maximum share of 34.33% in 2019. Using CLT for floor tiles has many advantages, such as being durable compared to most other flooring products, natural and easy to clean, among others. A good quality CLT floor can last over 100 years and can be reused at the end of its life. In terms of maintenance, a wooden floor is also a better choice compared to other flooring materials, as cleaning a wooden floor is relatively easy, while a carpeted floor can trap dirt and allergens and also has a shorter lifespan of an average of 10-15 years. .
- The European region is expected to experience gratifying growth, emerging as the fastest growing industry with the highest CAGR of 11.2% during the forecast period. With the growth of the construction sector in countries like Italy, UK, France and Germany, the use of CLT is increasing in the region. Cross-laminated timber was introduced and mainly produced in Europe and is therefore widely used. The main drivers of these positive developments are the green building movements, constant marketing efforts, advances in building codes and the development of distribution channels.
- Key players in the cross-laminated timber market are Stora Enso, Binder Holz, KLH Massivholz, Mayr-Melnhof Holz Holding AG, and Hasslacher. The cross-laminated timber market is marked by the presence of several players.
Segments covered in the report:
This report forecasts the revenue growth at the global, regional and country levels and provides an analysis of market trends in each of the sub-segments from 2017 to 2027. For the purpose of this study, the reports and data have segmented Cross Laminated Timber market on the basis of type, application, end-use and region:
Type (Revenue, USD Million, Volume, Thousand Cubic Meters; 2017-2027)
- glued adhesive
- Mechanically fixed
Application (Revenue, USD Million, Volume, Thousand Cubic Meters; 2017-2027)
- Floor tiles
- Roof panels
End Use (Revenue, USD Million, Volume, Thousand Cubic Meters; 2017-2027)
Regional Outlook (Revenue in USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
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