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Cross-Laminated Timber Market outlook
According to the report by Expert Market Research (EMR), the global cross-laminated timber market size reached a value of USD 1,574.1 million in 2023. Aided by the growing construction and infrastructure development activities, the market is projected to further grow at a CAGR of 22.7% between 2024 and 2032 to reach a value of USD 5,432.72 million market-report by 2032.
Cross-laminated timber (CLT) is an engineered wood product made from layers of solid-sawn lumber boards, stacked crosswise and bonded together. This construction method enhances the structural integrity and dimensional stability of the timber, making it a suitable alternative to traditional building materials like concrete and steel. It is used in a variety of applications, including residential, commercial, and industrial buildings, due to its strength, versatility, and sustainability.
The increasing consumer preference for sustainable and eco-friendly building materials is driving the global cross-laminated timber market growth. With the growing awareness of the environmental impact of construction activities, there has been a significant shift towards the use of renewable resources and materials with lower carbon footprints. Additionally, the rising trend of green building certifications and standards has further contributed to the increasing popularity of cross-laminated timber, as it aligns with the principles of sustainable construction.
The expanding applications of cross-laminated timber in various building projects also play a significant role in propelling the market. In the residential sector, it is used for constructing walls, floors, and roofs, providing high strength and thermal insulation. The commercial sector utilises it for office buildings, schools, and retail spaces due to its aesthetic appeal and structural performance. Moreover, it’s fire-resistant and seismic-resistant properties make it a viable option for constructing safe and durable buildings in earthquake-prone and fire-prone regions.
The growing emphasis on sustainable construction practices and the use of eco-friendly materials is a major driver of the market. It is made from renewable resources and has a lower carbon footprint compared to traditional building materials, making it an attractive option for green building projects, consequently driving up the cross-laminated timber market share.
It offers high strength, durability, and versatility, making it suitable for a wide range of construction applications. Its ability to be prefabricated and assembled quickly on-site reduces construction time and costs, further driving its adoption.
Supportive government policies and building codes promoting the use of timber in construction are contributing to the growth of the market. Incentives for sustainable building practices and green certifications are encouraging builders and developers to choose cross-laminated timber.
The trend towards constructing tall wooden buildings, known as “mass timber “, buildings, is gaining momentum. It’s strength and fire-resistant properties make it a viable option for high-rise constructions, contributing to market expansion.
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Innovations in cross-laminated timber manufacturing, including improved adhesives and bonding techniques, are enhancing the quality and performance of cross-laminated timber panels. These advancements are expected to drive market growth by offering superior products to consumers.
As per the cross-laminated timber market analysis, the United States and Canada are significant markets for cross-laminated timber, driven by the growing demand for sustainable construction materials and supportive government policies.
In Europe, countries like Germany, Austria, and the United Kingdom are leading the adoption of cross-laminated timber, with a strong focus on green building practices and innovations in timber construction.
The Asia-Pacific region is experiencing rapid urbanisation and infrastructure development, with countries like Japan and Australia showing increasing interest in cross-laminated timber for various building projects.
Cross-Laminated Timber Market Segmentation
The market can be divided based on application, product type, element type, raw material type, bonding method, panel layers, adhesive type, press type, storey class, end use, and region
Market Breakup by Application
- Residential
- Public
- Commercial
Material Breakup by Product Type
- Custom CLT
- Blank CLT
Material Breakup by Element Type
- Wall Panels
- Flooring Panels
- Roofing Panels
- Others
Material Breakup by Raw Material Type
- Spruce
- Pine
- Fir
- Others
Material Breakup by Bonding Method
- Adhesively Bonded
- Mechanically Fastened
Material Breakup by Panel Layers
- 3-Ply
- 5-Ply
- 7-Ply
- Others
Material Breakup Adhesives Type
- PUR (Polyurethane)
- PRF (Phenol Resorcinol Formaldehyde)
- MUF (Melamine-Urea-Formaldehyde)
- Others
Material Breakup by Press Type
- Hydraulic Press
- Vacuum Press
- Pneumatic Press
- Others
Material Breakup by Storey Class
- Low-Rise Buildings (1-4 Storeys)
- Mid-Rise Buildings (5-10 Storeys)
- High-Rise Buildings (More than 10 Storeys)
Material Breakup by End Use
- Structural Applications
- Non-Structural Applications
Material Breakup by Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the cross-laminated timber market. Some of the major 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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