New York, NY, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cross Laminated Timber (CLT) Market By Type (Adhesive Bonded CLT and Mechanically Fastened CLT) and By Application (Residential Buildings, Educational Institutes, Government/Public Buildings, and Industrial and Commercial Spaces): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global cross laminated timber (CLT) market was valued at USD 603 million in 2017 and is expected to reach USD 1606 million in 2024, growing at a CAGR of 15% between 2018 and 2024.
A cross laminated timber (CLT) is a sustainable alternative to structural steel, load-bearing block and bricks construction, and concrete. CLT is generally used as a sustainable building material, which is produced from timber. It can be easily recycled.
Browse through 63 Tables & 30 Figures spread over 110 Pages and in-depth TOC on “Global Cross Laminated Timber (CLT) Market: Industry Size, Share, Growth, Demand, Analysis and Forecast, 2017 – 2024”.
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The cross laminated timber (CLT) market is likely to be driven by rising product demand for construction and building applications, due to its cost-effectiveness and sustainability concerns in the forecast period. However, moisture trapping and wetting potential in certain climatic conditions might impede this market. Nevertheless, new market avenues are likely to create new opportunities in the global cross laminated timber (CLT) market in the years to come.
The cross laminated timber (CLT) market is divided based on the type and application. By type, the market is bifurcated into adhesive bonded CLT and mechanically fastened CLT. Adhesive bonded held the largest market share in 2017 and is projected to dominate over the projected years. This can be attributed to its seismic performance and great strength. However, growing environmental awareness for adhesive usage, owing to its carbon emission properties might impede this segment’s demand.
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By application, the cross laminated timber (CLT) market is segmented into residential buildings, educational institutes, government/public buildings, and industrial and commercial spaces. Residential buildings held the largest market share in 2017, i.e., around 50%. The demand for wooden residential buildings including multifamily apartments and single-family homes is rising owing to their design flexibility and aesthetic appeal. The earthquake-proof and improved fire resistance qualities of CLT homes are anticipated to drive the market in the upcoming years.
By geography, Europe dominated the global cross laminated timber (CLT) market and accounted for around 60% market share in 2017. Germany and Austria were the major contributors to this regional market, due to the rising awareness of wood as a housing and building material. Austria is a rich source of pine and softwood spruce and is the largest manufacturers of CLT globally. The increasing use of CLT in commercial and residential applications is likely to fuel the cross laminated timber (CLT) market over the estimated time period. Most of the region’s CLT is produced in Germany and Austria, where leading product manufacturers are located. These factors are likely to help this regional market to grow in the future.
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North America’s cross laminated timber demand was around USD 130 million in 2017, owing to the rising use of CLT for residential and institutional constructions. Growing consumer demand for luxury and stylish apartments is expected to further drive this regional market. The growing product use for residential applications, such as floors, ceilings, and walls, is also estimated to further drive this market. Moreover, the CLT market in Canada and the U.S. is driven by rising CLT demand from engineers and architects for building systems and infrastructure products.
In the Asia Pacific region, manufacturing facilities in New Zealand and Australia are shifting to CLT to cater to the huge demand for CLT in the region. This, in turn, is likely to drive this region’s cross laminated timber (CLT) market. Other factors fuelling this regional market include increasing awareness about CLT in Japan and China that would result in an extensive rise in the number of commercial buildings and residential apartments.
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There is a gap in knowledge and awareness of public about CLT in the Middle East and Africa and Latin America. Thus, these regions are likely to show sluggish growth in the cross laminated timber (CLT) market over the estimated timeframe. Many building owners, construction professionals, and contractors in these regions believe in myths that CLT is costlier than other construction materials, unsuitable for major earthquake areas, poor fire resistance ability, etc. This is also hampering the growth of these regional markets.
The key manufacturers of the cross laminated timber (CLT) market are Stora Enso, KLH Massivholz GmbH, BinderholzBausysteme GmbH, HASSLACHER Holding GmbH, Mayr-MelnhofHolz Holding AG, Structurlam Mass Timber Corporation, Eugen Decker Holzindustrie KG, Nordic Structures, Sterling Lumber Company, Ed. Züblin AG, and W. u. J. Derix GmbH & Co.
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This report segments the global cross laminated timber (CLT) market into:
Cross Laminated Timber (CLT) Market: Type Analysis
- Adhesive bonded CLT
- Mechanically Fastened CLT
Cross Laminated Timber (CLT) Market: Application Analysis
- Residential Buildings
- Educational Institutes
- Government/Public Buildings
- Industrial and Commercial Spaces
Cross Laminated Timber (CLT) Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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