The U.S. Mass Timber Market was valued at $26.2 million in 2020. growing at a high CAGR of 36.8% between 2021 and 2031, it is estimated to reach $356 million by 2031. Overall market demand of mass timber is estimated below in cubic meter as well as MBF terms. In 2020, due to covid, market was impacted a bit, but it is expected to show a bounce back and grow at the CAGR of 34.5% in volume terms. In terms on cubic meter, it is 69919 m3 in 2020 and is expected to reach more than 500,000 m3 by 2031.
The growth is attributed towards the positive factors such as government subsidy support, easy raw material availability in different regions, experienced new players from Europe and other countries are collaborating with small Mass timber manufacturers in North America, awareness campaign created by companies and availability of US made equipment’s.
Mass timber products are used in different products such as furniture, ship deck, automotive and many other places. These segments have opened a new avenue for the companies. Due to their robust features; these are preferred over steel and other preserved tree categories. The products of mass timber with appropriate coating emit less gas emissions when compared to other types of products.
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Most of the mass timber company's operations have limited knowledge about the building and using those products as per projects. Due to this, Mass Timber manufacturers are facing tremendous challenges in finishing the overall project structure. Also, as this technology is new, it will take time to understand the usage of different timber-based panels or beams and how they can be incorporated into the overall system. It will take time to adapt to this technology gap and is expected to impact the market in the short term.
There are a limited number of equipment suppliers in the market at present, and they produce products as per the specifications and standards set by the government. According to the information from equipment manufacturer companies Minda and Kellesoe, the waiting time for equipment’s requirement for manufacturing is more than 12 months. This delay is expected to impact the market during the forecast period as even demand is high, new, or established companies must wait for equipment needed for manufacturing these mass timber products.
Organizations such as WoodWorks, FPInnovations, and Think wood, among others, support the usage of mass timber for construction purposes. This initiative has also been supported by state, local and federal agencies, which have also supported the usage of mass timber. Due to their support and advertisement, customs are getting aware of the usage of CLT panels for manufacturing or remodeling their houses in present and future.
Commercial and Industrial spaces are the forerunner in the usage of mass timber products with a share of 38.1% in 2020. In the forecast period it is estimated that education institutes will be using CLT panels more for their construction, repairing and maintenance of their current infrastructure. The major reason for this is the cost process involved in the installation of CLT is much lesser than the cost involves in construction due to traditional materials. By 2031, education institute is expected to have a share of 15.3% from total pie.
According to our study, key players in the U.S. Mass Timber Market include D.R. Johnson Wood Innovations, Freres Lumber Co., Inc., Katerra, Inc., SmartLam, LLC, Texas CLT, Structurlam Mass Timber Corporation, Sterling Solutions and Vageen Timbers.
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The U.S. Mass Timber Market Has Been Segmented into:
U.S. Mass Timber Market: By Type
U.S. Mass Timber Market: by Applications
U.S. Mass Timber Market: by End Users
U.S. Mass Timber Market: by Region
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