According to the report, the global cross-laminated timber market attained a value of USD 1574.1 million in 2022. Aided by the increasing adoption of sustainable construction materials and practices worldwide, the market is projected to further grow at a CAGR of 22.7% between 2023 and 2028 to reach a value of USD 5432.72 million by 2028.
Cross-laminated timber (CLT) is an engineered wood product made up of multiple layers of lumber boards stacked in alternating directions and bonded with structural adhesives. This construction technique results in a strong, lightweight, and versatile building material suitable for various applications, including residential, commercial, and industrial projects. CLT has numerous advantages, including a reduced carbon footprint, increased energy efficiency, and faster construction times.
The rising demand for sustainable and eco-friendly construction materials is driving the growth of the cross-laminated timber market. As the construction industry seeks to minimize its environmental impact, CLT has emerged as a viable alternative to traditional materials like steel and concrete. Its production process emits less greenhouse gases, and its carbon sequestration capabilities further enhance its appeal as a sustainable building material.
Additionally, the growing trend of prefabricated and modular construction is propelling the growth of the cross-laminated timber market. Prefabrication and modular construction techniques allow for faster construction times, reduced waste, and improved cost-efficiency. As a result, CLT is increasingly being used in these applications, boosting the demand for this versatile material.
Another key factor driving the growth of the cross-laminated timber market is the increasing awareness of the benefits of using CLT in various construction applications. Architects, engineers, and builders are becoming more familiar with the advantages of CLT, including its strength, durability, and design flexibility. This has led to an uptick in the adoption of CLT in a wide range of projects, from residential housing to large-scale commercial buildings. Additionally, the speed and ease of construction using CLT panels can lead to reduced labour costs and shorter construction timelines, further boosting the material's appeal.
Increasing urbanisation and a growing global population are also contributing to the growth of the cross-laminated timber market. As more people move to urban areas, the demand for affordable, sustainable housing solutions is rising. Furthermore, supportive government policies and incentives for the use of sustainable construction materials are playing a significant role in driving the growth of the cross-laminated timber market.
Cross-laminated timber (CLT) is an engineered wood product made up of multiple layers of lumber boards stacked in alternating directions and bonded with structural adhesives. This construction technique results in a strong, lightweight, and versatile building material suitable for various applications, including residential, commercial, and industrial projects. CLT has numerous advantages, including a reduced carbon footprint, increased energy efficiency, and faster construction times.
The rising demand for sustainable and eco-friendly construction materials is driving the growth of the cross-laminated timber market. As the construction industry seeks to minimize its environmental impact, CLT has emerged as a viable alternative to traditional materials like steel and concrete. Its production process emits less greenhouse gases, and its carbon sequestration capabilities further enhance its appeal as a sustainable building material.
Additionally, the growing trend of prefabricated and modular construction is propelling the growth of the cross-laminated timber market. Prefabrication and modular construction techniques allow for faster construction times, reduced waste, and improved cost-efficiency. As a result, CLT is increasingly being used in these applications, boosting the demand for this versatile material.
Another key factor driving the growth of the cross-laminated timber market is the increasing awareness of the benefits of using CLT in various construction applications. Architects, engineers, and builders are becoming more familiar with the advantages of CLT, including its strength, durability, and design flexibility. This has led to an uptick in the adoption of CLT in a wide range of projects, from residential housing to large-scale commercial buildings. Additionally, the speed and ease of construction using CLT panels can lead to reduced labour costs and shorter construction timelines, further boosting the material's appeal.
Increasing urbanisation and a growing global population are also contributing to the growth of the cross-laminated timber market. As more people move to urban areas, the demand for affordable, sustainable housing solutions is rising. Furthermore, supportive government policies and incentives for the use of sustainable construction materials are playing a significant role in driving the growth of the cross-laminated timber market.
Market Segmentation
The market can be divided on the basis of application, product type, element type, raw material type, bonding type, panel layers, adhesive type, press type, storey class, end use, and region.Market Breakup by Application:
- Residential
- Public
- Commercial
Market Bifurcation by Product Type:
- Custom CLT
- Blank CLT
Market Division by Element Type:
- Wall panels
- Flooring panels
- Roofing panels
- Others
Market Segmentation by Raw Material Type:
- Spruce
- Pine
- Fir
- Others
Market Bifurcation by Bonding Method:
- Adhesively Bonded
- Mechanically Fastened
Market Segmentation by Panel Layers:
- 3-Ply
- 5-Ply
- 7-Ply
- Others
Market Division by Adhesive Type:
- PUR (Polyurethane)
- PRF (Phenol Resorcinol Formaldehyde)
- MUF (Melamine-Urea-Formaldehyde)
Market Breakup by Press Type:
- Hydraulic Press
- Vacuum Press
- Pneumatic Press
- Others
Market Segregation by Storey Class:
- Low-Rise Buildings (1-4 Storeys)
- Mid-Rise Buildings (5-10 Storeys)
- High-Rise Buildings (More than 10 Storeys)
Market Bifurcation by End Use:
- Structural Applications
- Non- Structural Applications
Market Classification by Region:
- North America
- Europe
- Japan
- Oceania
- Rest of the world
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cross-laminated timber companies. Some of the major key players explored in the report are as follows:- Stora Enso Group
- Binderholz GmbH
- Mayr Melnhof Holz Group
- Schilliger Holz AG
- KLH Massivholz GmbH
- HASSLACHER Holding GmbH
- Sterling Company
- Structurlam Mass Timber Corporation
- Nordic Structures
- Eugen Decker Holzindustrie KG
- Others
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Industry Opportunities and Challenges11 Value Chain Analysis12 Price Analysis17 Industry Events and Developments
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Cross-Laminated Timber Market Analysis
9 Regional Analysis
10 Market Dynamics
13 Manufacturing Process
14 Project Details, Requirements and Costs Involved
15 Project Economics
16 Competitive Landscape
Companies Mentioned
- Stora Enso Group
- Binderholz GmbH
- Mayr Melnhof Holz Group
- Schilliger Holz AG
- KLH Massivholz GmbH
- HASSLACHER Holding GmbH
- Sterling Company
- Structurlam Mass Timber Corporation
- Nordic Structures
- Eugen Decker Holzindustrie KG
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 179 |
| Published | March 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 1955.9 Million |
| Forecasted Market Value ( USD | $ 5432.72 Million |
| Compound Annual Growth Rate | 22.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
