The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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.
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.
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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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