Global Cross Laminated Timber Market Report 2023: Capacity Expansion for Increasing Demand Drives Growth
Global Cross Laminated Timber Market
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.
No. of Pages
2023 - 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Growth of Construction Industry
Increasing Urban Population
Rising Demand from North America
Capacity Expansion for Increasing Demand
Impact of War Between Russia and Ukraine
Establishing Authenticity Through Various Certification
Attractive Design Due to Hybrid Construction Enables New Approach to Building Technology
Rising Opportunities in Timber-Based Construction Industry
Long Lead Time by Cross-Laminated Timber Suppliers During Peak Season
Low Product Differentiation
B&K Structures Ltd
Dr Johnson Lumber Company
Eugen Decker Holzindustrie Kg
Hasslacher Holding Gmbh
Ib Ewp Inc
Klh Massivholz Gmbh
Mercer Mass Timber
Peetri Puit Ou
Pfeifer Holding Gmbh
Schilliger Holz Ag
Structurlam Mass Timber Corporation
Theurl Austrian Premium Timber
Xlam Nz Limited
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