Mass Timber Construction Market to Reach $1.5 Billion, Globally, by 2031 at 6.0% CAGR: Allied Market Research

Jun 11, 2023

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03 May, 2023, 15:05 BST

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The global mass timber construction market is driven by factors such as growth in awareness regarding the greater carbon footprint during steel and concrete construction and the growth in demand for construction that is more cost-efficient and as durable as steel and concrete construction.

PORTLAND, Ore., May 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Mass Timber Construction Market by Construction Type (1-8 Stories and Above 8 stories), Timber Type (Glue-Laminated Timber (GLT), Cross-Laminated timber (CLT), Nail-Laminated Timber (NLT) and Others), and End-user Industry (Residential Construction, Commercial Construction, and Industrial Construction): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global mass timber construction industry generated $857.1 million in 2021, and is anticipated to generate $1,542.2 million by 2031, witnessing a CAGR of 6.0% from 2022 to 2031.

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Prime determinants of growth

The global mass timber construction market is driven by factors such as growth in awareness regarding the greater carbon footprint during steel and concrete construction and the growth in demand for construction that is more cost-efficient and as durable as steel and concrete construction. However, high installation costs of roofing and decaying problems associated with timber are restraining the growth of the market. On the contrary, rapid urbanization and industrialization of emerging countries such as India and China are expected to offer lucrative opportunities for the growth of the market.

Report coverage & details:

Report Coverage

Details

Forecast Period

2022–2031

Base Year

2021

Market Size in 2021

$857.1 million

Market Size in 2031

$1,542.2 million

CAGR

6.0 %

No. of Pages in Report

189

Segments covered

Construction Type, Type, Application, and Region.

Drivers

Increased preference for timber over other building materials

An increase in the restoration, remodeling, and construction of old buildingsRise in demand for materialistic luxury in the residential sector

Opportunities

Rapid urbanization and industrialization of emerging countries

Restraints

High installation cost of roofing

Covid-19 Scenario

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The 1-8 stories segment to maintain its leadership status throughout the forecast period

Based on construction, the 1-8 stories segment held the highest market share in 2021, accounting for nearly two-thirds of the global mass timber construction market revenue and is expected to continue its leadership status during the forecast period, owing to the growth in preference by the owners for houses that are made from lightweight material that helps in saving the cost of construction. However, above 8 stories segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, owing to growth in number of high-rise buildings along with skyscrapers in various developing and developed countries.

The cross-laminated timber (CLT) segment to maintain its leadership status throughout the forecast period

Based on type, the cross-laminated timber (CLT) segment held the highest market share in 2021, accounting for nearly two-fifths of the global mass timber construction market and is expected to continue its leadership status during the forecast period, as cross-laminated timber (CLT) is used for all kinds of structures ranging from houses, barns, power line towers, churches, and bridges to high-rise apartment and office buildings. However, the nail-laminated timber (NLT) segment is projected to manifest the highest CAGR of 8.3% from 2022 to 2031, as NLT assemblies have fire-resistance ratings that comply well with local fire codes. In addition, NLT has been identified as a potential cost-competitive alternative to CLT (Cross-Laminated Timber) for the mass-timber construction market in different countries such as China, Japan, and Korea.

The residential construction segment to maintain its lead position during the forecast period

Based on application, the residential construction segment accounted for the largest share in 2021, contributing to more than half of the global mass timber construction market revenue, and is projected to maintain its lead position during the forecast period. Robust housing activity is seen in the present period with nearly 50% of all mass timber products utilized in new single-family and multi-family housing units. In residential construction, glulam and I-beams have been utilized mainly allowing for long spans without intermediate supports indoor headers, floor beams, and ridge beams. However, the commercial construction segment is expected to portray the largest CAGR of 8.1% from 2022 to 2031. The construction of low-rise nonresidential buildings and multistorey is an important market for mass timber products and structural and nonstructural wood panels in North America and Europe which are major markets for mass timber constructed buildings.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than half of the global mass timber construction market revenue, and is likely to dominate the market during the forecast period. The government initiatives to promote sustainability along with the rise in the adoption of eco-friendlier construction materials have significantly promoted the growth of the mass timber construction market in Europe. However, the LAMEA region is expected to witness the fastest CAGR of 18.6% from 2022 to 2031 owing to the rise in construction activities, growing industrialization and rising initiatives towards sustainability.

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global mass timber construction market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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SOURCE Allied Market Research