Cross Laminated Timber Market to Gain Immense Advantage in 2020

Booming Construction Industry to Bolster Growth

 

The developing construction industry is expected to create golden opportunities for the market during the forecast period. The increasing investments for infrastructure development by governments will have an excellent effect on the market. The growing focus on sustainable development with eco-friendly building materials will fuel the demand for the market. The shift towards sustainable materials such as wood in the commercial construction of buildings will spur business opportunities for the market.

 

Moreover, growing environmental concerns will promote the healthy growth of the market. The increasing demand for softwood owing to its availability will aid the expansion of the market. In addition, the increasing acceptance of CLT over other conventional construction material will incite the healthy growth of the market.




The global cross laminated timber market size is expected to reach USD 2,062.2 million by 2027, exhibiting a CAGR of 13.7% during the forecast period. The growing demand for eco-friendly construction products is expected to enable speedily expansion of the market during the forecast period, states Fortune Business Insights in a report. 

The research on cross laminated timber industry encompasses:

  • Fundamental understandings of the market 
  • All-inclusive data about prominent players
  • Distinguished facts and figures
  • Latest developments and key drivers
  • Dominant regions in the market

List of the Key Companies in the Cross Laminated Timber Industry:

 

Expansion of Hybrid Buildings to Foster Growth in North America

 

The global cross laminated timber market in Europe is expected to dominate the global market owing to the large adoption of CLT in the building of small and medium-sized houses in the region. Europe accounts for 65% of the global CLT production and the majority of the product is used locally. The market in North America is expected to witness a rapid growth rate owing to the increasing adoption of CLT in the construction of hybrid buildings

The rising demand for CLT in the development of artistic building designs for office spaces will aid the development of the market in the region. Asia Pacific is expected to experience a healthy growth rate during the forecast period owing to the increasing demand from Japan, Australia & New Zealand. The increasing research activities in china will foster the growth of the market in the Asia Pacific.


Notable Development:

 

May 2019: Stora Enso inaugurated its new production capacity at the sawmill in Gruvön, Sweden. The company invested approximately USD 49 million in the new production plant that has an annual production capacity of 100,000 m3.

 

January 2020 – Mayr Melnhof Holz Holding AG invested approximately USD 145 million to build a modern cross laminated timber manufacturing plant at Leoben, Austria.

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