Market Overview
The size of the world market for cross-laminated wood was evaluated at USD 955.9 million in 2020, and it is anticipated to increase at a CAGR of 13.6% from 2021 to 2028. Compared to other building materials, the industry is projected to benefit from more design freedom and quicker installation times. Due to the introduction of COVID, the building industry experienced a sharp decrease all across the world, leading governments to suspend all construction activity. As a result, the demand for cross-laminated lumber abruptly decreased. However, the business expanded as construction operations resumed in the latter half of 2020 and 2021.
The main factors favourably affecting the market are the shift toward adopting environmentally friendly products that have a minimal negative impact, in accordance with the VOC standards of the U.S. EPA, and green building programmes. The market is expected to be driven by consumers’ increasing knowledge of the advantages of Cross Laminated Timber (CLT) in the building sector.
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Product Information
In 2020, the market was headed by the adhesive bonded cross laminated timber product type, which brought in more than 88.4% of global revenue. It is anticipated that the usage of strong adhesives for bonding planks will increase demand for these materials across a range of application industries, including residential, institutional, commercial, and others.
Due to the reduced use of machinery, adhesive-bonded cross-laminated wood has a lower manufacturing cost than CLT that is manually fastened. At the end of their useful lives, the adhesive-bonded cross-laminated timber panels can be turned into biofuel pellets. Because these panels are made specifically for the demands of the construction, there is minimal wood waste.
Application Perspectives
Due to the growing use of environmentally friendly construction materials and seismic bearing capacity, the residential application segmented the market and accounted for over 45.3% of the global revenue share in 2020. Over the course of the forecast period, it is anticipated that consumption will rise in earthquake-prone regions like Japan, India, and Mexico.
Regional Perspectives
Due to the green building movement that was started in the region, Europe dominated the cross laminated timber industry and contributed over 58.8% of worldwide revenue in 2020. Additionally, during the course of the forecast period, trends for using wooden goods in construction applications are anticipated to promote market expansion.
The demand from the United States dominates the North American market for cross-laminated wood. The demand for cross-laminated wood products in the region is projected to continue to expand as a result of the strong expansion in the application sectors in Canada and Mexico. However, a number of laws regarding wood goods have been passed in the area, which can prevent the industry from expanding.
Key Organizations & Market Share Information
Due to the small number of producers who have consolidated in the European region and serve key economies throughout the world, including North America and Asia-Pacific, the market is less competitive. To expand their uses, these firms compete based on product qualities such wood thermal resistance, surface finish, and costs.
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Ram R