Reports And Data
The Cross Laminated Timber Market report also sheds light on supply chains and changing trends in upstream raw materials and downstream distributors.
NEW YORK, NY, UNITED STATES, September 13, 2022 /EINpresswire.com/ — According to the current analysis of Reports and Data, the global Cross Laminated Timber market was valued at USD 786.71 Million in 2019 and is expected to reach of USD 2,021.29 Million by the year 2027, at a CAGR of 12.51%. By Volume, the market is expected to reach 3,237.61 thousand cubic meters in 2027 from 1,411.55 thousand cubic meters in 2019, growing at a CAGR of 11.23%. Increasing awareness about sustainable architectural practices coupled with increasing number of cross-laminated wood producers and increasing interest for green homes are the factors boosting the growth of the market.
The move from concrete to wood-based development along with government initiatives to reduce pollution arising from construction activities across the globe are factors affecting the market. In addition to this, the continuous reduction in CLT costs due to multiple suppliers and shorter overall project development time will have a positive impact on the industry. Strict government regulations regarding the use of wood for the construction of houses (due to the risk of fire) are expected to be a significant constraint to the growth of the industry. However, some unique benefits such as the ability to better absorb seismic shocks than concrete structures are also a reason why builders show interest in this material.
A report by the Institute of Civil Engineers (ICE), UK, illustrates that the construction industry is likely to be one of the most dynamic industrial sectors in the next ten years from 2020 and the same will be witnessed by economies across the world. The report illustrates that the construction production volume will grow by 85% to more than USD 15.5 Trillion worldwide by the year 2030, with the three largest countries of China, the US and India accounting for more than 57% of it. growth. China’s share of the global construction industry will increase slightly as growth slows through 2030. In comparison, US construction will grow faster than China’s, growing at an average 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 remarkable development of the construction industry has been witnessed in Indonesia, while Mexico is estimated to overtake Brazil in the Latin American region. In the European region, by 2025, the UK is a stand-out growth industry surpassing Germany to become the largest industry in the European region and the sixth largest contributor in 2030. However, for now In the pandemic situation that the world is experiencing, the construction industry is a major industry that has taken a major impact due to the social distancing policy and many live projects that are currently stopped or even canceled. The government’s stimulus actions help the industry through initiatives such as tax benefits or direct cash distributions, thus making the situation somewhat bearable in the short term. However, in the long term (more than 3-4 years and more), the construction industry is expected to regain its strength.
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The main participants 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.
Additional key findings from the report suggest
• Cross Laminated Timber is gaining popularity because of the advantages it holds. CLT is a sustainable alternative because it is renewable and durable in nature. CLT is composed of wood that can store carbon from nature. One kilogram of hardwood, (depending on the species), saves 1.5 to 2kg of CO from the environment.
• Based on type, Adhesive-bonded CLT has the lion’s share of nearly 72.18%. One of the advantages of adhesive bonded CLT is that the bonding is superior to that of mechanical boned CLT. This adds to the overall quality of the CLT, producing excellent quality CLT. However, one factor that may affect the growth of this segment in the forecast period is that the production of adhesive-bonded CLT is more expensive compared to mechanically bonded CLT, because the cost of adhesives increases the cost of production. This leads to higher costs of adhesive bonded CLT and thus restrains the growth of the segment in the forecast period.
• Based on Application, Floor slab holds the highest industry share of 34.33% in 2019. Using CLT for floor slabs has many advantages such as durability than most other floor products, natural, and easy to clean among others. A good quality CLT floor can last for over 100 years and can be reused at the end of life. Maintenance-wise, a wooden floor is also a better choice compared to other floor materials, as cleaning a wooden floor is relatively easy, while a carpeted floor can be a trap. dirt and allergen and also has a shorter life of an average of 10 to 15 years.
• The European region is expected to witness a rewarding growth, emerging as the fastest growing industry, with the highest CAGR of 11.2% during the forecast period. With the growing construction sector in countries such as Italy, the United Kingdom, France, and Germany, the use of CLT is increasing in the region. Cross-laminated wood was first introduced and mostly produced in Europe and is therefore widely used. The main drivers for positive developments are green building movements, consistent marketing efforts, development of building codes, and the development of distribution channels.
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Areas covered in the report:
This report forecasts revenue growth at a global, regional and country level, 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 share of Cross Laminated Timber. market based on Type, application, end-use and region:
Type (Revenue, USD Million, Volume, Thousand Cubic Meters; 2017–2027)
• Adhesive Bonded
• Mechanically Tied
Application (Revenue, USD Million, Volume, Thousand Cubic Meters; 2017–2027)
• Walls
• Floor Sheets
• Roof Panels
End Use (Revenue, USD Million, Volume, Thousand Cubic Meters; 2017–2027)
• Residence
• Commercial
• Institutional
The impact of COVID-19:
The recent outbreak of the disease COVID-19 caused by a novel strain of the coronavirus has created some extraordinary upheavals in the construction industry, where CLT (Cross Laminated Timber) is an emerging that sector. According to surveys and interviews that we regularly conduct, many manufacturers point to a muted demand for real estate and construction projects in the coming months, due to the global economic slowdown and many supply chain disruptions. As China slowly brings facilities back online, the focus is shifting from a supply (production) issue to demand as the broader, structural impact of the coronavirus epidemic unfolds. Key markets expected to witness tanking sales include China, Europe and North America, although almost all territories face the prospect of some level of demand distortion in the coming months. In particular, as China, the Rest of Asia-Pacific and North America act as the most important markets for the construction sector, disruption of the supply chain and logistical challenges arising from the virtual stoppage of global trade point to a bleak future for this sector, at least for the next few quarters.
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