Press release
Cross Laminated Timber (CLT) Market Size by Type (Adhesive bonded, Mechanically fastened), End-use (Structural, Non-structural), Industry (Residential, Non-residential) and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2027
Cross Laminated Timber (CLT) Market
According to our primary respondents, the impact of the COVID-19 pandemic is expected to minimize by the end of 2022. Growth of the market is majorly attributed to companies rearranging their operations and recovering from the impact of COVID-19, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities resulting in operational challenges.
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The increasing urban population is indirectly driving the market for cross laminated timber. There is a population shift from rural to urban areas in the Asia Pacific region. The CLT industry is facing restrictions on the use of CLT structures in high-rise multi-family housing due to design complexions.
CLT Market Players
Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz Gmbh (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GMBH (Austria), Schilliger Holz AG (Switzerland), KLH Massivholz GmbH (Austria), Structurlam (Canada), Xlam NZ LIMITED (New Zealand), Pfeifer Holding GmbH (Austria), Lion Lumber (Illinois), and Smartlam NA (US) are some of the players operating in the global cross laminated timber market.
A new generation of firms with potentially insufficient experience may enter the cross laminated timber sector. Planning in logistics and the storage of construction materials and control are crucial, requiring just-in-time delivery of bulk wood materials and panels planned for sequencing in installation in a project. Building regulations are being continuously updated (e.g., Eurocode 5 - Design of timber structures) leading to new challenges for the market.
KeyTakeways From Market Study Report:
• The demand for non-structural of the end-use segment is projected to grow in the cross laminated timber market during the forecast period
• North America is fastest-growing market for mechanically fastened segment.
• To fulfil rising demand, mass wood manufacturing capacity is required to be significantly increased.
• The growing building & construction sector, particularly urban residential housing, renovation, and remodeling, is expected to directly impact the non-structural en-use.
• The growth in demand for mass timber products is a fundamental disruption and is expected to substitute conventional concrete-and-steel products for building design and construction.
• The cross laminated timber market in North America is projected to be the fastest-growing market during the forecast period, in terms of value and volume.
• The US is projected to be the largest consumer of cross laminated timber products and accounted for the largest market share, in terms of value as well as volume, among the countries in the North American region.
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Mechanically fastened CLT manufacturing is more complicated than adhesive bonded CLT production owing to the necessity for highly experienced workers to operate the fastening machinery. The risk of raw material waste is also high as poor screw application at one point can cause issues throughout the assembly.
Based on type:
• Adhesive Bonded
• Mechanically Fastened
Based on Industry:
• Residential
• Non-residential
Based on end-use:
• Structural
• Non-structural
Based on the region:
• Asia Pacific
• North America
• Europe
• Rest of the World
Recent Developments
In December 2021, Mayr-Melnhof Holz Holding Firm entered an agreement to buy the Swedish sawmill group Bergkvist Siljan. This maintains the Austrian wood processing group's steady expansion and growth plan.
In October 2021, Stora Enso planned to invest USD 114.76 million to boost board production at its Skoghall facility in Sweden. Simultaneously, Stora Enso is starting a feasibility study to convert the second, presently idle, line at its Oulu, Finland, location to a packaging board line.
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Frequently Asked Questions (FAQ):
• What is the mid-to-long term impact of the developments undertaken in the industry?
• What are the upcoming technologies used in the cross laminated timber industry?
• Which segment has the potential to register the highest market share?
• What is the current competitive landscape in the cross laminated timber market in terms of new technologies, production, and sales?
• What will be the growth prospects of the cross laminated timber market?
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