The Cross Laminated Timber Market was valued for $1.57 billion in 2020 and is estimated to reach $3.73 billion by 2032, exhibiting a CAGR of 8.4% from 2023 to 2032. Furthermore, in terms of volume, the global cross laminated timber market was valued at 75.03 million cubic feet in 2020, and is projected to reach 160.67 million cubic feet by 2032, registering a CAGR of 7.5% from 2023 to 2032.
Cross-laminated Timber (CLT) is a type of prefabricated engineering lumber that consists of layers of cross-stacked timber, joined by structural adhesives. The cross-laminated layers create a solid and stable construction material that can be used for various applications, including walls, floors, and roofs. It is widely said to be the alternative to steel and concrete for small-scale construction.
In the last few years, the demand for cross-laminated timber has increased substantially owing to it being a sustainable and versatile construction material. CLT offers higher strength and rigidity, providing impressive structural stability to buildings or other structures. CLT panels have a higher degree of fire-resistant properties, and they retain their structural integrity even when exposed to high temperatures for an extended period, making them a safer alternative to traditional timber construction. More importantly, CLT is a sustainable and environmentally friendly building material, which has a lower carbon footprint compared to conventional construction materials like concrete and steel. Such advantages of CLT make it an ideal construction material for low- and mid-rise residential and non-residential buildings, as well as detached and semi-detached houses.
However, the high initial cost of acquiring cross-laminated timber is a major restraint to the market growth. On the contrary, the adoption of automation in the production of cross-laminated timber is anticipated to provide lucrative opportunities for the growth of the cross laminated timber market.
Moreover, the price of oil & gas and the price of raw materials are experiencing increased volatility globally, due to a rise in inflation mainly driven by Ukraine-Russia war. This has led to slow-paced growth of the cross laminated timber market and its related industries.
The cross laminated timber market is segmented on the basis of layer type, structure type, application, and region. By layer type, the market is divided into 3-Ply, 5-Ply, and other. Depending upon the structure type, the market is categorized into wall, roof and floor, and others. On the basis of application, it is divided into residential and non-residential. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)
In-depth cross laminated timber market analysis is conducted by constructing market estimations for key market segments between 2020 and 2032.
Extensive analysis of the cross laminated timber market is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The cross laminated timber market revenue and volume forecast analysis from 2023 to 2032 is included in the report.
The key players within the cross laminated timber market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the cross laminated timber industry.
Cross-laminated Timber (CLT) is a type of prefabricated engineering lumber that consists of layers of cross-stacked timber, joined by structural adhesives. The cross-laminated layers create a solid and stable construction material that can be used for various applications, including walls, floors, and roofs. It is widely said to be the alternative to steel and concrete for small-scale construction.
In the last few years, the demand for cross-laminated timber has increased substantially owing to it being a sustainable and versatile construction material. CLT offers higher strength and rigidity, providing impressive structural stability to buildings or other structures. CLT panels have a higher degree of fire-resistant properties, and they retain their structural integrity even when exposed to high temperatures for an extended period, making them a safer alternative to traditional timber construction. More importantly, CLT is a sustainable and environmentally friendly building material, which has a lower carbon footprint compared to conventional construction materials like concrete and steel. Such advantages of CLT make it an ideal construction material for low- and mid-rise residential and non-residential buildings, as well as detached and semi-detached houses.
However, the high initial cost of acquiring cross-laminated timber is a major restraint to the market growth. On the contrary, the adoption of automation in the production of cross-laminated timber is anticipated to provide lucrative opportunities for the growth of the cross laminated timber market.
Moreover, the price of oil & gas and the price of raw materials are experiencing increased volatility globally, due to a rise in inflation mainly driven by Ukraine-Russia war. This has led to slow-paced growth of the cross laminated timber market and its related industries.
The cross laminated timber market is segmented on the basis of layer type, structure type, application, and region. By layer type, the market is divided into 3-Ply, 5-Ply, and other. Depending upon the structure type, the market is categorized into wall, roof and floor, and others. On the basis of application, it is divided into residential and non-residential. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)
Competition Analysis
Key companies profiled in the cross laminated timber market report include Mayr-Melnhof Holz Holding AG, Mercer International Inc., SmartLam LLC, Stora Enso Oyj, KLH Massivholz GmbH, XLam Pty Ltd., SIPEUROPE s.r.o., Schilliger Holz AG, HESS TIMBER GmbH, and Binderholz GmbH & Co. KG. The major players that operate in the global market have adopted key strategies such as acquisition, expansion, product launch, and other strategies to strengthen their market outreach and sustain the stiff competition in the market.Key benefits for stakeholders
The report provides an extensive analysis of the current and emerging cross laminated timber market trends, and historic data.In-depth cross laminated timber market analysis is conducted by constructing market estimations for key market segments between 2020 and 2032.
Extensive analysis of the cross laminated timber market is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The cross laminated timber market revenue and volume forecast analysis from 2023 to 2032 is included in the report.
The key players within the cross laminated timber market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the cross laminated timber industry.
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Key Market Segments
By Layer type
- 3-ply
- 5-ply
- Other
By Structure type
- Wall
- Roof and floor
- Other
By Application
- Residential
- Non-Residential
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Binderholz GmbH & Co. KG
- HESS TIMBER GmbH
- KLH Massivholz GmbH
- Mayr-Melnhof Holz Holding AG
- Mercer International Inc.
- Schilliger Holz AG
- SIPEUROPE s.r.o.
- SmartLam LLC
- Stora Enso Oyj
- XLam Pty Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CROSS LAMINATED TIMBER MARKET, BY LAYER TYPE
CHAPTER 5: CROSS LAMINATED TIMBER MARKET, BY STRUCTURE TYPE
CHAPTER 6: CROSS LAMINATED TIMBER MARKET, BY APPLICATION
CHAPTER 7: CROSS LAMINATED TIMBER MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the cross laminated timber market was valued at $1.6 billion in 2020, and is estimated to reach $3.7 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032. Cross-laminated timber (CLT) is a type of engineered wood product that offers various advantages over conventional construction materials due to its unique manufacturing process and material properties. It is made by stacking and gluing together layers of solid wood, typically softwood species like spruce, pine, or fir. Each layer is oriented perpendicular to the layer below it, and this alternating pattern of grain direction creates a strong and stable panel with enhanced structural properties. The cross-laminated configuration prevents the wood from warping or twisting, making it highly durable and reliable.Key factors driving the growth of the cross laminated timber market include the growth of the building construction industry, rise in demand for sustainable construction materials, and various advantages of cross-laminated timber. The construction sector by far is among the major source of pollutants released into air, water, and land. The building and construction sector accounts for more than 38% of greenhouse gas emissions (GHG) released into the environment throughout the lifetime of construction projects which includes the production of construction material, its transportation, use of water, and various wastages. According to a global think tank, the Royal Institute of International Affairs, cement production accounts for nearly 8% of global CO2 emissions, which is far above 3% of global CO2 emissions by the aviation industry which is infamous for high global emissions. Thus, countries across the world have set ambitious targets to reduce greenhouse gas emissions. Most European and North American countries have mandated that by 2030, most of the buildings constructed shall be carbon neutral. This is anticipated to drive up the demand for wood-based construction. Wood is a preferable material for construction, owing to its low carbon footprint when compared to concrete and steel. In addition, wood construction uses less energy and water and is 100% renewable and can easily and sustainably be sourced from forests. Various governments have introduced guidelines to include wood in construction to a certain level. For instance, the government of the UK has unveiled plans for incentivizing the use of timber in construction to gradually reduce the total carbon footprint of the construction sector to net-zero by 2050. Such factors are driving the growth of the cross laminated timber market.
Moreover, Key players in the cross-laminated timber (CLT) production market are adopting new advanced technology to ramp up their production capabilities while reducing the labor cost and possibility of human error in the CLT production process. For instance, February 2022, Stora Enso OYJ, invested more than $10 million in the development of its automated CLT (cross-laminated timber) coating line at the YBBS sawmill in Austria. This facility is anticipated to be completed in the third quarter of 2023 and will offer pre-applied CLT coatings on the CLT walls and floors. This will allow the company to solve the issue of labor shortage and will also help the company to increase and optimize the production in a given time frame. Similarly, in June 2022, Schilliger Holz AG, a major wood construction material producer including CLT, announced that it was working on innovating the offsite assembly process of complex timber structures by using robots. The robots will take over the assembly of large-format panels into complex structures. Furthermore, in January 2022, Schilliger Holz AG, announced that it planned to open a big-format automated cross-laminated timber automated CLT production line in Volgelsheim, France, which is anticipated be put into operation in January 2024.
The cross laminated timber market is segmented on the basis of layer type, structure type, application, and region. By layer type, the market is divided into 3-Ply, 5-Ply, and other. Depending upon the structure type, the market is categorized into wall, roof and floor, and others. On the basis of application, it is divided into residential and non-residential. Region-wise, it is analyzed across North America (U. S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major players in the cross laminated timber market are provided in the report. Major companies in the report include Mayr-Melnhof Holz Holding AG, Mercer International Inc., SmartLam LLC, Stora Enso Oyj, KLH Massivholz GmbH, XLam Pty Ltd., SIPEUROPE s. r.o., Schilliger Holz AG, HESS TIMBER GmbH, and Binderholz GmbH & Co. KG. The major players that operate in the global market have adopted key strategies such as acquisition, expansion, product launch, and other strategies to strengthen their market outreach and sustain the stiff competition in the market. For instance, in June 2023, Mayr-Melnhof Holz Holding AG inaugurated a cross-laminated timber production plant in Leoben. The plant has the capacity to produce 140,000 m3 cross-laminated timber annually.
Key Market Insights
By layer type, the 5-ply segment was the highest revenue contributor to the market and is estimated to reach $1.72 billion by 2032, with a CAGR of 8.8%.By structural type, the roof and floor segment dominated the global market. However, the wall segment is expected to be the fastest-growing segment with a CAGR of 8.9% during the forecast period.
Based on application, the residential segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 8.3% during the forecast period.
Based on region, Europe garnered the largest revenue share in 2020, and North America is anticipated to grow at the highest CAGR of 9.1% during the forecast period.
Companies Mentioned
- Binderholz GmbH & Co. KG
- HESS TIMBER GmbH
- KLH Massivholz GmbH
- Mayr-Melnhof Holz Holding AG
- Mercer International Inc.
- Schilliger Holz AG
- SIPEUROPE s.r.o.
- SmartLam LLC
- Stora Enso Oyj
- XLam Pty Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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