Austin, Dec. 12, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Cross Laminated Timber Market is projected to reach a valuation of USD 4.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.8% from 2024 to 2032.”
Key Trends Fueling the Cross-Laminated Timber Market
The rising emphasis on sustainable development is a major driver for the CLT market. Builders and architects are increasingly adopting CLT for its low carbon footprint, recyclability, and renewable nature. Governments and regulatory bodies worldwide are promoting using wood-based construction materials through incentives and certifications to meet climate goals. For instance, the European Union’s Green Deal prioritizes using sustainable materials like CLT in urban construction projects.
CLT is gaining traction across residential and non-residential sectors due to its versatility, durability, and strength. Residential buildings have been a primary adopter of CLT, particularly for multi-story projects, due to their superior seismic resistance and insulation properties. Additionally, the material is finding increasing use in schools, hospitals, and commercial spaces as it enables faster construction times and reduced labor costs. Prefabrication of CLT panels is another growing trend, allowing builders to achieve greater precision and efficiency in projects.
Innovations in CLT manufacturing and construction techniques are playing a crucial role in market expansion. Advanced adhesive and lamination technologies are improving the strength and fire resistance of CLT panels, making them more suitable for high-rise buildings. Robotics and automated cutting systems are also being integrated into production processes, reducing waste and enhancing the precision of panel dimensions.
With global efforts to combat climate change, the construction industry is turning to carbon-neutral materials. CLT is emerging as a preferred choice due to its ability to sequester carbon during the lifecycle of the building. Several projects worldwide are showcasing the use of CLT to achieve net-zero energy goals, further boosting its adoption.
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Key Players:
- Stora Enso (Finland) (CLT, Wood Products)
- XLam NZ Limited (XLam CLT, XLam Hybrid)
- Mayr-Melnhof Holz (CLT, Mass Timber)
- Structurlam Mass Timber Corporation (Structurlam CLT, Cross-Laminated Timber Panels)
- Binderholz GmbH (BBS CLT, Binderholz Mass Timber)
- KLH Massivholz GmbH (KLH CLT, KLH Mass Timber)
- Hasslacher Holding GmbH (Austria) (CLT Panels, Structural Wood Products)
- B&K Structures (CLT Panels, Hybrid Timber Systems)
- Eugen Decker (CLT, Wooden Panels)
- WebMan (CLT, Mass Timber Products)
- SmartLam NA (SmartLam CLT, SmartLam Hybrid Panels)
- MEIKEN LAMWOOD Corp (CLT, Laminated Wood Panels)
- Sterling Company (CLT, Laminated Timber Products)
- Schilliger Holz AG (CLT, Wooden Beams)
- Nordic Structures (CLT, Mass Timber)
- U.S. Engineered Wood Products (U.S. CLT, Cross-Laminated Timber)
- Ligna Group (CLT, Wood Construction Systems)
- Züblin Timber (CLT, Timber Structures)
- Lignum (CLT, Mass Timber)
- KUKA (CLT, SmartWood Solutions)
Cross Laminated Timber Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.2 Billion |
| Market Size by 2032 | USD 4.1 Billion |
| CAGR | CAGR of 14.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Adhesive Bonded, Mechanically Fastened) • By Application (Residential, Institutional, Commercial, Others) |
| Key Drivers | • Cross-laminated timber manufacturers expand capacity to meet soaring demand and drive market growth. |
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Which Product Led the Market in 2023?
Adhesives-bonded held the largest market share around 85% in 2023. It is stronger, more durable, and easier to manufacture than other mechanically fastened types. This results in equal stress distribution in the panels, which increases the structural performance of the timber to resist greater loads. It also cuts down the number of mechanical fasteners used which leads to having smoother, good-looking surfaces, desirable in architectural applications. Also, both adhesive-bonded CLT panels are more effective in the realization of customized designs and conventional versus complex construction (i.e., specialized) competencies needed for project situations. Supportive government regulations are conducive to sustainable building solutions propelling the use of CLT with adhesives that promote an effective utilization of timber resources, low waste, and adherence to stringent performance-based standards. All these factors together lead to adhesives-bonded CLT being the most important segment in the market
Which Application Segment Led the Market in 2023?
The residential segment dominated the market in 2023, accounting for nearly 47.3% of the global revenue. The demand for CLT in residential construction is driven by its ability to provide energy-efficient, sustainable, and visually appealing homes. Multi-story residential projects, especially in urban areas, are increasingly opting for CLT due to its speed of construction and lower environmental impact. Moreover, growing consumer awareness regarding sustainable living is encouraging the adoption of CLT in single-family homes and apartments.
Which Region Dominated the Market in 2023?
In 2023, Europe held the largest market share, accounting for approximately 55% of the global CLT market. This dominance is attributed to the region’s long-standing tradition of timber construction and favorable regulatory frameworks promoting sustainable materials. Countries like Austria, Germany, and Sweden are at the forefront of CLT adoption, supported by government initiatives and investments in green infrastructure. For example, Austria’s Wood Action Plan encourages the use of timber in public buildings, driving demand for CLT panels.
Moreover, the presence of leading CLT manufacturers, such as Binderholz and Stora Enso, further strengthens the market in the region. These companies are expanding their production capacities and introducing innovative panel designs to cater to the growing demand from residential and commercial sectors.
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Recent Developments in the Market
- 2023: Stora Enso launched a new production line in the Czech Republic, dedicated to manufacturing large-scale CLT panels for commercial and residential projects. The facility aims to enhance supply capabilities and support sustainable construction in Eastern Europe.
- 2023: Binderholz Group announced a strategic partnership with a U.S.-based construction firm to promote the use of CLT in North American markets. The collaboration includes the establishment of a new production facility in Oregon to meet the rising demand for timber-based construction materials.
- 2023: Structurlam Mass Timber Corporation expanded its operations in Canada with the opening of a state-of-the-art CLT manufacturing plant in British Columbia. The facility focuses on producing high-performance CLT panels for both domestic and export markets.
Conclusion
The Cross Laminated Timber Market is poised for substantial growth, driven by increasing demand for sustainable and eco-friendly building materials. Advancements in manufacturing technologies and the rising adoption of CLT in residential and non-residential applications are further propelling market expansion. As governments and industries worldwide continue to prioritize sustainability, the market for CLT is expected to thrive over the coming years. With ongoing innovations and investments, CLT will play a pivotal role in shaping the future of green construction.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- By Typeion Capacity and Utilization, by Country, By Type, 2023
- Feedstock Prices, by Country, By Type, 2023
- Regulatory Impact, by l Country, By Type, 2023.
- Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
- Innovation and R&D, Type, 2023
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- By Product Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Cross Laminated Timber Market Segmentation, By Type
8. Cross Laminated Timber Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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