IMARC Group, a leading market research company, has recently releases report titled “Australia and New Zealand Cross Laminated Timber (CLT) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The Australia and New Zealand cross laminated timber (CLT) market size reached US$ 86.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 288.2 Million by 2028, exhibiting a growth rate (CAGR) of 20.6% during 2023-2028.
Factors Affecting the Growth of the Australia and New Zealand Cross Laminated Timber Industry:
- Increasing Awareness about Environmental Sustainability:
The market is significantly driven by the growing emphasis on sustainability and environmental consciousness. Both countries are at the forefront of embracing green building practices to reduce carbon footprints and combat climate change. CLT, made from engineered wood, offers a renewable alternative to traditional construction materials like concrete and steel, which have higher carbon emissions. Its ability to sequester carbon throughout its lifecycle aligns with national goals towards sustainable development and eco-friendly construction practices. This sustainability aspect is compelling for builders, architects, and government bodies, making CLT a preferred choice in the construction of residential, commercial, and institutional buildings.
- Regulatory Support and Incentives:
Government policies and regulatory support play a crucial role in propelling the CLT market in Australia and New Zealand. Both governments have implemented policies aimed at encouraging sustainable construction practices, including the use of timber in building. These policies are complemented by incentives such as tax benefits, grants, and subsidies for green building projects. Additionally, revisions in building codes to accommodate and promote timber construction further facilitate the adoption of CLT. Such regulatory environments incentivize the use of environmentally friendly materials and also foster innovation in the construction sector, paving the way for CLT as a key material in future developments.
- Technological Advancements:
Technological advancements and innovative construction methods are key drivers of the CLT market in Australia and New Zealand. The region has seen significant progress in the development of precision manufacturing processes for CLT, which ensures high-quality products that are suitable for a wide range of construction needs. Furthermore, the adoption of digital tools and Building Information Modelling (BIM) in construction projects enhances the efficiency and accuracy of using CLT in complex designs and structures. These advancements improve the structural integrity and aesthetic appeal of CLT-based constructions and also reduce construction times and costs, making CLT a more attractive option for developers and architects.
Leading Companies Operating in the Australia and New Zealand Cross Laminated Timber Industry:
- Stora Enso Oyj
- KLH Massivholz GmbH
- Binderholz GmbH
- XLam Australia Pty Ltd
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/australia-newzealand-clt-market/requestsample
Australia and New Zealand Cross Laminated Timber Market Report Segmentation:
Australia Cross Laminated Timber Industry:
Breakup by Application:
- Detached Houses
- Residential
- Non-Residential Units
Non-residential units dominate the market due to the rising preference for sustainable building materials in the country.
New Zealand Cross Laminated Timber Industry:
Breakup by Application:
- Residential
- Commercial
Residential units exhibit a clear dominance in the New Zealand market as CLT provides efficient seismic performance in the multi-storey timber buildings.
Australia and New Zealand Cross Laminated Timber Market Trends:
Australia and New Zealand are witnessing a strong trend towards sustainable construction practices. CLT, being a renewable and environmentally friendly building material, has gained popularity as it aligns with these sustainability goals. Besides, the demand for CLT is driven by urbanization trends in both countries. CLT is used in constructing mid-rise and high-rise buildings as an alternative to traditional construction materials due to its strength and lightweight properties. Moreover, architects and builders are increasingly using CLT for its design flexibility. The material allows for innovative and unique architectural designs, contributing to the aesthetic appeal of buildings.
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