Cross Laminated Timber Market Size Worth $2.7 Billion By 2028: Grand View Research, Inc.

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Dec 14, 2021, 04:05 ET

SAN FRANCISCO, Dec. 14, 2021 /PRNewswire/ -- 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.

Key Insights & Findngs from the report:

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

Read 145 page market research report, "Cross Laminated Timber Market Size, Share & Trends Analysis Report By Product (Adhesive Bonded CLT, Mechanically Fastened CLT), By Application (Residential, Institutional), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

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.

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)

Residential
Institutional
Commercial
Others

Cross Laminated Timber Regional Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2017 - 2028)

North America

U.S.
Canada
Mexico

Europe

Austria
Germany
Switzerland
Italy

Asia Pacific

New Zealand
China
Japan
Australia

Central & South America
Middle East & Africa

List of Key Players of Cross Laminated Timber Market

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

Check out more studies related to timber and processing equipment, published by Grand View Research:

Glue Laminated Timber Market – The global glue laminated timber market size is anticipated to reach USD 8.0 billion by 2025. The transition from concrete- and steel-based construction to wood building materials is set to actuate demand from the market.
Wood Chipper Machines Market – The global wood chipper machines market size is expected to reach USD 472.0 million by 2027. Rising use of wood chipping machines for reducing tree trunks and branches into woodchips is likely to drive the demand for wood chipping machines.
Timber Construction Connectors Market – The global timber construction connectors market size is expected to reach USD 2.14 billion by 2028. It is expected to expand at a CAGR of 13.9% from 2021 to 2028.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.