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Cross-laminated timber (CLT) market expected to reach $3 billion in 2030
Posted on December 5, 2022 |
- The CLT market is expected to triple from $1.11 billion in 2021 to $3.72 billion by 2030 because of its low-carbon and carbon sequestration characteristics, and flexibility in terms of design and faster installation processes as compared to other building materials.
- In 2021, the residential segment accounted for the highest CLT market share, though commercial use is growing significantly in Europe and North America.
- The CLT market is driven by numerous factors one of which is growing awareness about the environmental threats from the use of cement concrete in infrastructure construction.
- The overall cost of CLT construction is decreasing due to the increasing number of suppliers and shorter construction times.