Cross Laminated Timber Market Production, Share, Demand, Applications and Opportunities Market Research Report 2027

 The cross laminated timber market is garnering significant traction worldwide. Cross Laminated Timber (CLT) is the engineered wood used to make the construction of entire buildings. CLT materials reduce energy consumption and the overall cost of construction projects, making them less reliant on costly steel materials.  

The advantages that CLT offers new buildings are quite exciting. For instance, timber panels are much lighter, easily installable, and much easier to erect than concrete. The potential of CLT as a sustainable building material is only just being realized around the globe. 

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The market growth attributes to the growing adoption of CLT materials as a viable alternative to more traditional building practices. Besides, the growth in the construction industry and investments in residential and commercial construction over the past few years drive the market growth. 

In its recently published research report, Market Research Future (MRFR) asserts that the global cross laminated timber market is estimated to grow at around 12% CAGR during the forecast period (2019 – 2024). Rapid urbanization and increasing demand for green buildings have further propelled the demand for cross-laminated timber construction.

Global Cross Laminated Timber Market – Segmentation

The CLT market is segmented into type, application, and regions. The type segment is sub-segmented into adhesive-bonded CLT and mechanically fastened CLT. The adhesive-bonded CLT segment accounts for the larger market share. In 2018, the segment accounted for around 45% of the share in the overall cross laminated timber market.

The application segment is further sub-segmented into residential, commercial, and industrial. The residential segment accounts for the larger market share. The segment is anticipated to witness the maximum growth rate during the review period due to the rising demand for CLT materials in roofing, cladding, flooring, and ceiling construction activities in residential sectors.

On the other hand, the commercial application segment is likely to grow during the forecast period, heading with the increasing demand for durable interior decoration items. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.

Global Cross Laminated Timber Market – Regional Analysis

Europe dominates the global cross laminated timber market. The region accounted for around 43% market share in 2018. The increasing number of cross-laminated timber construction projects and public and private sector investments in infrastructural construction projects in the region attributes to the largest market share. The European CLT market is expected to retain its leadership throughout the forecast period. 

North America stands second in the global cross laminated timber market. The market growth is driven by the increasing repair and renovation activities in the real estate and commercial sectors. Additionally, the increasing demand for durable, low-maintenance building materials and the development of advanced materials augment the market demand. 

Asia Pacific holds a sizable share in the global cross laminated timber market. Factors such as the spurring rise in construction sectors foster the market demand. Also, growing residential and non-residential construction activities increase the size of the regional market. The APAC cross laminated timber market is projected to create a substantial revenue pocket during the forecast period.

Global Cross Laminated Timber Market – Competitive Landscape 

Fiercely competitive, the CLT market appears fragmented due to the presence of several notable industry players. To gain a larger competitive share, market players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launch. They make substantial investments to drive R&D activities and expansion plans. 

Major Players: 

Players leading the CLT market include Stora Enso (Finland), ante-Group, KLH Massivholz GmbH (Austria), Mayr-Melnhof Holz Holding AG (Austria), Binderholz Bausysteme GmbH (Austria), HASSLACHER Holding GmbH (Austria), Ed. Züblin AG (Germany), Structurlam Mass Timber Corporation (Canada), Eugen Decker Holzindustrie KG (Germany), W. u. J. Derix GmbH & Co. (Germany), and Sterling Lumber Company (US), among others. 

Industry/ Innovation/ Related News

Feb 18, 2021 ---- Vestas, a leading Danish turbine maker, announced that it had invested in Modvion (Sweden), a wooden wind turbine tower manufacturer. Modvion uses laminated veneer lumber, or LVL, to make turbine towers. The idea behind the move was to accelerate market adoption and scale-up the production of wooden wind turbine towers.

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