According to Persistence Market Research, the Global Cross Laminated Timber Market size will surpass US$ 903.9 Million in terms of market value by 2026, growing steadily at a CAGR of 6.3% from 2022 to 2026.
Cross Laminated Timber (CLT) is a type of engineered timber product which has been gaining popularity in the construction and architectural design industries. CLT is created by gluing layers of solid-sawn lumber together in perpendicular directions to create a structural panel that can be used to construct walls, floors, roofs and other components of a building envelope. There are many advantages to using Cross Laminated Timber over traditional building materials such as concrete, steel or wood for construction projects. CLT products have high strength-to-weight ratio, can be installed quickly, have good thermal insulations properties and provide buildings with better seismic performance.
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The market is anticipated to witness significant growth due to the increasing demand for ecological construction materials, coupled with the need for sustainable green buildings and rising living standards among people worldwide.
In terms of product type, Cross Laminated Timber panels are further divided into two categories: solid Cross Laminate Timbers (SLT), which contain multiple layers of softwood boards glued together; and Cross Bracing Timbers (CBT), which consists of multiple layers of hardwood boards glued together in an offset pattern to form cross braces within the panel system. The SLT segment accounted for largest share in 2019 due its widespread application as structural wall panels and roof trusses in residential houses, offices, schools and hospitals across all regions globally. Furthermore, developments in new CLT technologies such as glue lamination technology has enabled manufacturers to produce more precise CLTs with less wastage than before which will result in higher efficiency levels and lower costs for end users over the forecast period.
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Europe is expected also witness highest growth rates over the next few years on account of growing population density along with increasing number of urbanization projects across countries like Germany, France , UK etc.. This combined with Government initiatives towards ecological building material usage will further drive demand for cross laminated timber products.. North America followed Europe closely accounting for more than 25% revenue share in 2019 thanks largely due initiatives taken by U S Government towards green initiatives resulting large scale utilization Cross laminate timber products across residential , commercial & public infrastructures .
In addition , APAC region is estimated to experience highest CAGR during forecast period due recurrent Need For cost effective solutions while constructing large scale infrastructure projects , government policies towards adoption green technology along rapidly Growing Population leading increased demand residential residences . China Japan India Australia & South East Asian Countries are regarded major contributors regional Cross laminate timber consumption .
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