Cross-Laminated Timber (CLT) is an engineered wood-based system made from dimensional lumber stacked crosswise at right angles. These planks are then bonded together in a hydraulic or vacuum press over the entire surface area. This configuration provides strength, rigidity and dimensional stability to CLT which makes it a viable alternative to concrete, masonry and steel. In North America, cross-laminated timber is gradually gaining prominence in the construction industry, particularly for multi-storey structures.
According to a new research report by IMARC Group, the North America cross-laminated timber market was worth US$ 59.73 Million in 2018, registering a CAGR of 34.84% during 2013-2018. The report further anticipates the market to reach a value of nearly US$ 171 Million by 2024.
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North America Cross-Laminated Timber Market Drivers/Constraints:
- As CLT is largely prefabricated at the manufacturing site, it requires less construction time as compared to traditional construction materials. This, in turn, helps in reducing the overall cost of construction.
- CLT offers design flexibility, large floor space and strong seismic performance owing to which it has become a preferred construction material amongst the consumers and architects. As a result, the demand for CLT has witnessed an upsurge in the region.
- The growth of the CLT market in North America has further been stimulated by favourable government policies and development of a standard product code which facilitate its usage in the construction of multi-storey buildings.
- Some of the factors that restrain the growth of the CLT market include its poor acoustic performance and high maintenance costs.
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Performance of Key Regions
1. United States
Market Breakup by Application
2. Educational Institutes
3. Government/Public Buildings
4. Commercial Space
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Some of the leading players operating in the market are:
DR Johnson Wood Innovations