The global cross laminated timber market size was USD 1.1 billion in 2021 and is projected to grow at a CAGR of 14.5% during the forecast period to reach USD 2.5 billion by 2027. Advanced design flexibility and quicker implementation methods in manufacturing of cross laminated timbers are expected to drive the market.
“The residential of the industry segment is projected to have high demand in the cross laminated timber market in the year 2027.”
Increased consumer demand for luxurious and modern residences is projected to lead to the growth of the market. The market is expected to grow due to the increased utilization of CLT in residential applications such as ceilings, floors, and walls. In Europe, the primary market for cross laminated timber has been family residential construction. Due to the evolution of building codes and technologies, demand is shifting towards larger multi-family residential construction. Consumer demand for upmarket residences is expected to rise, which is expected to boost overall market growth.
“The adhesive bonded of the type segment is projected to register the highest CAGR during the forecast period.”
Based on type, adhesive bonded is projected to be the fastest-growing market during the forecast period. Adhesive bonded CLTs have better bond strength and are less impacted by climatic changes than mechanical fastened CLTs. Hence, they are extensively used in the market as the strength of the wood-based substance is determined by the strength of the adjacent surfaces. Due to the reduced use of machinery, adhesive bonded CLT has a lower production cost than mechanically fastened CLT.
Based on region, Europe is projected to register the largest market share during the forecast period.
Europe is projected to be dominate the market in terms of value and volume during the forecast period due to the growing construction sector in countries such as the UK, Germany, Italy, and France. Europe is considered to be the world’s largest manufacturer of cross laminated timber. Buildings made utilizing CLT have a high demand throughout the region. To enhance the total thermal efficiency and durability of the structure, the majority of construction activities in these areas now use wood-based materials. CLT and other timber building supplies have an increasing demand among major construction enterprises across the world. The market is expected to be driven by rising potential advantages offered by cross laminated timber in the construction sector.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the cross laminated timber market, and information was gathered from secondary research to determine and verify the market size of several segments and subsegments.
- By Company Type: Tier 1 – 46%, Tier 2 – 27%, and Tier 3 – 27%
- By Designation: C Level – 36%, D Level – 18%, and Others – 46%
- By Region: Europe – 36%, North America – 37%, Asia Pacific – 18%, and Rest of the World – 9%
The key companies profiled in this report are Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz Gmbh (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GMBH (Austria), Schilliger Holz AG (Switzerland), KLH Massivholz GmbH (Austria), Structurlam (Canada), Xlam NZ LIMITED (New Zealand), Pfeifer Holding GmbH (Austria), Lion Lumber (Illinois), and Smartlam NA (US).
This report provides detailed segmentation of the cross laminated timber market based on type, industry, end-use and region. Based on type, the cross laminated timber industry has been segmented into adhesive bonded, and mechanically fastened. Based on industry, the market has been segmented into residential, and
non-residential. Based on end-use, the market has been segmented into structural, and non-structural. Based on region, the market has been segmented into Asia Pacific, Europe, North America, and Rest of the World.
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From an insights perspective, this research report focuses on various levels of analyses ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high-growth regions; and market drivers, restraints, opportunities, and challenges.