CLT market forecast to reach $880Mn by 2022
The global cross-laminated timber market is expected to reach US$880Mn by 2022.
According to the latest report, Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022, by IMARC Group, robust growth can be attributed to the green building movement that is gaining momentum all across the globe.
Changes in building codes to encourage the use of CLT have also facilitated expansion in its applications. Increasing awareness on the advantages of CLT through conscientious marketing efforts by manufacturers have also helped. Other growth drivers include improved distribution channels, increasing construction activities and rapid urbanisation.
The global cross-laminated timber market reached a value of US$470Mn in 2016, growing at a CAGR of over 16 per cent during 2009-2016.
Although CLT has largely been concentrated in Central Europe, its popularity is now spreading to other regions as well.
Europe is the largest producer of cross-laminated timber, accounting for the majority of the global production. Within this block, Austria is the largest producer. Other major producers are Germany, Italy and Switzerland. Top players are Stora Enso, KLH, Binderholz, Mayr Melnhof and Hasslacher.