New York, United States , July 06, 2023 (GLOBE NEWSWIRE) -- The Global Cross Laminated Timber (CLT) Market Size is to grow from USD 1.28 billion in 2022 to USD 5.03 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.6% during the projected period.
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CLT is a wood-based engineering material composed of numerous layers of kiln-dried dimension lumber (typically three, five, seven, or nine layers) or at least three layers oriented at right angles to one another and bonded together to form structural frames. This can include pre-insulated wall and roof components. Cantilevered floors and balconies, load-bearing elevator shafts, and stairs are some further applications. Because of its cross construction, Cross Laminated Timber is a strong material with exceptional structural stability. It can be used as a concrete substitute, replacing a high-carbon resource with a renewable, low-carbon alternative. Cross laminated timber (CLT) has established itself as a well-known engineered wood product with global relevance. Cross laminated timber (CLT) market expansion is being driven by increased economic activity in developing countries, increased infrastructure investment, stringent conservation regulations, rising disposable income, and rising consumer demand for green and environmentally friendly products. Cross laminated timber (CLT) market expansion is predicted to be fueled by rising consumer awareness of the favorable characteristics of cross laminated lumber in the building industry.
Browse key industry insights spread across 210 pages with 130 Market data tables and figures & charts from the report on, "Global Cross Laminated Timber (CLT) Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Adhesive Bonded, Mechanically Fastened), By Vertical (Residential, and Non-Residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here
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The adhesive bonded segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global cross laminated timber (CLT) market is segmented into the adhesive bonded and mechanically fastened. Among these, the adhesive bonded segment is dominating the market with the largest revenue share of 76.8% over the forecast period. Adhesive bonding is commonly used in Cross-Laminated Timber (CLT) because it creates strong bindings between the layers of wood, which is critical for the material's long-term stability. Because less machinery is utilized, adhesive bonded CLT has a lower manufacturing cost than mechanically fastened CLT.
The non-residential segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of vertical, the global cross laminated timber (CLT) market is segmented into residential and non-residential. Among these, the non-residential segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Cross laminated timber (CLT) is commonly used in non-residential buildings such as commercial, public, and industrial structures. Because of its mechanical, durability, and aesthetic benefits, cross laminated wood is in high demand among non-residential building enterprises. As a result, the non-residential sector presents huge opportunities and is likely to account for a significant percentage of the cross laminated timber (CLT) market during the forecast period.
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Europe dominates the market with the largest market share over the forecast period.
Europe is dominating the market with more than 63.7% market share over the forecast period. Europe is a world leader in the production of cross laminated timber. The European market is primarily driven by the surge in residential construction. Furthermore, advances in the usage of wood in construction-related sectors are expected to boost market expansion during the forecast period. On the other hand, North America is predicted to expand the fastest during the forecast period. North America's rising market for cross-laminated wood is mostly driven by demand from the United States. Because of the implementation of green building laws by different government organizations, the Asia Pacific market is predicted to grow at a significant CAGR over the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cross Laminated Timber (CLT) Market include XLam NZ Limited, KLH Massivholz GmbH, Stora Enso, Binderholz GmbH, Hasslacher Holding GmbH, SmartLam NA, Sterling Company, Structurlam Mass Timber Corporation, Schilliger Holz AG, B&K Structures, Eugen Decker Holzindustrie KG, MEIKEN LAMWOOD Corp, Mayr-Melnhof Holz Holding AG, DRJ Wood Innovations, Nordic Structures, PFS Corporation, and among others.
Recent Developments
On June 2023, Mercer will pay $81.1 million for the assets of Structurlam Mass Timber Corp. and its subsidiary. The planned acquisition will boost Mercer's cross-laminated timber (CLT) capacity to roughly 210,000 cubic meters and add 45,000 cubic meters of glued laminated timber (glulam) manufacturing capacity.
In April 2022, Mayr-Melnhof Holz is developing its Leoben sawmill facility with a cutting-edge cross-laminated timber plant, a high-performance re-sorting and planing mill, and a fully automated high-bay warehouse for sawn timber storage. The 190-million-euro investment will be erected right after the sawmill. All load-bearing timber construction elements, such as the roof structure, walls, and ceiling elements, are built from PEFC-certified wood in Mayr-Melnhof Holz's own timber processing factories.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Cross Laminated Timber (CLT) Market based on the below-mentioned segments:
Cross Laminated Timber (CLT) Market, Product Type Analysis
- Adhesive Bonded
- Mechanically Fastened
Cross Laminated Timber (CLT) Market, Vertical Analysis
- Hydraulic
- Vacuum
- Pneumatic
- Nails
- Others
Cross Laminated Timber (CLT) Market, Vertical Analysis
- Residential
- Non-Residential
Cross Laminated Timber (CLT) Market, Technology Analysis
- Spruce
- Fir
- Pine
- Larch
- Others
Cross Laminated Timber (CLT) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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