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LONDON, GREATER LONDON , UNITED KINGDOM, October 17, 2024 /EINPresswire.com/ -- The cross laminated timber market has experienced robust growth in recent years, expanding from $1.34 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to sustainable construction practices, green building certifications, cost-effective construction solutions, rising awareness of climate change, architectural flexibility and design freedom, urbanization and population growth.
What Is The Estimated Market Size Of The Global Cross Laminated Timber Market And Its Annual Growth Rate?
The cross laminated timber global market is projected to continue its strong growth, reaching $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to regulatory support for timber construction, focus on carbon-neutral construction, demand for energy-efficient buildings, resilience in seismic zones, adoption in affordable housing projects, consumer preference for natural materials. Major trends in the forecast period include sustainability and environmental benefits, advancements in clt manufacturing, integration with building information modeling (bim), use in hybrid construction systems, code and standards development, education and training initiatives, financial incentives and support.
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Growth Driver Of The Cross Laminated Timber Market
The increase in construction activities is expected to propel the growth of the cross-laminated timber market going forward. Construction activity refers to any activity associated with construction at a site. Timber is used in the construction of doors, windows, cabinets, cupboards, shelves, tables, and railings, among other things, which increases the use of cross-laminated timber in construction activities.
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Who Are The Key Players Shaping The Cross Laminated Timber Market Trends?
Key players in the cross laminated timber market include Maye-Melnhof Holz Holding AG, Stora Enso Oyj, Binderholz GmbH, Eugen Decker Holzindustrie KG, Schilliger Holz AG, KLH Massivholz GmbH, Structurlam Mass Timber Corporation, XLam Limited, Sterling Lumber, B & K Structures Ltd., Smartlam NA, HASSLACHER Gruppe, Ante group, Decker holding GmbH, Meiken Lamwood Corporation, PFS Corporation, Blackwell Structural Engineers, Boise Cascade Company, Building Systems Design Inc., Canadian Timberframes Ltd., Nordic Structures, Oregon Canadian Forest Products, DRJ Wood Innovations, Eco Building Systems, TimberLab Solutions, Eurban Ltd., Freres Lumber Co. Inc., Züblin Timber GmbH, Holz100, Lignotrend Produktions GmbH, Massiv Lustenau GmbH.
What Are The Dominant Trends In Cross Laminated Timber Market Growth?
Product innovations are a key trend gaining popularity in the cross laminated timber market. Major companies in the cross-laminated market are advancing their technologies and product innovations, such as Woodbe self-locking frame.
How Is The Global Cross Laminated Timber Market Segmented?
1) By Type: Adhesive Bonded, Mechanically Fastened
2) By Application: Residential, Institutional, Commercial, Other Applications
3) By End User: Structural, Non-Structural
Geographical Insights: North America Leading The Cross Laminated Timber Market
Europe was the largest region in the cross laminated timber market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cross-laminated timber market report forecast period. The regions covered in the cross laminated timber global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Cross Laminated Timber Market Definition
Cross-laminated timber is a type of engineered wood material composed of layers of kiln-dried dimension lumber positioned at sharp angles to one another and glued together to form structural panels. It is used in both load-bearing and non-load-bearing structures, walls, floors, and roofs. The panel obtains good structural strength in both directions by bonding it in different angles.
Cross Laminated Timber Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global cross laminated timber market report covering trends, opportunities, strategies, and more
The Cross Laminated Timber Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cross laminated timber market size, cross laminated timber market drivers and trends, cross laminated timber market major players, cross laminated timber competitors' revenues, cross laminated timber market positioning, and cross laminated timber market growth across geographies. The cross laminated timber global market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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