The new report by Expert Market Research titled, ‘North America Cross Laminated Timber Market Report and Forecast 2021-2026’, gives an in-depth analysis of the North America cross laminated timber market, assessing the market based on its applications and countries. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 78 Million
- Forecast CAGR (2021-2026): 20%
- Forecast Market Size (2026): USD 233 Million
The various advantages offered by using cross laminated timber, such as strength, appearance, versatility, fire-resistant, acoustic performance, reduced waste, and eco-friendly nature, are likely to contribute towards the market’s growth. Shorter construction time, cleaning, lightweight nature, and good quality make them a preferred choice for several applications, such as concreting bridges, construction of dams, skyscrapers, residential & commercial buildings, and educational institutions. The rising demand for these applications is supporting the market growth. As cross laminated timber is made from wood and its production process does not require the burning of fossil fuel, it is a sustainable solution for building material. These advantages are likely to propel the market in the coming years.
Industry Definition and Major Segments
Cross laminated timber consists of planks made of sawn, glued, and layered wood, where each layer oriented at a 90˚ to the previous one —joining of layers at a 90˚ angle results in excellent tensile strength and compressive strength of the panel. The use of cross laminated timber not only contributes towards the strength and appearance of the building or place but also reduces the environmental impact.
Explore full report with table of contents: https://www.expertmarketresearch.com/reports/north-america-cross-laminated-timber-market
Based on the various applications of cross laminated timber, the market has been segmented into the following categories.
- Residential
- Educational Institutes
- Government/ Public Buildings
- Commercial Spaces
The EMR report looks into the regional markets of cross laminated timber in North America like:
- USA
- Canada
Market Trends
Stringent product standards such as ANSI/ APA PRG 320 for performance-rated cross laminated timber are likely to act as a catalyst in the growth of North America cross laminated timber market. As the use of cross laminated timber offers flexibility in design and reduces the environmental impact, it is being looked as a promising substitute for its alternative materials, such as concrete, masonry, and steel for multi-family and commercial buildings. The growing awareness about the eco-friendly attributes of the product is expected to boost the market growth over the forecast period. Before few years, cross laminated timber was majorly made up of softwood, but with the introduction of hardwood cross laminated timber, the market gained huge traction as the timber became stronger with enhanced aesthetics. Further, the product is expected to witness growing demand as a construction material due to extensive floor space,
Key Market Players
The major players in the market are DR Johnson Wood Innovations, Nordic Structures, Sterling Company, Structurlam Mass Timber Corporation, and StructureCraft Builders Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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