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