Cross Laminated Timber Market Regional Analysis:
European Market Insights
The European cross laminated timber market accounted for 33% of the revenue share by 2035. The use of CLT has become increasingly popular for urban and industrial projects in this area due to its rich timber building heritage, strict construction regulations as well and an emphasis on sustainable practices. Moreover, the cross laminated timber market in Europe is further encouraged by the EU's commitment to reduce CO2 emissions and promote the sustainability of buildings. For instance, the number of dwellings in Italy's residential buildings has risen by approximately 3% for the first quarter of 2022, which represents a slight increase from the preceding quarter.
North American Market Insights
North American cross laminated timber market is expected to hold a share of 26% during the forecast period. Cross laminated wood's capacity to endure earthquakes and fires is a major market driver in North America. According to a NOAA-funded study from 2021, climate change has proven to be the primary factor in the rise in fire weather links in the western United States. Hence, cross laminated timber is anticipated to be used in construction. The demand from the United States dominates the North American market for cross-laminated wood. Strong expansion in the Canadian and Mexican application industries is also projected to offer growth opportunities for the region's demand for CLT goods. However, several laws regarding wood goods have been passed in the area, which might impede cross laminated timber market expansion.
