Global Cross Laminated Timber Market Size Will Reach USD 3.72 Billion By 2030, at 14.54% CAGR: Polaris Market Research

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Nov 30, 2022, 07:30 ET

NEW YORK, Nov. 30, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Cross Laminated Timber Market Share, Size, Trends, Industry Analysis Report, By Type (Adhesive Bonded, Mechanically Fastened); By Industry; By End-Use; By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the research study, the global cross-laminated timber (CLT) market size was valued at USD 1.11 billion in 2021 and is expected to reach USD 3.72 Billion by 2030, growing at a CAGR of 14.54% during the forecast period.

What is Cross Laminated Timber? How Big is Cross Laminated Timber Market Size?

Overview

Cross laminated timber is a wood panel consisting of planks of sawn, glued, and layered wood. CLT was initially created in Europe during the early 1990s. However, until 2015, it was not added to the International Building Code (IBC). They are manufactured by gluing layers of solid-sawn lumber in perpendicular layers to the previous layer. Usually, the layers are formed in an odd number, but there are configurations with even numbers as well.

The manufacturing process of CLT includes lumber selection, flaw removal, timber cutting, adhesive application, panel lay-up, adhering process, and quality control. CLT contains higher tensile, compressive strength, and precision, which is majorly driving the demand for cross laminated timber market. Sealant, coatings, and flashing are used to protect CLT elements to prevent direct contact with moisture.

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Key Highlights of the Report

Market tendencies that involve product and technological analysis, drivers and constraints, PORTER's five forces analysis
In-depth analysis of segments and sub-segments with regional market
Competitive landscape and strategies of key players
Recent trends and developments which involve growth opportunities
Future outlook and prospects for the market
Reliable industry value chain and supply chain analysis
Import-Export policies regarding the products/services in the market

Some of the Top Market Players in the Global Market Are:

B&K Structures
Stora Enso
Eugen Decker & WebMan
Structurlam Mass Timber Corporation
SmartLam NA

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Growth Driving Factors

Growing demand for eco-friendly building materials to propel the market growth

Cross laminated timber is flexible in terms of design and faster by installation processes as compared to other building materials, which is expected to drive the cross laminated timber market size during the forecast period. The timber-based construction is gaining popularity in Europe and North America. Also, other countries are becoming more flexible in opting for timber construction. These factors are fueling the market demand. Then, Also, several factors such as high disposable income, extended market size, the presence of leading market players, and the launch of novel products are projected to propel the CLT market growth.

Moreover, the rising demand for CLT, an eco-friendly building material, is the cross laminated timber market trend fueling the industry growth. The benefits of CLT are creating awareness of the harmful effects of the concrete and brick production processes. Thus, industries are moving towards CLT because it is made of wood.

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Recent Developments

In 2022, Stora Enso launched a new production site for CLT in Czech Republic for an investment of EUR 79 million. The new location will significantly increase CLT manufacturing capacity to fulfill the growing demand for cost-effective, ecological, and recyclable construction materials.

Segmental Analysis

The adhesive-bonded CLT held the largest share in 2021

Based on type, the adhesive-bonded CLT witnessed the highest cross laminated timber market share in 2021 and is expected to retain its dominance during the forecast period. The cost of manufacturing adhesive-bonded CLT is less than mechanical fastened CLT because it requires fewer machinery. The use of high-strength adhesives for the bonding of planks is anticipated to boost its demand for different applications in sectors such as residential, institutional, commercial, and others.

The residential segment dominated the market

On the basis of industry cross laminated timber market segmentation, the residential segment accounted for the highest market share in 2021 and is estimated to continue its growth over the forecast period. This is because CLT is widely used in constructing office buildings in North America and the Asia Pacific, fueling non-residential building applications. In addition, the use of CLT in commercial construction is rising across Europe, which is accelerating its demand in the non-residential building market.

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Cross Laminated Timber Market: Report Scope

Report Attribute	Details
Revenue forecast in 2030	USD 3.72 Billion
Market size value in 2022	USD 1.26 Billion
Expected CAGR Growth	14.54% from 2022 - 2030
Base Year	2021
Forecast Year	2022 - 2030
Top Market Players	Stora Enso, Pfeifer Group, HASSLACHER Holding GmbH, Mayr-Melnhof Holz, Binderholz GmbH
Segments Covered	By Wallet Type, Industry, End-User, By Region
Customization Options	Customized purchase options are available to meet any research needs. Explore customized purchase options

Geographic Overview

Cross laminated timber market demand in the Asia Pacific is projected to generate significant growth

On the basis of regions, Europe held the largest revenue share in 2021 and is anticipated to maintain its dominance throughout the projected period. However, due to beneficial green building codes for the product, the market is also growing in North America. Growing application in Canada and Mexico is expected to augment demand for cross-laminated wood products in North America.

Moreover, the green building guidelines imposed by various governments across the Asia Pacific region are anticipated to enhance the market growth. The Asia Pacific market is also driven by demand from Australia, Japan, China, and India. In addition, the ongoing research in China to use locally produced bamboo in the manufacturing process of various products fuels the market growth.

Browse the Detail Report "Cross Laminated Timber Market Share, Size, Trends, Industry Analysis Report, By Type (Adhesive Bonded, Mechanically Fastened); By Industry; By End-Use; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/cross-laminated-timber-market

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Polaris Market Research has segmented the cross laminated timber market report based on type, industry, end-user, and region:

By Type Outlook

Adhesive Bonded CLT
Mechanically Fastened CLT

By End-Use Outlook

Structural
Non-structural

By Industry Outlook

Residential
Commercial

By Region Outlook

North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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