The Australia and New Zealand cross laminated timber (CLT) market size reached US$ 86.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 288.2 Million by 2028, exhibiting a growth rate (CAGR) of 20.6% during 2023-2028.
Cross-laminated timber (CLT) is a prefabricated and solid engineered wood panel comprising several layers of kiln-dried lumber boards, which are stacked in alternating directions, pressed to form solid, straight, rectangular panels, and bonded with structural adhesives. It is lightweight and strong with superior acoustic, fire, seismic, and thermal performance. Apart from this, it offers several advantages, such as aesthetic appeal, easy installation, and low greenhouse gas emissions. As a result, CLT is replacing traditional construction materials, such as steel, concrete, and cement. At present, there is a rise in the demand for CLT in both the residential and commercial sectors across Australia and New Zealand as it provides dry and fast onsite construction and the potential for airtightness with robust wall and floor structures.
Australia and New Zealand Cross Laminated Timber (CLT) Market Trends:
The growing environmental concerns among the masses about rising greenhouse gas emissions represent one of the key factors driving the market in Australia and New Zealand. Moreover, there is an increase in the number of green building projects to enhance the efficiency of buildings while reducing their impact on the health of individuals and the environment through better design, construction, operation, and maintenance. This, along with the increasing initiatives by the central and state governments of Australia and New Zealand to promote the utilization of wood-based construction materials, is propelling the growth of the market. In addition, builders in the region are focusing on improving construction practices by relying on innovative construction materials and techniques, which is positively influencing the market. Besides this, the escalating demand for CLT in enhancing indoor environment quality and keeping the surroundings clean by generating zero waste during production is offering lucrative growth opportunities to industry investors. Apart from this, CLT is affordable and requires considerably less time in the construction of different structures compared to conventional construction materials. These product advantages are bolstering the growth of the market in the region.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Australia and New Zealand cross laminated timber (CLT) market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on application.
Australia Cross Laminated Timber Industry
Breakup by Application:
- Detached Houses
- Non-Residential Units
Non-residential units dominate the market due to the rising preference for sustainable building materials in the country.
New Zealand Cross Laminated Timber Industry
Breakup by Application:
Residential units exhibit a clear dominance in the New Zealand market as CLT provides efficient seismic performance in the multi-storey timber buildings.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Stora Enso Oyj, KLH Massivholz GmbH, Binderholz GmbH, and XLam Australia Pty Ltd.