Rising demand for cross laminated timber from several end use industries such as construction and building sectors is anticipated to favor the augmentation of the global cross laminated timber market in coming years. Research analysts at the Transparency Market Research predict that the global cross laminated timber market will grow to reach the evaluation of US$ 2,470 million by the end of the forecast period i.e. 2026. They also estimate that the global cross laminated timber market will expand at a stellar CAGR of 14.8 % over the forecast period of 2018 to 2026.
The global cross laminated timber market has been experiencing increased demand in the last few years owing to their eco-friendly nature. Products in the global cross laminated timber market are produced by using renewable, sustainable, and green materials. They also allow for pre-fabrication, which makes them a lucrative commodity in construction sector. Segments in the global cross laminated timber market by product type are adhesive bonded cross laminated timber and mechanically fastened cross laminated timber. Both these segments are anticipated to record excellent growth in the global cross laminated timber market in coming years. However, demand for the adhesive bonded cross laminated timber is expected to rise owing to its superior properties, despite its expensive nature. Mechanically fastened cross laminated timber is used to reduce the cost of the manufacturing in construction industry.
Residential Buildings Emerges as Key Application Segment in the Cross Laminated Timber Market
Segments in the global cross laminated timber market by the application are educational institutes, industrial and commercial spaces, residential buildings, and government or public buildings. Based on the application, residential buildings are anticipated to emerge as the most prominent segment in the global cross laminated timber market in coming years. Products in the global cross laminated timber market are used in residential buildings to produce walls as well as flooring. These can be very well produced fully prior to their application on the project site. Products in the global cross laminated timber market are rarely used in the construction activities pertaining to building the industrial or commercial infrastructures. Another application segment anticipated to gather notable momentum in the global cross laminated timber market in coming years is educational institutes.
Europe Leads the Global Cross Laminated Timber Market in Both Consumption and Production
Key regions evaluated in the market study on the global cross laminated timber market include North America (including Canada and the United States), Latin America (including Mexico, Brazil, and rest of the Latin America), Europe (including Germany, Switzerland, France, Austria, the United Kingdom, Italy, and rest of the Europe), Asia Pacific (including Japan, Australia, New Zealand, and rest of the Asia Pacific), and Middle East and Africa (including South Africa, Gulf Cooperation Council countries, and rest of the Middle East and Africa). Europe is estimated to emerge as the leading region in the global cross laminated timber market in coming years. Europe is the most prominent region for both the production as well as the consumption in the global cross laminated timber market. Majority of manufacturers as well as the producers in the global cross laminated timber market are concentrated at the Europe region. Another significant region expected to perform admirably in the global cross laminated timber market in coming years in North America.
Major players assessed in the business intelligence report on the global cross laminated timber market include Mayr Melnhof Holz Holding AG, KLH Massivholz GmbH, Structurlam Mass Timber Corporation, Ed. Zublin AG, Sterling Lumber Company, Stora Enso, Binderholz Bausysteme GmbH, HASSLACHER Holding GmbH, W. U. J. Derix GmbH & Co., Nordic Structures, and Eugen Decker Holzindustrie KG. The global cross laminated timber market experiences a high degree of competition.
Comments