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19 Apr, 2023, 05:00 ET
CHICAGO, April 19, 2023 /PRNewswire/ -- The report "Cross Laminated Timber Market by Type (Adhesive Bonded, and Mechanically Fastened), Industry (Residential, and Non-residential), End Use (Structural, and Non-structural), & Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028", size is projected to grow from USD 1.4 billion in 2023 to USD 2.6 billion by 2028, at a CAGR of 13.7%. The rapid growth of the housing & construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drives the cross laminated timber market. The cross laminated timber market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. US and Canada, among other countries, are leading the cross laminated timber market globally.
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Adhesive Bonded segment is expected to account for the largest share in 2023.
The use of structural adhesives or glues has been one of the most significant technological advances in modern engineered wood building. These chemical bonding agents have assisted in the formation of structural goods that have low mass, high tensile strength, and minimum expansion and contraction owing to moisture retention. The adhesives used for bonding engineered wood have diverse chemical properties and are chosen depending on the end product's specific needs. This is also the standard for CLT and LVL manufacture (Laminated Veneer Lumber).
Non-residential segment is expected to account for the largest share in 2023.
Cross-Laminated Timber (CLT) is used in the non-residential sector due to its many benefits. CLT can be used not only as load-bearing panels for walls, floors, and roofs but also for shear walls. CLT is structurally viable and can result in faster, less expensive projects that ultimately enhance the tenant experience. Additionally, CLT is a sustainable building material that can store carbon during the building's lifetime and even capture additional carbon. Furthermore, using CLT during construction of non-residential buildings can result in several possible advantages such as reduced construction time and cost. Therefore, CLT is an attractive option for non-residential construction due to its structural integrity, sustainability, and cost-effectiveness.
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Europe is expected to account for the largest share in 2023.
The major drivers for this market are the increase in awareness regarding the importance of cross laminated timber as well as rising industrialization in the region after the economic slowdown. The European region has the highest number of manufacturers of cross laminated timber and is currently leading in production due to the presence of major manufacturers such as Mayr-Melnhof Holz. Due to the adoption of strategies such as mergers & acquisitions and investments & acquisitions, further advancements in the market are expected. Cross laminated timber itself has been in use for decades, particularly in this region. Interest in the material is surging along with concern about the greenhouse-gas emissions associated with concrete and steel. The production of construction materials such as steel, cement, and glass accounts for 10% of global energy-related CO2 emissions, according to a United Nations report. Cross-laminated timber and other engineered wood products, on the other hand, can improve the environment in three ways: trees collect and store carbon as they develop; long-lived wood products lock in carbon; and these goods may be utilized in many circ*mstances instead of high-impact materials like concrete.
Major players operating in the cross laminated timber include 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 Mass Timber Corporation (Canada), XLam NZ Limited (New Zealand), and others.
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Timber Laminating Adhesives Market- Global Forecast to 2026
Wood Adhesives Market - Global Forecast to 2026
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