North America Cross-Laminated Timber Market To Reach US$ 400.15 Million By 2028 By IMARC Group

IMARC Group, a leading market research company, has recently releases report titled “North America Cross-Laminated Timber Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the North America cross-laminated timber market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the North America cross-laminated timber market?

The North America cross-laminated timber market size reached US$ 152.8 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 400.15 Million by 2028, exhibiting a growth rate (CAGR) of 16.30% during 2023-2028.

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Factors Affecting the Growth of the North America Cross-Laminated Timber Industry: 

• Sustainability and Environmental Regulations

The North America cross-laminated timber (CLT) market is witnessing a boost driven by the increasing emphasis on sustainability and eco-friendly building materials. With climate change concerns and carbon footprint reduction goals, the growing preference for sustainable construction materials like cross-laminated timber, which sequester carbon and have a lower environmental impact compared to traditional building materials. Stringent environmental regulations and green building standards are also pushing the construction industry toward materials like CLT, which align with these new sustainable practices.

• Technological Advancements:

Advancements in technology are playing a crucial role in the growth of the CLT market in North America. The development of new engineering methods and design software is enabling more complex and larger CLT structures, expanding its applications beyond traditional limits. Improved manufacturing processes are also enhancing the quality and durability of CLT, making it more appealing for various types of construction projects. These technological innovations are expanding the potential uses of CLT as well as increasing its efficiency and appeal in the construction sector.

• Increasing Awareness and Adoption in Construction:

The growing awareness and adoption of cross-laminated timber in the construction industry is driving the market growth. Architects and builders are increasingly recognizing the benefits of CLT, such as its strength, versatility, and speed of construction. This is leading to a broader acceptance and use of CLT in diverse construction projects, ranging from residential to commercial buildings. Educational efforts and promotional campaigns by industry groups are further raising awareness about the advantages offered by CLT, leading to its increased adoption and consequently driving the market growth.

North America Cross-Laminated Timber Market Report Segmentation: 

Breakup By Application:

• Residential
• Educational Institutes
• Government/Public Buildings
• Commercial Space

The residential sector represented the largest application segment, driven by the growing demand for sustainable and energy-efficient housing solutions.

Breakup By Country:

• United States
• Canada

Canada emerged as the largest market due to its extensive forestry resources, strong commitment to sustainable construction practices, and supportive government policies.

North America Cross-Laminated Timber Market Trends:

The rise in sustainable construction practices is a primary driver accelerating the growth of the North America cross-laminated timber market. Moreover, manufacturers are leveraging this growing trend to develop targeted marketing strategies that resonate with the evolving needs in the construction industry. The emphasis on innovative and sustainable design is crucial in enhancing the visibility of CLT and fostering trust among architects and builders. Furthermore, the versatility of CLT, suitable for a range of applications from residential to commercial and industrial buildings, meets the diverse requirements of the construction sector, thereby promoting the expansion of the CLT market in North America.

Leading Companies Operating in the North America Cross-Laminated Timber Industry:

• Nordic Structures
• StructureCraft
• Structurlam Mass Timber Corporation
• D.R. Johnson Lumber Co.
• SmartLam NA
• Sterling Lumber

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