North America Cross-Laminated Timber Market to Reach US$ 655.6 Million by 2032, Fueled by Bolstering Growth of Construction Industry

May 31, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “North America Cross-Laminated Timber Market Report by Application (Residential, Educational Institutes, Government/Public Buildings, Commercial Space), and Country 2024-2032,” the North America cross-laminated timber market size reached US$ 179.4 Million in 2023. Cross-laminated timber (CLT) is an innovative engineered wooden panel made from layers of lumber boards stacked at right angles and glued together. The manufacturing process of CLT involves precise milling and computer-controlled cutting, resulting in panels with high dimensional accuracy and a smooth finish. These panels can be customized to fit specific architectural designs, enabling efficient and rapid construction. CLT offers several advantages over traditional building materials, including exceptional strength, rigidity, stability, and durability. In addition to this, it also exhibits excellent thermal and acoustic properties, providing insulation and soundproofing benefits. CLT is lightweight, reducing transportation and installation costs, as well as the environmental impact associated with heavy materials. On account of these properties, it is being widely adopted across the construction industry.

North America Cross-Laminated Timber Market Trends:

The escalating consumer awareness regarding the environmental benefits and lower carbon footprint of cross-laminated timber over traditional building materials, such as concrete and steel, represents the prime factor driving the market growth in North America. Besides this, the extensive focus on sustainability and the rising popularity of green building certifications, such as LEED (Leadership in Energy and Environmental Design), has significantly increased the use of CLT in construction practices. Moreover, the widespread product adoption to improve energy efficiency in buildings and reduce heating and cooling costs due to its excellent thermal insulation properties is positively impacting the market growth. In addition to this, CLT offers architects and designers greater flexibility in creating innovative and modern structures, allowing for unique designs and challenging architectural forms, which, in turn, is aiding in market expansion. Furthermore, CLT panels are prefabricated off-site, resulting in faster construction times and reduced labor costs. As a result, they are widely preferred among developers and contractors aiming for shorter project timelines. Other factors, such as rapid urbanization, reliable timber supply in the region, favorable government initiatives promoting sustainable construction, and innovative advancements in manufacturing technologies, such as computer-controlled cutting and precision milling, are contributing to the market growth. Looking forward, the market value is projected to reach US$ 655.6 Million by 2032, expanding at a CAGR of 15% during 2024-2032.

Market Summary:

Based on the application, the market is categorized into residential, educational institutes, government/ public buildings, and commercial space.
On a country basis, the market has been segmented into the United States and Canada.
The competitive landscape of the market has also been examined, with some of the key players being D.R. Johnson Lumber Co., Nordic Structures, SmartLam NA, Sterling Lumber, StructureCraft. and Structurlam Mass Timber Corporation.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million, Cubic Metres
Segment Coverage	Application, Region
Countries Covered	United States, Canada
Companies Covered	D.R. Johnson Lumber Co., Nordic Structures, SmartLam NA, Sterling Lumber, StructureCraft. and Structurlam Mass Timber Corporation
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
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North America Cross-Laminated Timber Market to Reach US$ 655.6 Million by 2032, Fueled by Bolstering Growth of Construction Industry

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