Cross-laminated Timber Market Expected To Be Worth Over Us$2 Billion By 2027
The increasing awareness of sustainable building methods is leading to significant growth in the Cross-Laminated Timber (CLT) market. The rising number of CLT producers and increasing demand for more sustainable homes are also factors augmenting the growth, with a recent report projecting the CLT market will be valued at approximately $US 2 billion by 2027. This figure represents a whopping compound annual growth rate (CAGR) of 12.51%, with the market valued at just $US786.71 million back in 2019.
Widely celebrated for its sustainability, efficiency, strength and thermal insulation, CLT is an engineered wood product that is comprised of layers of timber glued together with the grain running in opposite 90⁰ angles. With the industry shifting away from concrete-based construction, CLT takes the structural and environmental qualities of wood and amplifies them.
‘The move from concrete-based development to wood-based development alongside government initiatives to cut down on pollution emanating from construction activities around the globe are factors impacting the market,’ states the report from US-based research firm Reports and Data.
‘In addition to this, the steadily diminishing costs of CLT due to more suppliers and shorter total project development time is having a positive impact on the industry. Stringent government regulations regarding the use of timber for building homes (due to risk of fire) is expected to be a significant restraint to industry growth. However certain unique benefits, like the ability to better absorb seismic shocks than concrete structures, are also a reason why builders are showing an interest in this material.’
CLT is a standard feature in Modscape modules. As we refine our processes and systems to reduce the number of components that are required in a project, we’ve found that CLT provides a more efficient delivery model. Working closely with CLT supplier XLAM, we now utilise a CLT structural flooring system which, combined with our structural steel frames, creates a powerful steel and CLT hybrid structure. The steel provides the vertical structure, allowing us to stack, transport and lift the modules, while the CLT provides the horizontal structure and bracing.
CLT brings a number of benefits to Modscape projects, while also allowing us to build with fewer components in a faster, safer and more sustainable way, so we’re not surprised to see it being adopted all over the world.
Read more about the benefits of CLT via our blog.
The full report from Reports and Data can be viewed here.
Photo via XLAM.
