The global cross laminated timber market size is expected to reach USD 3.72 billion by 2030, according to a new study by Polaris Market Research. The report “Cross laminated timber Market Share, Size, Trends, Industry Analysis Report, By Type (Adhesive Bonded, Mechanically Fastened); By Industry; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Superior design flexibility and speedier installation methods against other construction materials are expected to enhance the market throughout the projected period. Due to the introduction of COVID, the global construction sector saw a sharp collapse, with governments resorting to the suspension of all building activity. This resulted in a sharp drop in demand for cross laminated timber.
Although the coronavirus pandemic disrupted the supply chain by impacting wood supply and cutting demand from the building sector, the worldwide demand for the material has not yet slowed. On the contrary, the epidemic has increased demand for environmentally friendly building materials. It is currently expected that material demand will expand faster in the medium and long term.
The epidemic, on the other hand, has had only a minor impact on market performance. Due to lockdowns and a lack of competent workers, several significant building projects relying on the material were repeatedly postponed. This has an impact on the performance of several significant market players.
The market in the United States is predicted to expand due to increasing demand from the end-user sector. High spending power and a diverse product offering are projected to drive market expansion in the area.
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The paradigm shift toward utilizing environmentally friendly goods with minimal negative impact, as defined by the US EPA's VOC rules, and green construction efforts are the key drivers positively affecting the industry. The market is expected to be driven by rising consumer awareness of the benefits of CLT in the building industry. Because of design considerations, the CLT sector is experiencing limits on using CLT structures in high-rise multi-family housing. Aside from the height constraints imposed by construction codes, CLT is more costly than steel or concrete. A dearth of qualified experts is also a big challenge since the lack of training for architects and planners in timber building is projected to limit market expansion.
Europe is predicted to dominate the market due to the widespread usage of the material in the construction of small and medium-sized buildings in the area. Europe produces 65% of the world's timber-based wood materials, with the bulk of the output consumed locally. On the other hand, in North America, the industry is controlled using CLT in constructing hybrid buildings, which use a blend of timber and traditional elements to produce aesthetic architectural designs for workspaces.
Cross laminated timber Market Report Highlights
Polaris Market Research has segmented the cross laminated timber market report based on type, industry, end-user, and region:
Cross laminated timber, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Cross laminated timber, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Cross laminated timber, Industry Outlook (Revenue - USD Billion, 2018 - 2030)
Cross laminated timber, Regional Outlook (Revenue - USD Billion, 2018 - 2030)