Pune, India, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The cross laminated timber (CLT) market is estimated to be valued USD 1,048.80 Million in 2021 and is projected to grow at a CAGR of 15.0% during the forecast period, as per new market study by Quince Market Insights.
CLT is known as future concrete because it has the same structural strength as reinforced concrete but is a more flexible material. It is a sustainable material because it is made of wood, which is a renewable resource (typically derived through reforestation) and doesn't require the use of fossil fuels in the manufacturing process. It has been utilized for infrastructure and support on big building sites in concrete bridges and as base for tractors in unstable terrain when dams are being built. It has unusual appearance, and its structural strength has drawn attention to its possibilities for small structures. Currently, CLT components are being used to construct skyscrapers.
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CLT has a wide range of architectural possibilities and has a low environmental impact. For these reasons, cross-laminated timber is proving to be an excellent alternative to traditional building materials such as concrete, brick, and steel, particularly in multifamily and commercial construction. Panels manufactured of CLT are assembled and cut in the factory, with the joints, holes, and drills. The parts are subsequently brought to the job site, where they are assembled.
Impact of COVID-19 on Global Cross Laminated Timber (CLT) Market
COVID-19 has hampered many businesses around the world. The most serious implications are the public health crisis and related economic and humanitarian calamities, which are having unprecedented effects on human welfare.
The use of concrete and steel to construct anything from houses to sports stadiums has a significant environmental cost. Concrete is responsible for major amount of global carbon dioxide (CO2) emissions. It is the most frequently utilized substance, second only to water, accounting for major share of all mining and alarming sand depletion. During COVID-19, the awareness regarding environmental risks associated with the usage of cement concrete in building and construction sector (cement causes soil erosion, flooding, water pollution) has improved. This is on account increasing focus on health and well-being. As a result, government and private sector is expected to pivot towards green housing, which is projected to drive the cross laminated timber (CLT) market.
Segmentation
By Raw Materials
Based on raw materials, the market is segmented into fir, spruce, pine, larch. The spruce segment is projected to capture the largest share of the market. Spruce is extremely versatile and can be used as roundwood, sawn timber, laminated timber. Spruce is the wood of choice for construction timber. Spruce is also used as an adhesive reagent.
By Press Type
Based on press type, the market is segmented into vacuum, hydraulic, pneumatic, nails. Hydraulic segment is projected to account for the largest market. The boards in a CLT panel are glued together using a large hydraulic press. CLT is produced in a range of thicknesses and panel sizes using hydraulic press.
By Application
Based on application, the market is segmented into commercial, residential, industrial. Commercial segment is projected to account for the largest market. CLT is becoming a popular alternative for commercial construction projects. Mass timber has a lower total weight in comparison to steel and concrete, which allows for fewer foundation needs. CLT interiors, like other mass wood products, can improve a building's aesthetic attributes.
Element Type
Based on element type, the market is segmented into flooring panels, wall panels, roofing slabs, others. Wall panels segment is projected to account for the largest market. Instead of concrete, CLT can be used to construct a structure's walls and ceilings, and it's particularly well-suited to high rise apartment higher wood construction. CLT can be used for pre-insulated wall and roof sections. In CLT construction, the use of panels for load-bearing walls helps compartmentalize a fire, preventing it from spreading to other parts of the structure.
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Based on Regional Analysis
Europe is expected to lead the market owing to the large adoption of CLT in the building of small and medium-sized houses in the region. Europe produces a large portion of the world's CLT, and most of it is used locally since this type of wood provides superior insulation against the cold temperatures that are common in the region. The adoption of CLT in the construction of hybrid buildings, which combine CLT with conventional materials to produce beautiful building designs for office spaces, is driving the market in North America.
The increasing product demand for cross laminated in Japan, Australia, and New Zealand, where CLT is used for the construction of wood-based structures with increased seismic performance characteristics, will drive the market in Asia Pacific. The market in China is likely to rise because of increased research efforts to incorporate locally grown bamboo into CLT production. As a result, the product's cost will be reduced, making it more accessible and like traditional building materials.
Recent Developments in the Global Cross Laminated Timber (CLT) Market
- November 2020 - Pfeifer Group (Germany) started the second expansion phase of its production site in Schlitz in Hesse. In the future, the company wants to produce up to 100,000 m³ of CLT every year at the site.
- July 2019 - Jürgen Ante (Germany) entered the cross-laminated timber production. It was a logical step since the company is dedicated to massive construction timber products
- February 2018 - LignaCLT Maine, LLC (U.S.) announced plans to become the first Maine-based manufacturing company of innovative Cross Laminated Timber (CLT) and other mass timber products in our state. The company had plans to open their new facility at the Millinocket mill site owned by Our Katahdin, Inc.
Some key Points of the Cross Laminated Timber (CLT) Market Report are:
- An in-depth global cross laminated timber (CLT) market analysis by the segments, along with an analysis of trend-based insights and factors.
- Major companies operating in the global cross laminated timber (CLT) market, which include Stora Enso (Finland), Binderholz GmbH (Austria), KLH Massivholz GmbH (Austria), Mayr-Melnhof Holz Holding AG (Austria), HASSLACHER Holding GmbH (Austria), Kattera (U.S.), Derix Group (Germany), Smart Lam (U.S.), Eugen Decker (Germany), and Schillinger Holz AG (Switzerland).
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global cross laminated timber (CLT) market.
- Impact of COVID-19 on the global cross laminated timber (CLT) market.
Find more insights on this topic from this report, “Cross Laminated Timber (CLT) Market, By Raw Materials (Fir, Spruce, Pine, Larch), By Press Type (Vacuum, Hydraulic, Pneumatic, Nails), By Application (Commercial, Residential, Industrial), By Element Type (Wall Panels, Flooring Panels, Roofing Slabs, Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Global Market Size, Share, Trends & Forecasting to 2030 By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)” in depth analysis along with the table of contents (ToC).
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