Cross Laminated Timber market CAGR will be 15.1%

A recent market research analysis has shown that the global Cross Laminated Timber Market will be registering a CAGR of 15.1% from 2021 to 2028.

In 2020, the global Cross Laminated Timber (CLT) Market registered earnings in tune of approximately USD 957.12 Million. Research has shown that the global Cross Laminated Timber Market will reach an impressive┬árevenue of about USD 2,704.13 Million by 2028 – at a CAGR of nearly 15.1% over the period from 2021 to 2028.

Cross laminated timber is a wood panel product made when two solid sawn lumber layers are glued together. For the record, cross laminated timber was first manufactured and utilized in Germany & Austria in 1990. Changing environmental conditions and need for sustainable substances in building & construction sector have resulted in enhanced demand for cross laminated timber. Apart from this, cross laminated timber demonstrates exceptional features such as durability, earthquake resistance, and fire resisting ability.

Escalating demand for sustainable residential places will steer growth of cross laminated timber (CLT) market. Massive customer demand for cross-laminated timber in single & multi-family residential buildings in countries of North America and Western Europe will translate into humungous growth of cross laminated timber (CLT) industry. Humungous popularity of upscale buildings will favorably impact revenue growth of cross laminated timber (CLT) industry in ensuing years.

Moreover, rise in per capita income and capacity of industry players to procure raw material & produce extensively will steer expansion of cross laminated timber (CLT) market. In addition to this, surge in awareness among customers about advantages of using cross laminated timber in construction activities will create new growth avenues for cross laminated timber (CLT) industry.

Furthermore, growing inclination of end-users towards eco-friendly products and green constructions will unfurl novel growth vistas for cross laminated timber (CLT) industry. Reportedly, huge numbers of construction firms globally prefer cross laminated timber & other kinds of construction materials for buildings. This, in turn, will enlarge scope of growth for cross laminated timber (CLT) market.

Growth of cross laminated timber (CLT) industry in Europe over forecast timespan is subject to rise in green building constructions in sub-continent. Surging preference for wooden products in construction sector will aid expansion of cross laminated timber (CLT) market in Europe over forecasting timespan. Presence of giant manufacturers in countries such as Norway, UK, France, and Germany and spike in demand for product will produce new avenues of growth for cross laminated timber (CLT) market over forecasting timespan.

Key players impacting growth of cross laminated timber (CLT) market and profiled in study are HASSLACHER Holding GmbH, Stora Enso Oyj, Nordic Structures, Ed. Z├╝blin AG, KLH Massivholz GmbH, Binderholz Bausysteme GmbH, Mayr-MelnhofHolz Holding GmbH, Structurlam Mass Timber Corporation, Eugen Decker Holzindustrie KG, Sterling Lumber Company, and W. u. J. Derix GmbH & Co.

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