The Cross Laminated Timber Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cross Laminated Timber Global Market Report 2024, The cross laminated timber market size has grown rapidly in recent years. It will grow 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..
The cross laminated timber market size is expected to see rapid growth in the next few years. It will grow to $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..
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. For instance, in September 2021, according to Construction digital, a UK-based magazine, the global construction market grew from $4.5 trillion to $15.2 trillion, with China, India, the United States, and Indonesia accounting for 58% of the projected growth. The predicted average annual growth rate of 3.6 % per year will be faster than the services or manufacturing sectors, and global infrastructure construction grew by 5.1 % annually. Therefore, an increase in construction activities is expected to drive the growth of the cross laminated timber market.
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The cross laminated timber market covered in this report is segmented –
1) By Type: Adhesive Bonded, Mechanically Fastened
2) By Application: Residential, Institutional, Commercial, Other Applications
3) By End User: Structural, Non-Structural
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. For instance, in September 2021, Woodbe, a Sweden-based company operating in cross-laminated timber, reused its old technology self-locking frame system in a new way to create innovation to build smarter with cross-laminated timber. It improves the working environment for construction workers and reduces the construction industry’s climate footprint. This innovation provides higher precision, reduces the risk of error at the building site, and makes it easier for architects and civil engineers to build easily on wood.
The cross laminated timber market report table of contents includes:
1. Executive Summary
2. Cross Laminated Timber Market Characteristics
3. Cross Laminated Timber Market Trends And Strategies
4. Cross Laminated Timber Market – Macro Economic Scenario
5. Global Cross Laminated Timber Market Size and Growth
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31. Global Cross Laminated Timber Market Competitive Benchmarking
32. Global Cross Laminated Timber Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cross Laminated Timber Market
34. Cross Laminated Timber Market Future Outlook and Potential Analysis
35. Appendix
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