The global
cross-laminated timber market was
valued at US$ 712.74 Mn in 2017 and is anticipated to expand at a CAGR of 14.7%
from 2018 to 2026, according to a new report titled ‘Cross-laminated Timber
Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2018–2026,’ published by Transparency Market Research (TMR) The global
cross-laminated timber market is driven by rising demand for cross-laminated
timber and its increasing acceptance from the construction industry.
Rise
in Demand for Cross-laminated Timber from the Construction Industry is
projected to Drive the Market
Cross-laminated
timber offers various advantages over conventional construction materials such
as concrete and steel. It is considered a highly advanced building material due
to its superior properties. It is safe, acoustically sound, fire proof,
seismically resilient, light in weight, and easy to transport and fabricate.
Moreover, it can be prefabricated, which reduces construction time
significantly. It is an eco-friendly and sustainable material. It is being
increasingly used in the construction industry, mainly in residential
construction. A rise in the use of cross-laminated timber in construction is
anticipated to drive the market over the forecast period.
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Cross-laminated
Timber is Considered to be the Future of Sustainable Construction
Increase
in awareness about deforestation and climate change has increased demand for
cross-laminated timber across the globe. In most countries, forest and climate
sustainability is a top priority. Hence, government agencies, timber trade
federations, and large construction companies are promoting the use of
cross-laminated timber. Awareness regarding sustainable forest management by
substituting soft and temperate wood species is on the rise. Usage of wood in
buildings has clear advantages. Cross-laminated timber reduces fresh water
consumption. It enhances the quality of the indoor environment. It also helps
in keeping the environment clean, as it generates no waste during production.
The only constituents of a CLT building system are wood and a non-toxic/non-VOC
adhesive. Cross-laminated timber building materials do not release any toxins
into the indoor environment, thereby providing clean indoor air.
Cross-laminated timber wall systems can breathe naturally. When integrated with
appropriate mechanical systems, they create a healthy indoor environment. Wood
is a naturally occurring product that serves as a moisture management system in
construction. Ideally manufactured with 12% moisture content, wood has the
ability to absorb and release moisture. This can naturally stabilize the indoor
environment. Constructing with timber reduces the carbon footprint. The raw
material for cross-laminated timber is timber i.e. wood , which is a renewable
resource and has carbon locked in it.
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Higher
Cost of Cross-laminated Timber and Lack of Awareness about the Material are
Hindering the Cross-laminated Timber Market
Construction
by using cross-laminated timber (CLT) is a relatively new concept. CLT was first
developed and used in Germany and Austria in the early 1990s. It was only after
the mid- 1990s that extensive research on the product was conducted. By the
2000s, CLT was being used much widely in Europe, in single-storied as well as
multi-storied buildings. The construction sector is largely dominated by the
use of conventional materials such as concrete and steel. Construction using
cross-laminated timber is currently more expensive as compared to that using
concrete and steel. This is likely to restrain the market. Moreover,
awareness about cross-laminated timber and its properties is low across the
world. Cross-laminated timber can be used for constructing tall buildings, but
its use is limited to low- and mid-rise buildings currently, as there are no
codes and regulations available for the use of cross-laminated timber in
construction.
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Adhesive-bonded
Cross-laminated Timber Segment to Dominate the Global Cross-laminated Timber
Market
Based
on type, the global cross-laminated timber market has been segmented into
adhesive-bonded cross-laminated timber and mechanically fastened
cross-laminated timber. Both segments are anticipated to expand at a rapid pace
during the forecast period. However, the adhesive-bonded cross-laminated timber
segment is likely to expand at a faster pace. Compared to mechanically fastened
CLT, adhesive-bonded CLT is used on a larger scale during construction.
Cross-laminated timber panels consist of several layers of lumber boards
stacked crosswise and glued together. Adhesive is used to assemble CLT panels.
Very few manufacturers of cross-laminated timber use the process of mechanical
fastening to manufacture CLT. Manufacturers use aluminum nails or wooden dowels
to connect wood layers vertically.
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Residential
Construction Segment Dominates the Global Cross-laminated Timber Market
In
terms of application, residential buildings is a prominent segment of the
cross-laminated timber market. In residential buildings, cross-laminated timber
is used in walls, roofs, and ceilings. Flooring and walls made from
cross-laminated timber can be assembled fully before reaching the project site.
This prefabrication helps in decreasing the construction time and cost.
Cross-laminated timber is less commonly used in construction in industrial and
commercial spaces. They require strict building codes of strength to be
followed. In order to achieve that, the number of cross-laminated timber panels
used increases, and the cost of construction rises significantly. Currently,
the use of cross-laminated timber is limited to low-rise and mid-rise
buildings.
Europe
Dominates the Global Cross-laminated Timber Market
In
terms of geography, the global cross-laminated timber market can be classified
into North America, Europe, Asia Pacific, Middle East & Africa, and Latin
America. Europe is a leading consumer as well as producer of cross-laminated
timber across the world. The region held a major market share in 2017 and is
expected to continue its dominance during the forecast period. Key drivers of
the cross-laminated timber market in Europe include the green development
movement, changes in building codes, and consistent efforts for marketing by
CLT manufactures. Building codes in Europe are focusing on the use of wood in
construction to promote sustainability. In terms of volume, North America holds
a prominent share of the global cross-laminated timber market. High demand for
and wide-scale adoption of cross-laminated timber as a construction material in
the region has boosted the market in North America. Asia Pacific is another
significant region of the cross-laminated timber market. Demand for CLT in the
region primarily comes from countries such as Japan, New Zealand, and
Australia. The demand in these countries is estimated to be high during the
forecast period. In 2017, Latin America and Middle East & Africa were
minimally significant regions of the cross-laminated timber market compared to
other regions. However, both regions are estimated to witness significant
growth in the consumption of cross-laminated timber during the forecast period.
However, lack of technical knowhow is expected to inhibit the rapid growth of
the cross-laminated timber market in these two regions. Strengthening of
distribution channels in these regions is anticipated to help market players
expand their footprint in the near future.
High
Degree of Competition among Market Players
High
degree of competition exists among market players operating in the
cross-laminated timber market. The market is dominated by large players and is
moderately consolidated. Key players account for a major share of the market.
Major players profiled in the report are Stora Enso, Mayr-Melnhof Holz Holding
AG, Binderholz Bausysteme GmbH, KLH Massivholz GmbH, HASSLACHER Holding GmbH,
Structurlam Mass Timber Corporation, Nordic Structures, Ed. Zublin AG, Eugen
Decker Holzindustrie KG, Sterling Lumber Company, Inc., and W. u. J.
Derix GmbH & Co..
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