CLT market exhibiting solid growth
The global cross-laminated timber market continues to experience solid growth, according to a new report.
Market advances over the last several years stem from mechanical properties of cross-laminated timber that make the product suitable for use in residential and commercial spaces, says “Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022” by IMARC Group. Researchers also determined that the general green building movement and amendments in international building codes are major growth drivers.
Cross-laminated timber, or CLT, is a wood panel typically consisting of three, five, or seven layers of dimension lumber oriented at right angles to one another and then glued to form structural panels with exceptional strength, dimensional stability and rigidity.
The IMARC report found that the global cross-laminated timber market reached a value of $470 Million in 2016, growing annually at a rate of more than 16 percent from 2009-16. The market is expected to reach a value of $880 million by 2022.
Cross-laminated timber has been touted by builders and designers for its configuration that improves the mechanical properties of the wood panels and makes them suitable for use in external and internal walls, floors, ceilings and roofs. As a result, cross-laminated timber panels are extensively being used in the construction of mid- and high-rise buildings worldwide, either as a solitary system or in combination with other construction materials such as concrete, masonry and steel.
Residential applications dominate the market, accounting for a half of the total share, the report said. Europe represents the largest producer of cross-laminated timber, accounting for the majority of the global production.
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