Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- The "Cross Laminated Timber Market by Type (Adhesive Bonded, and Mechanically Fastened), Industry (Residential, and Non-residential), End Use (Structural, and Non-structural), & Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global cross laminated timber market size is projected to grow from USD 1.4 billion in 2023 to USD 2.6 billion by 2028, at a CAGR of 13.7%, between 2023 and 2028.
Adhesive bonded segment is expected to account for the largest share in 2023
Cross laminated wood is creating significant disruption in the mass timber market. With its incorporation in the International Building Code, cross laminated wood is expected to disrupt the mass timber sector globally by aiding builders and architects in the building and design of taller structures.
The application in the non-residential sector is expected to be critical on a global scale. The bulk of the adhesives used in cross laminated timber is PU adhesives, making it an even more enticing option because they are formaldehyde-free and have VOC content that is below legal limits. As regulatory standards tighten, demand for PU adhesive products is expected to climb.
The DACH nations (Germany (D), Austria (A), and Switzerland (CH)) have been driving forces in CLT growth, not only as originators of CLT goods but also as prominent CLT producers. Austria has seven CLT manufacturing sites, Germany has three, and Switzerland has two. Smaller manufacturing sites exist in Finland, Italy, Norway, Spain, and Sweden, and new CLT plants are being built in Finland, France, Sweden, and the United Kingdom.
Structural segment in end use is expected to account for the largest share in 2023
Prefabricated buildings or concurrently created structures can be employed in modern construction to save time. There are standards for headers above doors and window apertures when building walls.
These headers support the load of the roof from the top and prevent the wall framework from drooping. Headers increase the strength and stability of constructions. As a result, the header gives an extra layer of security to structures and improves the functionality of windows and doors for extended periods of time.
North American cross laminated timber market is estimated to register one of the highest CAGR during the forecast period
The market for cross laminated timber in North America is driven by technological advancements in the construction industry. The US is projected to be the largest consumer of cross laminated timber products and accounted for the largest market share, in terms of value as well as volume, among the countries in the North American region.
These companies primarily focus on new product developments to cater to the increasing demand from end users. The North American cross laminated timber market is driven by technological advancements in manufacturing and high-quality end product.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 195 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.4 Billion |
| Forecasted Market Value (USD) by 2028 | $2.6 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growth of Construction Industry
- Increasing Urban Population
- Rising Demand from North America
- Capacity Expansion for Increasing Demand
Restraints
- Impact of War Between Russia and Ukraine
Opportunities
- Establishing Authenticity Through Various Certification
- Attractive Design Due to Hybrid Construction Enables New Approach to Building Technology
- Rising Opportunities in Timber-Based Construction Industry
Challenges
- Long Lead Time by Cross-Laminated Timber Suppliers During Peak Season
- Low Product Differentiation
Companies Mentioned
- B&K Structures Ltd
- Binderholz Gmbh
- Crosslam Australia
- Derix Group
- Dr Johnson Lumber Company
- Eugen Decker Holzindustrie Kg
- Hasslacher Holding Gmbh
- Hoisko
- Ib Ewp Inc
- Klh Massivholz Gmbh
- Lion Lumber
- Mayr-Melnhof Holz
- Mercer Mass Timber
- Nordic Structures
- Peetri Puit Ou
- Pfeifer Holding Gmbh
- Pfs Corporation
- Schilliger Holz Ag
- Smartlam Na
- Stora Enso
- Structurlam Mass Timber Corporation
- Theurl Austrian Premium Timber
- Urbem
- Xlam Nz Limited
- Zublin Timber
For more information about this report visit https://www.researchandmarkets.com/r/chaap6
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