(MENAFN- GlobeNewsWire - Nasdaq) WASHINGTON, Aug. 17, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, increasing demand for sustainable & eco-friendly construction materials, the benefits of using CLT in building construction, and innovative designs that use CLT panels and structures are the key drivers for Cross Laminated Timber (CLT) growth.
According to Vantage Market Research, the Global cross laminated timber (clt) market is estimated to be valued at USD 3.5 Billion by 2030 and is expected to exhibit a CAGR of 14% from 2023 to 2030. The global Cross Laminated Timber (CLT) market grew to USD 1.2 billion in 2022.
Cross Laminated Timber (CLT) is a new technique of building construction that has revolutionized the traditional construction industry. CLT is a prefabricated structural building material made by layering dried lumber in alternating grain directions and bonding them with an adhesive to form solid, large-sized panels. The global Cross Laminated Timber (CLT) market overview sees a growing trend in the use of CLT in the construction sector, and it is expected to continue to grow in the coming years. This growth can be attributed to various factors, including the increasing awareness about sustainable construction practices, the benefits of using CLT in building construction, and the innovative designs that use CLT.
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By Product, the Mechanically Fastened segment is anticipated to mention the fastest growth of the market during the forecast period, By Industry, the Residential segment is expected to witness maximum market growth over the projected period, By End-Use, the Structural segment is expected to lead the market during the projected period, In 2022, Europe dominated the market with the highest revenue share of 43.7%, North America is expected to witness maximum market growth during the forecast period.
CLT is increasingly being used in the construction industry as a sustainable alternative to traditional building materials such as concrete and steel. It has gained popularity due to its low carbon footprint, high strength-to-weight ratio, and ease of construction. Several factors, including the growing focus on sustainable construction practices, the need for energy-efficient buildings, and the rising demand for eco-friendly materials drive the CLT market. The construction industry is also adopting CLT to expedite construction projects and reduce costs.
Top Companies in The Global Cross Laminated Timber (CLT) 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 (U.K.) Eugen Decker Holzindustrie KG (Germany) Structurlam Mass Timber Corporation (Canada) Smartlam NA (U.S.) Freres Lumber Co. Inc. (U.S.) Katerra (U.S. & India) IB EWP Inc. (Canada) Nordic Structures (Canada) StructureCraft Builders Inc. (Canada) DRJ Wood Innovations (U.S.) PFS Corporation (U.S.)
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Factors Affecting the Growth of the Cross Laminated Timber (CLT) Industry
Several factors can affect the growth of the Cross Laminated Timber (CLT) industry. Some of these factors include
Sustainable and Environmentally Friendly Construction: CLT is a sustainable and eco-friendly construction material that is made from renewable and locally sourced timber. It has a low carbon footprint compared to traditional construction materials like concrete and steel. The increasing focus on sustainable building practices and the need to reduce carbon emissions in the construction industry has led to a growing demand for CLT. Cost-Effectiveness: CLT structures are quick and easy to construct, which reduces construction time and labor costs. The prefabricated nature of CLT panels allows for efficient and streamlined construction processes. Additionally, the lightweight nature of CLT reduces foundation and transportation costs. Structural Advantages: CLT offers excellent strength and durability. The cross-lamination of timber layers provides uniformity in strength and dimensional stability, making it suitable for large-scale construction projects. CLT structures have high seismic resistance, making them ideal for earthquake-prone regions. Architectural Design Flexibility: CLT allows for flexible and innovative architectural designs due to its strength, large panel sizes, and ability to create large open spaces without the need for additional structural support. This has attracted architects and designers to use CLT as a versatile material for creating aesthetically appealing and environmentally conscious structures. Government Support and Regulations: Many governments worldwide have recognized the benefits of CLT and have introduced policies and regulations to promote its use. These include incentives and grants for using sustainable construction materials and achieving green building certifications. This government support has further boosted the growth of the clt market . Increasing Awareness and Adoption: As more developers, contractors, and architects become aware of the benefits of CLT, the demand for this construction material is increasing. Real estate developers increasingly incorporate CLT into their building projects, leading to more adoption and market growth.
Top Trends in the Global Cross Laminated Timber (CLT) Market
CLT has excellent load-bearing properties and is v. It offers faster construction times and reduced on-site waste compared to traditional construction methods. CLT is well-suited for urban environments due to its lighter weight and faster installation. It is used to construct affordable housing projects to provide cost-effective and sustainable solutions. Manufacturers are investing in advanced technology and machinery to improve the production process of CLT panels. This has led to increased efficiency, better quality control, and the ability to produce larger and more complex panels.
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Recent Development of the Global Cross Laminated Timber (CLT) Market
October 2022: Stora Enso inaugurated its new production site in Czechia, Europe, which produces cross-laminated timber (CLT) with an estimated annual production capacity of 120,000 m3. The company has strengthened its presence in the competitive market through expansion. October 2022: Stora Enso invested EUR 79 million on a new production unit for cross-laminated timber in Ždírec, the Czech Republic to reinforce its strategy of growth in wooden building solutions. September 2022: SmartLam North America, a leading largest CLT manufacturer in North America, announced the construction of a $50 million glulam production facility in Dothan, Ala.
The increasing popularity of prefabricated construction methods is expected to fuel the demand for CLT in the construction industry. Prefabrication is a method of construction that involves building components or structures offsite and then assembling them onsite. CLT is ideal for prefabricated construction due to its lightweight and easy transportation. Its strength and durability make it suitable for modular construction, which is becoming increasingly popular across various construction sectors.
The use of CLT is still relatively new in many regions, and there may be limited awareness and acceptance of the material among builders, architects, and engineers. The lack of knowledge and experience with CLT can act as a barrier to its widespread adoption. In addition, building codes and regulations vary by region, and some jurisdictions may still need clear guidelines for the use of CLT in construction. This can lead to delays and uncertainties for CLT projects, as additional testing and approvals may be required.
Government initiatives promoting the use of eco-friendly building materials are also driving the CLT market's growth across the world. For instance, the European Union has set targets to reduce greenhouse gas emissions by 55% by 2030, and construction is a key sector in achieving these targets. As a result, the EU has implemented several regulations and initiatives to promote sustainable building materials, such as CLT. Other countries, including the US, Canada, and Australia, have also implemented policies promoting sustainable building practices, expected to drive the CLT market's growth in the next few years.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on cross laminated timber Market Forecast Report (2023-2030).
Report Segmentation of the Global Cross Laminated Timber (CLT) Market
Adhesive-bonded CLT segment is the leading category in the Cross Laminated Timber (CLT) market in 2022. Adhesive-bonded CLT offers several advantages over other bonding methods, such as mechanical or dowel connections. The adhesive used in CLT ensures a strong and durable bond between the layers of lumber, resulting in a more stable and reliable product. This bonding method also allows for greater flexibility in design and construction, as it can accommodate complex shapes and connections.
The Non-Structural segment accounted for the potential growth of the market in 2022. Several factors contribute to the growth of the non-structural segment in the CLT market. Firstly, the increased focus on sustainability and environmentally friendly construction practices has increased demand for CLT as a renewable and low-carbon building material. CLT is made from sustainably sourced wood and has a lower carbon footprint than traditional construction materials like concrete and steel. As a result, architects and designers use CLT in interior finishes such as flooring, wall panels, and ceilings to achieve a greener building design.
The non-residential segment accounted for the most significant market growth in 2022. The non-residential sector, including commercial buildings, schools, hospitals, and shopping centers, is increasingly adopting sustainable building practices. CLT offers a renewable and eco-friendly alternative to traditional building materials like concrete and steel. It is made from layers of lumber boards stacked at right angles and bonded with adhesive, resulting in a lightweight yet strong and durable material. Using CLT in non-residential construction helps reduce the environmental impact and carbon footprint of buildings, making it a preferred choice for sustainable development.
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Adhesive Bonded Mechanically Fastened
North America Europe Asia Pacific Latin America Middle East & Africa
Scope of the Report:
| Report Attributes || Details |
| Market Size in 2022 || USD 1.2 Billion |
| Revenue Forecast by 2030 || USD 3.5 Billion |
| CAGR || 14% from 2023 to 2030 |
| Base Year || 2022 |
| Forecast Year || 2023 to 2030 |
| Key Players || Stora Enso, Mayr Melnhof Holz Holding AG, Binderholz GmbH, Xlam Ltd., Sterling Company, Schilliger Holz AG, KLH Massivholz GmbH, B&K Structures, Eugen Decker Holzindustrie KG, Structurlam Mass Timber Corporation, Smartlam NA, Freres Lumber Co. Inc., Katerra, IB EWP Inc., Nordic Structures, StructureCraft Builders Inc., DRJ Wood Innovations, PFS Corporation |
| Customization Options || Customized purchase options are available to meet any research needs. Explore customized purchase options |
Europe mentioned the largest market share for Cross Laminated Timber (CLT) in 2022, owing to the availability of sustainable forestry resources. European countries have a long tradition of sustainable forestry management, which ensures a consistent supply of high-quality timber for CLT production. This makes it easier for CLT manufacturers to meet the growing demand for sustainable construction materials.
North America is the fastest-growing Cross Laminated Timber (CLT) market during the forecast period. The increasing demand for green building materials, government incentives, and the emergence of innovative building designs will continue to drive the growth of the CLT market in North America.
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