Global Cross-Laminated Timber Market Report and Forecast 2023-2028

Global Cross-Laminated Timber Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), 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.

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 EMR 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 by Expert Market Research 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

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.