Mass Timber Construction Market Size Worth $2.15 Billion by 2033 - Rising Infrastructural Investments to Propel Growth
The global mass timber construction market size is anticipated to grow from USD 1 billion to USD 2.15 billion in 10 years. The market will experience rapid growth due to favourable government policies and initiatives promoting mass timber construction during the forecast period.
Newark, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1 billion in 2023 global mass timber construction market will reach USD 2.15 billion in 2033. Mass timber construction is a novel way of construction wherein the main structural components of a building are huge, prefabricated wood panels and engineered wood products. Commonly used materials in mass timber construction include cross-laminated timber (CLT), glued laminated timber (glulam), laminated veneer timber (LVL) and nail-laminated timber (NLT). Strong and long-lasting structures are produced by stacking, bonding, and laminating the panels. These panels or constructions are made to provide increased durability, stability, and strength. Additionally, prefabricating componentry makes quicker and more effective building procedures possible. Because of its adaptability, mass timber can be used for various structural components, including flooring, walls, beams, and columns. Among many other things, it is utilized to construct commercial and residential buildings, educational facilities, and cultural or recreational facilities. Mass timber construction offers financial advantages in the form of cost savings, enhances the visual appeal of infrastructure, and lessens the carbon footprint of structures. In addition, it is recognized to have strong seismic performance, improve thermal performance, and shorten building time.*Get a Free Sample Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/14017 **Key Insight of the Global Mass Timber Construction Market**Europe will dominate the market during the forecast period.*Early acceptance of sustainability ideas, legislative assistance, and marketing propel the expansion of Europe's mass timber construction sector. The growth and development of the market are being aided by a strong emphasis on research and development as well as innovative projects that highlight the possibilities of the material. Mass timber construction is encouraged by regulatory frameworks, which also expedite approval procedures and provide a growth-friendly atmosphere that supports the sector.*In 2023, the cross-laminated timber (CLT) segment dominated the market with the largest market share of 47% and revenue of 0.47 billion.*The material type segment is divided into cross-laminated timber (CLT), nail-laminated timber (NLT), glue-laminated timber (GLT), and others. In 2023, the cross-laminated timber (CLT) segment dominated the market with the largest market share of 47% and revenue of 0.47 billion.*In 2023, the residential construction segment dominated the market with the largest share of 51% and revenue of 0.51 billion.*The application segment is divided into residential construction, commercial construction, and industrial construction. In 2023, the residential construction segment dominated the market with the largest share of 51% and revenue of 0.51 billion.*Advancement in market*Located in Yokohama, Port Plus is a training and educational facility constructed by the renowned Japanese constructor Obayashi Corp., a general contractor with origins dating back to 1892. The company built some of the most famous buildings in the nation, including Yoyogi National Stadium 2nd Gymnasium, designed by Kenzo Tange and finished in the 1960s, and Tokyo Central Station, which dates back to 1914. Its most ambitious project, however, is Port Plus, which was completed last year and is primarily made up of 540 stiff wooden cross-joints measuring 2.8 metres (9.2 feet) in width and 4 metres (13 feet) in height. With this structure, the nation may move away from carbon-intensive building materials and towards more contemporary mass timber construction.*Report Scope and Segmentation -**Report Coverage* *Details*
Forecast Period 2024-2033
Forecast CAGR 8%
2033 Value Projection USD 2.15 Billion
Market Size in 2023 USD 1 Billion
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Material Type, Application, Regions
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Mass Timber Construction Market Growth Drivers The increasing infrastructural investments
*Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/mass-timber-construction-market-14017**Market Dynamics **Driver: The rising expenditures on infrastructure.*The mass timber construction business stands to gain greatly from the boom in infrastructure investment spurred by factors like urbanization, population growth, sustainability goals, technology improvements, and government initiatives. Timber's sustainability helps reduce carbon footprints and aligns with global environmental goals. The business is seeing a rise in appeal because of the pace at which the building is completed. Timber is positioned as an economically viable option due to its cost efficiency. Modern design preferences are satisfied by the visual attractiveness of timber, and its lightweight nature expedites building while lowering the strain on foundations, resulting in structural efficiency. Furthermore, energy-efficient buildings benefit from wood's inherent insulating qualities. The benefits of mass timber construction make it a popular and sustainable option for the changing needs of the eco-conscious globe, which would fuel the market's growth as infrastructure investment rises.*Restraints: The drawbacks of mass timber as a construction material.*One disadvantage of mass timber is its combustibility, which raises questions about its fire resistance. Another restriction is the sensitivity to moisture. The acoustic performance of mass timber is also known to vary, necessitating further measures that could hinder its adoption. Mass timber can only be used for specific structural designs due to its limited span lengths. These restrictions need additional steps to address these disadvantages, which raise costs and may impede market expansion. The development of the market will also be hampered by the labour shortage and restricted accessibility needed to operate with mass timber panels.*Opportunities: positive policies of the government.*Since mass timber construction is a sustainable building method that supports global environmental goals, the industry will benefit from the increased awareness of climate change and environmental issues. Governments worldwide are encouraging the use of wood in buildings because it is sustainable and renewable. Government funding for research and development is another way governments assist the industry's future growth and development. Therefore, mass timber building will profit from such policy decisions and activities if governments prioritize sustainable techniques to address climate change.*Challenges: Stringent regulation and other approvals.*The evolving nature of building codes, given the nascent stage of the mass timber construction industry and global sustainable goals, regulation will challenge the market's growth. New building codes need to be established to incorporate the unique nature of mass timber and its components in the building and construction sector, which is time-consuming. For instance, fire safety concerns associated with mass timber differ from traditional building materials and, therefore, require a comprehensive and holistic approach to designing new rules, regulations, and guidelines to incorporate this uniqueness. International variations in regulatory frameworks further impede and challenge growth for the market players.*Ask for Customization: https://www.thebrainyinsights.com/enquiry/request-customization/14017 **Some of the major players operating in the global mass timber construction market are:*• American Post & Beam
• Blue Ridge Timberwrights
• British Columbia Timberframe Company
• Canadian Timberframes Ltd.
• Davis Frame Company
• Hearthstone Homes, Inc.
• Hochstetler Milling, Ltd.
• Honest Abe Log Homes, Inc.
• Lancaster County Timber Frames Inc.
• Mill Creek Post & Beam Company*Key Segments covered in the market:*By Material Type• Cross-laminated Timber (CLT)
• Nail-laminated Timber (NLT)
• Glue-laminated Timber (GLT)
• OthersBy Application• Residential Construction
• Commercial Construction
• Industrial ConstructionBy Region• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)*Buy this report at: https://www.thebrainyinsights.com/buy-now/14017/single **About the report:*The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.*About The Brainy Insights:*The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.*Contact Us*Avinash D
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