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The global cross laminated timber market size is projected to reach USD 2,062.2 million by the end of 2027. The high investment in product R&D will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Cross Laminated Timber Market Size, Share & Industry Analysis, By Bonding Technology (Adhesive Bonded and Mechanically Fastened), By Application (Residential Buildings, Non-Residential Buildings, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 756.9 million in 2019 and will exhibit a CAGR of 13.7% during the forecast period, 2020-2027.
Cross laminated timber (CLT) is as engineered product that is inclusive of several layers of wood. The properties of CLT such as improved insulation have allowed improved product applications. The growing demand for the product accounting to the increasing applications will create several opportunities for the companies operating in the market. The presence of several companies will have a huge impact on the growth of the market in the foreseeable future. The use of material such as conventional alpine wood will allow improved product efficacies. The demand for environment-friendly products will open up a huge potential for the companies in the market. The rise of the construction industry will fuel the demand for the product. Recent advancements in boding technologies have yielded products with higher product efficacies, subsequently aiding the growth of the market in the foreseeable future.
Binderholz GmBH Announces Expansion of CLT Production
The report highlights a few of the major industry developments of recent times and states their impact on the growth of the market. The increasing applications of CLT across the world have created massive platforms for the companies operating in the market. Accounting to the huge demand for the product, companies are looking to invest huge capital towards the production of cross laminated timber. In August 2019, Binderholz GmBH announced that it has expanded the production capacity of CLT through the integration of a new manufacturing plant. The company introduced a new digitized and fully automated manufacturing plant in Burgbernheim. Through this plant, the company will increase its production capacity to 320,000 cubic meters. Binderholz’s latest manufacturing plant will help the company offer improved services to customers and acquire a wider consumer base across the world. Binderholz’s latest manufacturing plant will have a positive impact on the growth of the overall market in the coming years. The report highlights a few of the other industry developments of recent times and discusses their impact on the growth of the market.
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Growth of Construction Industry Will Aid Growth
The report includes a few of the factors that have contributed to the growth of the overall market in recent years. The rise of the construction industry and increasing construction and infrastructure activities will lead to a wider product adoption across the world. The increasing demand for sustainable products will create several growth opportunities for the companies operating in the market. The resistance of CLT to external factors is a primary factor why it is used on a large scale across diverse industrial applications.
Major Companies are Focused on Expanding Production Volume
The massive demand for cross laminated timber across the world is consequential to the growing applications of the products. Accounting to the high product demand, there are several companies operating in the market. With healthy market competition, most of these companies are focused on adopting newer strategies that will help them establish a formidable position in the market. It is observed that a majority of the companies are looking to increase their production capacities to cater to the increasing demand for the product.
List of companies profiled in the report:
The global CLT market is segmented on the basis of:
Volume - Thousand cubic meters (TCM) Value - USD Million (US$ Mn)
By Bonding Technology