IMARC Group’s latest report, titled “Australia and New Zealand Cross Laminated Timber (CLT) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, estimated that the cross laminated timber market in Australia and New Zealand reached US$ 68.3 Million in 2021. Cross-laminated timber (CLT) is a lightweight, prefabricated, solid engineered wood panel that comprises multiple layers of kiln-dried lumber boards stacked crosswise and glued together. It offers excellent rigidity, tensile strength, dimensional stability, sustainability, acoustic insulation, easy installation, and mechanical properties. It can be used as an environment-friendly alternative to traditionally used construction materials, such as steel and cement, for building roofs, ceilings, floors, walls, balconies, elevator shafts, and stairs. In recent years, CLT has gained immense traction across Australia and Zealand due to its superior compressive strength, durability, low greenhouse gas (GHG) emissions, aesthetic appeal, and versatility.
Australia and New Zealand Cross Laminated Timber (CLT) Market Trends:
In Australia and New Zealand, the escalating demand for green building materials represents the primary factor driving the market growth. Additionally, due to the growing environmental concerns, governing agencies of both Australia and New Zealand are taking favorable initiatives to promote the usage of wood-based construction materials. In line with this, several builders in the region are adopting innovative building materials and improving construction practices to lower their carbon footprint, thereby contributing to the market growth. Furthermore, since CLT is cost-effective, provides excellent seismic and thermal performance, and requires less construction time, the growing consumer awareness regarding its advantages over conventional building materials has augmented the product demand. Other factors, including extensive investments in green building projects, rapid urbanization, elevating living standards, shifting focus toward sustainable development, product innovations, and technological advancements, are also creating a favorable outlook for the market. Looking forward, IMARC Group expects the market value to reach US$ 252.6 Million by 2027, growing at a CAGR of 22.90% during the forecast period (2022-2027).
- Based on the application, the Australia cross-laminated timber (CLT) market has been divided into detached houses, residential units, and non-residential units. Amongst these, non-residential units represent the largest market segment.
- On the basis of the application, the New Zealand cross-laminated timber (CLT) market has been bifurcated into residential and commercial units. Currently, residential units exhibit a clear dominance in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Stora Enso Oyj, KLH Massivholz GmbH, Binderholz GmbH, and XLam Australia Pty Ltd./NZ Ltd.
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