Global Cross Laminated Timber (CLT) Market to witness a CAGR of 16.2% during 2018-2024

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NEW YORK, Oct. 12, 2018 (GLOBE NEWSWIRE) -- The    is expected to witness a CAGR of , and is projected to reach USD 1,833.0 by 2024. The growth in the cross laminated timber market is attributable to the augmenting environmental concerns as well as transition towards wood as a building product. Moreover, the growing government support for wood based construction is likely to fuel market demand. The report segments cross laminated timber market by (Adhesive Bonded, Mechanically Fastened), (Residential, Institutional, Commercial, Others), (North America, Europe, Asia-Pacific, Rest of the World(ROW)). The report studies the global cross laminated timber market over the forecast period (2018-2024).

Cross laminated timber has been emerging as a sustainable and cost effective building material over the past few years. Therefore, is increasingly replacing other expensive building materials such as steel and concrete. Owing to its tensile strength and other distinct properties, CLT is used across a diverse portfolio of applications in the residential, institutional, and commercial sectors.

Initially cross laminated timber was used majorly for institutional and commercial applications. However, the use of cross laminated timber as a building material in residential construction has been on the rise and is likely to foster market growth over the next seven years.  In addition, cross laminated timber being fire as well as earthquake resistant makes it even more preferable for residential purposes. Moreover, design flexibility offered by cross laminated timber enhances the aesthetic appeal of the building so constructed and is therefore witnessing rising demand in residential construction.

Europe has been witnessed to hold the maximum share of the global market and the trend is likely to continue over the years to come. The region being home to several nations that prove to be rich sources of softwood spruce and pine is expected to positively impact the market demand. North America, on the other hand is likely to record highest growth owing to the rising consumer demand for stylish as well as luxury apartments. Thereby, the expanding use of cross laminated timber for residential construction in North America is projected to spur regional growth over the next few years.

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Globe Newswire: 12:50 GMT Friday 12th October 2018

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