The global cross laminated timber market is set to gain traction from the increasing research and development activities by prominent companies. They are mainly striving to experiment with temperate and soft wood species for producing cross laminated timber. This information is given by Fortune Business Insights™ in a published report, titled, “Cross Laminated Timber Market Size, Share & Industry Analysis, By Bonding Technology (Adhesive Bonded and Mechanically Fastened), By Application (Residential Buildings, Non-Residential Buildings, and Others), and Regional Forecast, 2020-2027.” The report further states that cross laminated timber market size was USD 756.9 million in 2019 and is projected to reach USD 2,062.2 million by 2027, exhibiting a CAGR of 13.7% during the forecast period.
Segment-
Based on application, the residential buildings segment earned 41.04% in terms of the cross laminated timber market share in 2019. This growth is attributable to the increasing usage of cross laminated timber for developing multi-family buildings.
Regional Insights-
Geographically, Europe stood at USD 466.48 million in 2019. It is anticipated to retain its dominant position throughout the forthcoming years. This growth is attributable to the increasing adoption of cross laminated timber for the construction of medium and small-sized houses.
On the other hand, Asia Pacific is likely to show significant growth fueled by the high demand for this timber from New Zealand, Australia, and Japan. As the product has excellent seismic performance characteristics, it is utilized for creating wood-based buildings in this region.
Competitive Landscape-
The global market is highly consolidated with the presence of five leading organizations. Most of them are investing huge sums in building their production plants to cater to the increasing demand worldwide. Below are two latest industry developments:
A list of all the renowned cross laminated timber manufacturers operating in the market:
- Stora Enso (Finland)
- Mayr Melnhof Holz Holding AG (Austria)
- Binderholz GmbH (Austria)
- Xlam Ltd. (Australia & New Zealand)
- Sterling Company (USA)
- Schilliger Holz AG (Switzerland)
- KLH Massivholz GmbH (Austria)
- B&K Structures (UK)
- Eugen Decker Holzindustrie KG (Germany)
- Structurlam Mass Timber Corporation (Canada)
- Smartlam NA (USA)
- APA – The Engineered Wood Association (USA)
- Katerra (USA & India)
- IB EWP Inc. (Canada)
- Nordic Structures (Canada)
- StructureCraft Builders Inc. (Canada)
- DRJ Wood Innovations (USA)
- PFS Corporation (USA)
- Other Key Players
Information Source: – https://www.fortunebusinessinsights.com/cross-laminated-timber-clt-market-102884
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