Cross Laminated Timber Market Expected to Reach a Value Of US$ 880 Million by 2022

The global cross-laminated timber market has witnessed a significant growth over the past several years. This can be attributed to the exceptional mechanical properties of cross-laminated timber which make it suitable for use in residential as well as commercial spaces.

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The latest report by IMARC Group, titled “Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global cross-laminated timber market reached a value of US$ 470 Million in 2016, growing at a CAGR of more than 16% during 2009-2016. Cross-laminated timber is produced by gluing or fastening kiln dried wood panels in a crosswise arrangement. This configuration improves the mechanical properties of the wood panels and makes them suitable for use in external and internal walls, floors, ceilings and roofs. As a result, cross-laminated timber panels are extensively being used in the construction of mid- and high-rise buildings worldwide, either as a solitary system or in combination with other construction materials such as concrete, masonry and steel.

Highlight of the global cross-laminated timber market:

Green building movement and amendments in international building codes are the major growth drivers.
The residential applications dominate the market, accounting for a half of the total share.
Europe represents the largest producer of cross-laminated timber, accounting for the majority of the global production.

Although the usage of cross-laminated timber has largely been concentrated in Europe, particularly Central Europe, it is now being used as a sustainable construction material in other regions as well. This can be attributed to the green building movement that is gaining momentum all across the globe. Moreover, amendments in the building codes of various regions and countries encouraging the use of cross-laminated timber and other engineered wood products have facilitated in expanding its applications. The consistent marketing efforts by manufacturers have also aided in creating awareness about the advantages of cross-laminated timber among consumers. Some of the other growth inducing factors include improving distribution channels, increasing construction activities and rapid urbanisation. According to the report, the market is further expected to reach a value of US$ 880 Million by 2022.

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The market has been analysed on the basis of application covering residential, educational institutes, government/public buildings and commercial spaces. Currently, residential applications are the largest segment, accounting for more than a half of the total market share. On the basis of region, Europe accounts for the majority of the production, representing the largest market. Within the region, Austria is the largest producer. Other major markets include Germany, Italy, Switzerland, etc. The market is concentrated in nature with the top players being Stora Enso, KLH, Binderholz, Mayr Melnhof and Hasslacher.


The report has examined the global cross-laminated timber market on the basis of:

Applications:
Residential
Educational Institutes
Government/Public Buildings
Commercial Spaces

Regions:
Europe
Austria
Germany
Italy
Switzerland
Czech Republic
Spain
Norway
United Kingdom
North America
United States
Canada
Others

Major Manufacturers:
Stora Enso
KLH
Binderholz
Mayr Melnhof
Hasslacher

Browse more reports related to chemical & materials industry: http://www.imarcgroup.com/categories/chemicals-market-reports

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This release was published on openPR.