The global cross laminated timber market size is expected to reach USD 2.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.6% from 2021 to 2028. Growing demand for lightweight, durable, and sustainable construction materials in residential, institutional, and commercial applications is anticipated to benefit market growth.
CLT is widely used in various applications such as residential, commercial, institutional, and other segments. The intrinsic properties of CLT such as high thermal performance, sound insulation, earthquake resistance, fire resistance, lightweight, durability, and low manufacturing costs are anticipated to promote the product demand, thereby driving the market growth.
CLT panels are light in weight, which, in turn, may increase the number of stories in the building, providing a better return on investment. The overall weight of the building is low, which provides ease of construction and enables faster construction as compared to steel and other concretes. The majority of the construction companies are adopting the use of CLT in building constructions.
Most of the players are actively involved in R&D to improve the strength, seismic, and fire performance of CLT so it can be an effective replacement for the concrete material. The top players in the market have adopted sustainable solutions by sourcing the wood to produce cross laminated timber from carefully managed sustainable forests keeping in mind the long-term benefits and prevailing regulatory rules.
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The adhesive bonded cross laminated timber segment is expected to witness the fastest CAGR of 13.5% from 2021 to 2028 as these panels are custom manufactured to their final dimensions, as per the construction needs, leading to less wastage of wood
The residential application segment accounted for USD 432.7 million in 2020 and is projected to witness a CAGR of 14.0% from 2021 to 2028. The rising adoption of eco-friendly construction materials as a substitute for non-biodegradable and recyclable materials is anticipated to promote demand
The institutional application segment is projected to witness a CAGR of 13.3% from 2021 to 2028 owing to growing trends of wood-based construction of schools in cold countries such as the U.S., Switzerland, and Canada
Europe accounted for the highest revenue share of 58.8% and is estimated to reach USD 1.5 billion by 2028, owing to the growing trends for using wooden products in construction applications
Austria accounted for a revenue share equivalent to USD 204.0 million in 2020 and is projected to witness a CAGR of 12.6% from 2021 to 2028. Rising corporate-related construction activities in commercial, industrial, and office sectors are projected to have a positive impact on market growth
Grand View Research has segmented the global cross laminated timber market on the basis of product, application, and region:
Cross Laminated Timber Product Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2017 - 2028)
Adhesive Bonded Cross Laminated Timber
Mechanically Fastened Cross Laminated Timber
Cross Laminated Timber Application Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2017 - 2028)
Cross Laminated Timber Regional Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Cross Laminated Timber Market
Stora Enso Oyj
Mayr-MelnhofHolz Holding AG
KLH Massivholz GmbH
Eugen Decker &WebMan
Structurlam Mass Timber Corporation
MEIKEN LAMWOOD Corp
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