Australia and New Zealand Cross Laminated Timber (CLT) Market to Reach US$ 526.9 Million by 2032, Driven by Evolving Building Regulations

August 24, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Australia and New Zealand Cross Laminated Timber (CLT) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the Australia and New Zealand cross laminated timber (CLT) market size reached US$ 105.7 Million in 2023. Cross laminated timber (CLT) is a cutting-edge engineered wood product that revolutionizes traditional construction practices. It is composed of multiple layers of lumber boards stacked perpendicular to each other and bonded together with structural adhesives. This unique layering technique gives CLT superior strength, stability, and load-bearing capabilities, thus making it an ideal material for constructing large-scale buildings and structures. CLT offers numerous advantages over conventional construction materials. Its prefabricated nature allows for efficient and precise on-site assembly, reducing construction time and costs. Additionally, CLT's high strength-to-weight ratio enables the construction of tall and durable buildings, making it a viable alternative to concrete and steel in many applications. The sustainable aspect of CLT is of utmost significance, as it utilizes timber, a renewable resource, and contributes to carbon sequestration, mitigating the environmental impact. The versatility of CLT extends to its aesthetic appeal, as the visible wood surface offers a warm and inviting atmosphere. It can be used in various architectural designs, from residential buildings to commercial and institutional structures. Consequently, cross-laminated timber is gaining popularity worldwide as a game-changing construction material that blends sustainability, efficiency, and modern design principles into one innovative solution for the built environment.

Australia and New Zealand Cross Laminated Timber (CLT) Market Trends:

The rapid urbanization and population growth in Australia and New Zealand are creating a demand for innovative, efficient, and cost-effective construction solutions which represents one of the key factors driving the growth of the market across the countries. CLT's prefabricated nature and quick assembly process contribute to faster construction timelines, which is making it an attractive choice for urban projects with tight schedules. Additionally, the versatility of CLT allows for flexible architectural designs, catering to the diverse housing needs of both countries. The market is also driven by the growing commitment to sustainability and environmental preservation in the countries. CLT aligns well with these values as it is made from sustainably sourced timber, a renewable resource. The use of CLT in construction contributes to carbon sequestration, as wood captures and stores carbon dioxide, reducing the overall carbon footprint of buildings. This eco-friendly aspect has led to a strong demand for CLT in both countries, with architects, builders, and developers seeking environmentally responsible alternatives to traditional construction materials. Both Australia and New Zealand have updated their building codes and regulations to promote the use of sustainable construction practices and materials. The acceptance of CLT as a compliant building material is opening new opportunities for its incorporation in various construction projects. The recognition of CLT's structural integrity and fire resistance properties by regulatory authorities is boosting confidence in its use, which is further driving its adoption in the construction sector. Other factors, such as aesthetic appeal and design trends, and government support and incentives, are creating a positive outlook for the market across the countries. Looking forward, the market value is projected to reach US$ 526.9 Million by 2032, expanding at a CAGR of 18.9% during 2024-2032.

Market Summary:

  • Based on the application, the Australia cross-laminated timber (CLT) market has been divided into detached houses, residential, and non-residential units. Currently, non-residential units are dominating the market.
  • On the basis of the application, the New Zealand cross-laminated timber (CLT) market has been bifurcated into residential and commercial units. At present, residential units are holding the largest market share.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Stora Enso Oyj, KLH Massivholz GmbH, Binderholz GmbH, and XLam Australia Pty Ltd.

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Australia and New Zealand Cross Laminated Timber (CLT) Market to Reach US$ 526.9 Million by 2032, Driven by Evolving Building Regulations
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