PMR delivers key insights on the global cross laminated timber market in its revised report titled ‘Cross Laminated Timber Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026.’ The long-term outlook on the global cross laminated timber market is pegged to remain positive with the market value expected to increase at a CAGR of 6.6% during the forecast period. On the basis of end-use, the residential segment is expected to register healthy growth during the forecast period with the growing adoption of timber-based construction materials in residential constructions.
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Sales of cross laminated timber in the global market is estimated to reach US$ 543.7 Mn by the end of 2018, witnessing a Y-o-Y growth of 6.6% over 2017. North America and Europe are collectively expected to account for over 3/4th of the total share in the global cross laminated timber market by the end of 2018 and are expected to retain their position in the cross laminated timber market during the forecast period.
Global Cross Laminated Timber Market: Dynamics
Cross laminated timber is most widely adopted at construction sites, supported by its various advantages such as efficacy and speed of installation, cost competitiveness, energy efficiency and thermal and environmental performance. Thus, the demand for cross laminated timber is expected to rise at a significant pace in the near future. Further, attributing to cross laminated timber’s carbon capture and reduced carbon di-oxide emission benefits in construction, the material has garnered significant attention across the global marketplace.
The availability of alternative construction materials such as steel and concrete is one of the key restraining factors in the global cross laminated timber market. Further, cross laminated timber is a relatively new form of construction material in the various regions across the globe such as China, India, and Middle East & Africa, which may also act as a restraining factor.
Increasing investments in the production facilities of cross laminated timber, supported by the significant demand from residential as well as commercial end-use sectors, are among the key trends in the global cross laminated timber market.
Global Cross Laminated Timber Market: Forecast
On the basis of end-use, market insights suggest that the residential segment will continue to dominate the cross laminated timber market throughout the forecast period. The residential segment is pegged to be followed by the commercial & institutional segment.
The Europe cross laminated timber market is expected to dominate sales during the forecast period and remain a high value market. The Middle East & Africa region is expected to grow at a significant rate in the global cross laminated timber market over the forecast years. North America and Latin America markets, together, are expected to account for about 1/6th of the overall incremental opportunity created during the forecast period.
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Global Cross Laminated Timber Market: Competitive Landscape
Some of the market participants included in the report on the cross laminated timber market are Stora Enso Oyj, Binderholz GmbH, Mayr-Melnholf Holz Holding AG, KLH Massivholz GmbH, HASSLACHER Holding GmbH, Structurlam Mass Timber Corporation, Eugen Decker Holzindustrie KG, Ed. Zublin AG, Schilliger Holz AG, W.u.J. Derix GmbH & Co. and weinberger-holz GmbH.
The global cross laminated timber market is observed to be partly consolidated in nature with the top 5 players expected to hold a significant share. Prominent manufacturers involved in the global cross laminated timber market are focusing on the expansion of their production facilities in order to cater to the large customer base across the globe.