The latest report by IMARC Group titled “Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” finds that the global cross-laminated timber market reached a value of US$ 1.07 Billion in 2020. Cross-laminated timber (CLT) is a wood-engineered product made by piling up the layers of lumber cut from a single log. It is generally stacked perpendicular to the layers above and below it and then glued symmetrically on the wide faces of each board. This cross-laminated arrangement improves rigidity, dimensional stability, and mechanical properties. As a result, CLT is gaining popularity as a sustainable alternative to concrete and steel construction in commercial and residential sectors worldwide.
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Global Cross Lamination Timber Market Trends:
The market is primarily driven by the increasing demand for CLT from the construction sector. This can be attributed to the numerous benefits associated with CLT, such as shorter construction time, fast installation and affordability. As a result, it is widely used for building different types of structures, including barns, powerline towers, houses, bridges, high-rise apartments, and office buildings. Moreover, CLT is a cheaper alternative to other popular construction materials such as precast concrete, which represents another major growth-inducing factor. Besides this, governments of numerous countries are undertaking various initiatives to promote the usage of green construction materials. In line with this, the growing environmental consciousness among the masses, and the sales of eco-friendly wooden panels, are anticipated to further propel the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of around 13.2% during the forecast period (2021-2026).
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