Global Cross-Laminated Timber Market to Grow at 9.6% During 2024-2032, Bolstered by Increasing Demand from Construction Sector

The latest report by IMARC Group titled “Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” finds that the global cross-laminated timber market reached a value of US$ 1,586.5 Million in 2023. Cross-laminated timber (CLT) is a wood-engineered product made by piling up the layers of lumber cut from a single log. It is generally stacked perpendicular to the layers above and below it and then glued symmetrically on the wide faces of each board. This cross-laminated arrangement improves rigidity, dimensional stability, and mechanical properties. As a result, CLT is gaining popularity as a sustainable alternative to concrete and steel construction in commercial and residential sectors worldwide.

Global Cross-Laminated Timber Market Trends:

The market is primarily driven by the increasing demand for CLT from the construction sector. This can be attributed to the numerous benefits associated with CLT, such as shorter construction time, fast installation and affordability. As a result, it is widely used for building different types of structures, including barns, powerline towers, houses, bridges, high-rise apartments, and office buildings. Moreover, CLT is a cheaper alternative to other popular construction materials such as precast concrete, which represents another major growth-inducing factor. Besides this, governments of numerous countries are undertaking various initiatives to promote the usage of green construction materials. In line with this, the growing environmental consciousness among the masses, and the sales of eco-friendly wooden panels, are anticipated to further propel the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of 9.6% during the forecast period (2024-2032). 

Market Summary:

• Based on the application, the market has been segmented into residential, educational institutes, government/public buildings, and commercial spaces.
• On the basis of the product type, the market has been bifurcated into custom and blank CLT.
• Based on the element type, the market has been classified into wall panels, flooring panels, roofing slabs, and others.
• Based on the raw material type, the market has been segregated into spruce, pine, fir, and others.
• On the basis of the bonding method, the market has been categorized into adhesively bonded and mechanically fastened methods.
• Based on the panel layers, the market has been divided into 3-ply, 5-ply, 7-ply, and others.
• Based on the adhesive type, the market has been classified into polyurethane (PUR), phenol resorcinol formaldehyde (PRF), melamine-urea-formaldehyde (MUF), and others.
• On the basis of the press type, the market has been segregated into hydraulic, vacuum, pneumatic and other presses.
• Based on the storey class, the market has been segmented into low-rise (1-4 storeys), mid-rise (5-10 storeys), and high-rise buildings (more than 10 storeys).
• On the basis of the application type, the market has been bifurcated into structural and non-structural applications.
• Region-wise, the market has been classified into Europe (Austria, Germany, Italy, Switzerland, Czech Republic, Spain, Norway, Sweden, and the United Kingdom), North America (the United States and Canada), and Asia Pacific (Australia, New Zealand, China, Japan, and Taiwan).
• The competitive landscape of the market has been studied in the report, with the detailed profiles of the key players being, Stora Enso, KLH, Binderholz, Mayr Melnhof, Hasslacher, XLam Limited, Sterling Lumber, Shilliger Holz AG, Eugen Decker Holzindustrie KG, Structurlam, SmartLam and Meiken Lamwood Corp.

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