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.
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.
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.
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.