Cross Laminated Timber Market Size Is Expected To Reach USD 3.0 Billion By 2030
Cross Laminated Timber Industry Overview
The global cross laminated timber market size is expected to reach USD 3.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.8% from 2022 to 2030. This growth can be attributed to the growing adoption of cross laminated timber, as solid wood construction of cross laminated timber has a high strength-to-weight ratio, making it superior for usage in structural flooring systems as it can withstand both, compressive and tensile stress and has an extremely high static load-carrying capability.
Cross laminated timber market has been continuously witnessing expansion across the world. It is characterized by partnerships among major players to ensure their profitability and competitiveness in the market. For instance, in 2020, Stora Enso Oyj announced an investment worth USD 96.1 million in a new production line for manufacturing cross laminated timber at its sawmill in Ždírec, the Czech Republic. The investment is expected to enhance the market positioning of the company as a global provider of cross laminated timber panels and wooden products.
The cross laminated timber market is strengthened by technological advances, new prefabrication systems, and a series of processes that increase its sustainability, safety, and efficiency. Methodologies and tools, including virtual reality, BIM, and 3D printing and modeling have intertwined the design and construction process. Acton Ostry Architects & Hermann Kaufmann Architekten designed the UBC Tallwood House at Brock Commons project using the BIM tool and technologies provided by CadMakers.
Growing environmental concerns regarding carbon emissions have promoted the use of CLT for commercial purposes in recent times. In addition, the cost advantages offered by CLT have further promoted its demand. The aesthetic appearance and stylish designs are attracting the attention of consumers and driving the growth of the market for residential construction.
The rising investments and continuous R&D in cross laminated timber (CLT) panels have led to the introduction of mechanically fastened CLT and adhesive-bonded CLT. Moreover, size, dimension, and customization options offered by manufacturers have contributed to higher product demand in the applications industries. The cross laminated timber panels are manufactured in line with the demand of the customers. As a result, manufacturers have begun integrating the production facility for end-to-end processes such as designing, measuring, and on-site delivery for expert consultation in the construction project.
Cross Laminated Timber Market Segmentation
Grand View Research has segmented the cross laminated timber market report based on product, application, and region:
Based on the Product Insights, the market is segmented into Adhesive Bonded CLT, and Mechanically Fastened CLT.
- The adhesive bonded cross laminated timber segment led the market and accounted for the largest revenue share of 88.3% in 2021. Adhesive bonded cross laminated timber is produced by stacking and gluing three or more layers of wood in a perpendicular cross-section. The layered wooden planks are then pressed in large vacuum or hydraulic systems to form a high-strength interlocked assembly. Then, the panels are shaped in large automated CNC machines to achieve the desired shape for usage in various construction applications.
- The mechanically fastened CLT is expected to grow over the forecast period owing to strict regulations regarding the usage of adhesives in the construction industry. In addition, the industry growth is expected to be boosted by investments by several companies such as StructureCraft, SmartLam, and Structurlam in the development of low-priced and efficient mechanically fastened cross laminated timber production systems.
Based on the Application Insights, the market is segmented into Residential, Institutional, Commercial, and Others.
- The residential segment led the market and accounted for the largest revenue share of 45.4% in 2021. The use of Cross Laminated Timber (CLT) in residential construction is expected to rise, owing to the rising adoption of eco-friendly construction materials as a substitute for non-biodegradable and recyclable materials such as cement.
- The high structural strength and recyclability of cross laminated timber are expected to drive market growth in the residential sector. Rising investments by governments across various countries in the Asia Pacific, North America, and Europe, toward the adoption of environment-friendly materials for the reduction of the carbon footprint of the construction industry, are expected to drive the market growth of cross laminated timber market.
Cross Laminated Timber Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
The global cross laminated timber market is characterized by the presence of a large number of players, with established players leading the market trends. The majority of these companies focus on forward integration by providing their products directly to end-users across different industry verticals. Some of these companies also use an established distribution and sales network to connect with their customers across regions easily.
Some key players also own forest land and use it to source timber for the manufacture of their processed products. For instance, Mayr-MelnhofHolz Holding AG has achieved a high value-added chain with vertical integration by sourcing wood from its forest and manufacturing engineered wood in its production facility to maintain the economies of scale to the highest level. Some of the prominent players in the cross laminated timber market include:
- Stora Enso Oyj
- Mayr-MelnhofHolz Holding AG
- Binderholz GmbH
- XLam
- Sterling Company
- SchilligerHolz AG
- KLH Massivholz GmbH
- B&K Structures
- Eugen Decker & WebMan
- Structurlam Mass Timber Corporation
- SmartLam NA
- MEIKEN LAMWOOD Corp
Order a free sample PDF of the Cross Laminated Timber Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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