Growth Opportunities in Mass Timber Market: Macroeconomic Factors to Create Positive Impact on the Industry Growth 2020

Mass Timber: Introduction

Mass timber is also known as cross-laminated timber (CLT) or massive timber. It is a prefabricated engineered wood panel made of three to four layers of solid-sawn lumber or composite lumber.

Key Drivers of Global Mass Timber Market

Mass timber offers various advantages over conventional construction materials such as concrete and steel. It is considered a highly advanced building material due to its superior properties. It is safe, acoustically sound, fire proof, seismically resilient, light in weight, and easy to transport and fabricate. Furthermore, it can be prefabricated. This reduces construction time significantly. It is an eco-friendly and sustainable material. It is being increasingly used in the construction industry, primarily in residential construction. Rise in usage of mass timber in construction is anticipated to drive the market during the forecast period.
Mechanically fastened mass timber helps lower the cost of manufacture of mass timber. Mechanically fastened mass timber systems can be produced economically. They can be used to attain structurally sound construction. This is projected to create opportunities for small-sized mass timber production facilities in the near future.

Residential Buildings Application Segment to Offer Lucrative Opportunities

In terms of application, the residential buildings segment accounted for major share of the market in 2019. Mass timber is used in walls, roofs, and ceilings in residential buildings. Mass timber is less commonly employed in the construction of industrial and commercial spaces. It requires strict building codes of strength to be followed. However, some U.S.-based companies produce mass timer panels for temporary roads and working platforms for usage in the oil & gas and heavy construction industries.

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Less Awareness among Consumers to Hamper Market

Construction by using mass timber is a relatively new concept. The construction sector is largely dominated by the use of conventional materials such as concrete and steel. Construction using mass timber is currently more expensive as compared to that using concrete and steel. This is likely to restrain the market. Furthermore, awareness about mass timber and its properties is low across the world. Mass timber can be used in the construction of tall buildings, but its use is limited to low- and mid-rise buildings currently, as there are no codes and regulations available for the use of mass timber in construction.

Europe to Hold Major Share of Global Mass Timber Market

In terms of geography, the global mass timber market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is a leading producer as well as consumer of mass timber across the world. The region held major share of the global market in 2019. It is expected to continue its dominance during the forecast period. Key drivers of the mass timber market in Europe include the green development movement and changes in building codes. Building codes in Europe focus on the use of wood in construction to promote sustainability.
Asia Pacific is another significant region of the global mass timber market. Demand for mass timber in the region primarily comes from countries such as Japan, New Zealand, and Australia. Demand for mass timber in these countries is estimated to be high during the forecast period.
Latin America and Middle East & Africa constituted lower share of the global mass timber market than other regions in 2019. However, consumption of mass timber in Latin America and Middle East & Africa is estimated to rise significantly during the forecast period.

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Key Players in Global Market

High degree of competition exists among players operating in the global mass timber market. The market is dominated by large players and is moderately consolidated. Key players operating in the global market include: