CROSS LAMINATED TIMBER MARKET SIZE, SHARE, AND OUTLOOK BY 2032

The global cross laminated timber market size was USD 1,024.4 million in 2023 and is projected to grow from USD 1,174.1 million in 2024 to USD 3,537.9 million in 2032 at a CAGR of 14.4% during the forecast period (2024-2032). CLT's extensive adoption in building structures and constructions is likely to facilitate market growth. Fortune Business Insights™ provides this information in its report titled "Cross Laminated Timber Market, 2024-2032."

Cross laminated timber is engineered wood lumber composed of multiple structural composite timber and solid-sawn layers. It is used in the construction of on-site buildings and prefabricated building structures. Cross laminated timber provides excellent seismic performance, design flexibility, and thermal and acoustic insulation. Its increasing popularity enables manufacturers to incorporate soft and temperate wood to manufacture CLT. CLT was developed in Europe's Alpine region in the 1990s and became a reliable building material in Europe. It is gaining popularity in North America because of its benefits in construction applications. These factors are likely to bolster market growth in the upcoming years. 

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List of Key Players Profiled in the Cross Laminated Timber Market Report

• Stora Enso (Finland)
• Mayr Melnhof Holz Holding AG (Austria)
• Binderholz GmbH (Austria)
• Xlam Ltd. (Australia & New Zealand)
• Sterling Company (U.S.)
• Schilliger Holz AG (Switzerland)
• KLH Massivholz GmbH (Austria)
• B&K Structures (U.K.)
• Eugen Decker Holzindustrie KG (Germany)
• Structurlam Mass Timber Corporation (Canada)
• Smartlam NA (U.S.)
• Freres Lumber Co. Inc. (U.S.)

Segments

By bonding technology, the market is segmented into mechanically fastened and adhesive bonded. Based on application, it is categorized into non-residential buildings, residential buildings, and others. Geographically, it is clubbed into Europe, North America, Asia-Pacific, and the Rest of the World. 

Highlights of the Report

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Robust Demand for Eco-friendly Construction Materials to Foster Industry Progress

Cross laminated timber is used extensively from several green constructions because of its eco-friendly properties and effectiveness in construction applications. Governments support CLT's use in construction sectors because of its environmentally friendly properties. For example, India's Public Works Department lifted the ban on the usage of timber in building constructions in 2020. It provides better acoustic and thermal insulation in comparison with conventional materials. Further, manufacturers and governments focus heavily on developing sustainable construction materials. As a result, cross laminated timber is likely to drive cross laminated timber market growth. 

However, the material's non-reliable moisture and fire resistance may hinder the market progress. 

Regional Insights

Extensive Adoption of CLT in Medium and Small Sized Houses to Boost Market in Europe

Europe is expected to dominate the cross laminated timber market share because of the extensive adoption of CLT in several medium and small-sized houses. The market is 445.2 million in 20202 and is expected to grow rapidly during the upcoming years. The region is accountable for the construction of over 65% CLT worldwide. It provides excellent insulation against cold environments, which may boost its demand from construction projects. These factors are likely to fuel market growth. 

In North America, extensive adoption of CLT in hybrid building constructions is likely to fuel the market's progress. Further, increasing investments in infrastructure developments are likely to fuel the market development. 

In Asia-Pacific, the rising demand for construction materials with excellent seismic performance for constructions is likely to fuel market progress. In addition, the incorporation of locally grown cross-laminated timber in constructions is likely to fuel market progress.

Information Source: https://www.fortunebusinessinsights.com/cross-laminated-timber-clt-market-102884

Competitive Landscape

Prominent Companies Set Up Manufacturing Plants to Strengthen Market Position

The prominent companies operating in the market set up manufacturing plants in several regions to strengthen their market position. For example, Mayr Melnhof Holz Holding AG made a significant investment of nearly USD 145 million in January 2020 to construct a modern CLT manufacturing facility at Leoben, Austria. The company undertook this strategy to strengthen its market position in the European industry and boost the forward integration development. In addition, the adoption of research and development may enable companies to boost their product quality and boost brand image. 

Industry Development

• January 2020: Freres Lumber transformed into the first organization to install the first Taihei horizontal plywood press in the U.S. This development maximized contact pressure uniformity and energy savings, thereby boosting production efficiency