Sarasota, FL -- (SBWire) -- 02/22/2019 --Zion Market Research has published a new report titled "Cross Laminated Timber (CLT) Market By Type (Adhesive Bonded CLT and Mechanically Fastened CLT) and By Application (Residential Buildings, Educational Institutes, Government/Public Buildings, and Industrial and Commercial Spaces): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global cross laminated timber (CLT) market was valued at USD 603 million in 2017 and is expected to reach USD 1606 million in 2024, growing at a CAGR of 15% between 2018 and 2024.
A cross laminated timber (CLT) is a sustainable alternative to structural steel, load-bearing block and bricks construction, and concrete. CLT is generally used as a sustainable building material, which is produced from timber. It can be easily recycled.
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The cross laminated timber (CLT) market is likely to be driven by rising product demand for construction and building applications, due to its cost-effectiveness and sustainability concerns in the forecast period. However, moisture trapping and wetting potential in certain climatic conditions might impede this market. Nevertheless, new market avenues are likely to create new opportunities in the global cross laminated timber (CLT) market in the years to come.
The cross laminated timber (CLT) market is divided based on the type and application. By type, the market is bifurcated into adhesive bonded CLT and mechanically fastened CLT. Adhesive bonded held the largest market share in 2017 and is projected to dominate over the projected years. This can be attributed to its seismic performance and great strength. However, growing environmental awareness for adhesive usage, owing to its carbon emission properties might impede this segment's demand.
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By application, the cross laminated timber (CLT) market is segmented into residential buildings, educational institutes, government/public buildings, and industrial and commercial spaces. Residential buildings held the largest market share in 2017, i.e., around 50%. The demand for wooden residential buildings including multifamily apartments and single-family homes is rising owing to their design flexibility and aesthetic appeal. The earthquake-proof and improved fire resistance qualities of CLT homes are anticipated to drive the market in the upcoming years.
By geography, Europe dominated the global cross laminated timber (CLT) market and accounted for around 60% market share in 2017. The presence of major manufacturers, such as Mayr-MelnhofHolz Holding AG, Stora Enso, BinderholzBausysteme GmbH, HASSLACHER Holding GmbH, and KLH Massivholz GmbH, in Europe is attracting a large number of CLT customers. The consumption of CLT in Germany is higher than in other countries, due to CLT's widespread acceptance among builders and architects. In the Asia Pacific, New Zealand, Australia, and Japan are major consumers of CLT. Earthquake-prone countries, such as Japan and India, have shown significant interest in using cross laminated timber as a construction material for residential and non-residential buildings. North America's CLT demand was valued around USD 130.8 million in 2017, owing to the rising CLT use in residential and institutional applications. Increasing consumer demand for luxury and stylish apartments is anticipated to fuel this industry's growth. The growing CLT use in residential applications, including floors, ceilings, and walls, is also estimated to drive this market. This region is projected to be the second largest market in the future. The Middle Eastern and African and Latin American regions are expected to witness moderate growth over the forecast time period, owing to the increase in construction activities and rapid industrial development.
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The key manufacturers of the cross laminated timber (CLT) market are Stora Enso, KLH Massivholz GmbH, BinderholzBausysteme GmbH, HASSLACHER Holding GmbH, Mayr-MelnhofHolz Holding AG, Structurlam Mass Timber Corporation, Eugen Decker Holzindustrie KG, Nordic Structures, Sterling Lumber Company, Ed. Züblin AG, and W. u. J. Derix GmbH & Co.
This report segments the global cross laminated timber (CLT) market into:
Cross Laminated Timber (CLT) Market: Type Analysis
Adhesive bonded CLT
Mechanically Fastened CLT
Cross Laminated Timber (CLT) Market: Application Analysis
Residential Buildings
Educational Institutes
Government/Public Buildings
Industrial and Commercial Spaces
Cross Laminated Timber (CLT) Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Table of Contents
Chapter 1. Introduction
1.1. Report description and scope
1.2. Research scope
1.3. Research methodology
1.3.1. Market research process
1.3.2. Market research methodology
Chapter 2. Executive Summary
2.1. Global cross laminated timber (CLT) market, 2015 - 2024 (Cubic Meter)(USD Million)
2.2. Global cross laminated timber (CLT) market: Snapshot
Chapter 3. Cross Laminated Timber (CLT) Market - Dynamics
3.1. Introduction
3.2. Market Drivers
3.2.1. Large demand in light of sustainability concerns
3.2.2. Rising demand in construction and building applications owing to cost-effective
3.3. Market Restraints
3.3.1. Moisture trapping and wetting potential in certain climatic conditions
3.4. Opportunities
3.4.1. New market avenues
3.5. Porter's Five Forces Analysis
3.6. Market Attractiveness Analysis
3.6.1. Market attractiveness analysis by type
3.6.2. Market attractiveness analysis by application
3.6.3. Market attractiveness analysis by region
Chapter 4. Cross Laminated Timber (CLT) Market - Competitive Landscape
4.1. Company market share analysis, 2017 (subject to data availability)
4.2. Strategic Development
4.2.1. Acquisitions & Mergers
4.2.2. New Products Launch
4.2.3. Agreements, Partnerships, Collaborations and Joint Ventures
Chapter 5. Cross Laminated Timber (CLT) Market - Type Analysis
5.1. Global cross laminated timber (CLT) market: Type Overview
5.1.1. Global cross laminated timber (CLT)volume share by type, 2017 and 2024
5.2. Adhesive Bonded CLT
5.2.1. Global adhesive bonded CLTcross laminated timber (CLT) market, 2015 - 2024 (Cubic Meter) (USD Million)
5.3. Mechanically Fastened CLT
5.3.1. Global mechanically fastened CLTcross laminated timber (CLT) market, 2015 - 2024 (Cubic Meter) (USD Million)
Chapter 6. Cross Laminated Timber (CLT) Market - Application Analysis
6.1. Global cross laminated timber (CLT) market: Application Overview
6.1.1. Global cross laminated timber (CLT) volume share by application, 2017 and 2024
6.2. Residential Buildings
6.2.1. Global cross laminated timber (CLT) market for residential buildings, 2015 - 2024 (Cubic Meter) (USD Million)
6.3. Educational Institutes
6.3.1. Global cross laminated timber (CLT) market for educational institutes, 2015 - 2024 (Cubic Meter) (USD Million)
6.4. Government/Public Buildings
6.4.1. Global cross laminated timber (CLT) market for government/public buildings, 2015 - 2024 (Cubic Meter) (USD Million)
6.5. Industrial and Commercial Spaces
6.5.1. Global cross laminated timber (CLT) market for industrial and commercial spaces, 2015 - 2024 (Cubic Meter) (USD Million)
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Global Cross Laminated Timber (CLT) Market Prediction USD 1606 Million by 2024
Cross Laminated Timber (CLT) Market: By Type (Adhesive Bonded CLT and Mechanically Fastened CLT) and By Application (Residential Buildings, Educational Institutes, Government/Public Buildings, and Industrial and Commercial Spaces): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024