The cross laminated timber market was valued at USD 1.3 Billion in 2022 and it is anticipated to grow further to over USD 3.5 billion in 2032, at a CAGR of over 11.4% during the forecast period.
Cross laminated timber (CLT) is a type of engineered wood product that is composed of layers of lumber boards that are glued together. The boards are arranged in a cross-laminated configuration, with the grain of each layer running in a different direction. This results in a strong and stiff panel that is well-suited for use in construction.
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CLT is typically made from softwood lumber, but it can also be made from hardwoods. The lumber is first kiln-dried to remove moisture and then planed to a uniform thickness. The boards are then arranged in the desired configuration and glued together under pressure. Once the glue has cured, the CLT panel is ready for use. CLT has many advantages over traditional lumber products. It is strong and stiff, yet lightweight and easy to work with. It can be used for a variety of applications, including floors, walls, and roofs. CLT is also more environmentally friendly than traditional lumber products, as it is made from renewable resources and has a smaller carbon footprint.
Market Trends and Drivers
The key drivers of the Cross Laminated Timber market are its advantages over traditional construction materials, its sustainability, and its ability to be used in a variety of applications. Cross Laminated Timber (CLT) is a relatively new product that is made by bonding layers of lumber together with adhesives. It is strong and stiff, yet lightweight and easy to work with. CLT can be used for a variety of applications, including floors, walls, and roofs. It is also being used increasingly in tall buildings, as it can be used to create large, open spaces without the need for load-bearing walls. CLT has a number of advantages over traditional construction materials. It is more energy efficient to produce than concrete and steel, and it can be reused or recycled at the end of its life. CLT is also more sustainable, as it is made from a renewable resource – wood. The use of CLT is growing rapidly, as more architects and engineers are becoming aware of its benefits. The market for CLT is expected to continue to grow in the coming years, as more projects are completed using this innovative material.
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Major Players in the Global Cross Laminated Timber Market
The key players studied in the report are Stora Enso Oyj; Mayr-MelnhofHolz Holding AG; Binderholz GmbH; XLam; Sterling Company; SchilligerHolz AG; KLH Massivholz GmbH; B&K Structures; Eugen Decker &WebMan; Structurlam Mass Timber Corporation; SmartLam NA. MEIKEN LAMWOOD Corp., among others.
COVID-19 Impact
The global COVID-19 outburst had a negative impact on major players’ trade relations. Due to limitations on trade and manufacturing in some economies, the supply of raw materials and completed items related to cross-laminated timber has been restricted. However, as trade and industrial activity gradually pick up to improve economic conditions, numerous economies are easing restrictions on trade, which is helping the demand for cross-laminated wood.
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Global Cross Laminated Timber Market Segmentation
By Panel Type
- 3-Ply
- 5-Ply
- 7-Ply
- Others
By Application
- Structural Applications
- Non-structural Applications
By End Use
- Residential
- Commercial
- Government/Public Buildings
- Educational Institutes
By Element Type
- Wall Panels
- Flooring Panels
- Roofing Slabs
- Others
By Type
- Adhesive Bonded
- Mechanically Fastened
By Storey Class
- Low-Rise Buildings (1-4 Storeys)
- Mid-Rise Buildings (5-10 Storeys)
- High-Rise Buildings
Raw Materials
- Spruce
- Pine
- Others
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