As per the latest report by IMARC Group, titled “Cross Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 664 Million in 2018. CLT is a wood panel that is designed by gluing together different layers of solid-sawn timber. These layers are generally stacked crosswise and glued together to provide dimensional stability, in- and out-of-plane strength as well as stiffness and to increase the splitting resistance of the product. Over the years, CLT has replaced alternatives like steel and masonry owing to the high strength, cost-effectiveness, and easy and faster installation.
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Global Cross Laminated Timber Market Trends:
Owing to its lightweight, structures that are built with CLT require a shorter period of construction as compared to conventional construction materials including concrete and bricks. Moreover, CLT is affordable and offers strong seismic performance, which is suitable for regions that experience high seismic activity. Apart from this, on account of rising environmental concerns, governments in several countries are encouraging the application of green alternatives in various sectors. For instance, in the United States, the “green movement” has been adopted, under which several laws have come into effect, or are in the process, to promote the utilization of green products. Looking forward, the market value is projected to reach US$ 1,457 Million by 2024, expanding at a CAGR of 13.4% during 2019-2024.
Report Overview: https://www.imarcgroup.com/cross-laminated-timber-manufacturing-plant
Market Summary:
Browse related reports
North America Cross-Laminated Timber Market Report: Share, Size, Growth, Opportunity and Forecast 2019-2024 https://www.imarcgroup.com/north-america-cross-laminated-timber-market
Japan Cross Laminated Timber (CLT) Market Report: Share, Size, Growth, Opportunity and Forecast 2019-2024 https://www.imarcgroup.com/japan-cross-laminated-timber-market
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