Cross Laminated Timber Market worth $2.6 billion by 2028 - Exclusive Report by MarketsandMarkets™ (2024)

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19 Apr, 2023, 05:00 ET

CHICAGO, April 19, 2023 /PRNewswire/ -- The report "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", 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%. The rapid growth of the housing & construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drives the cross laminated timber market. The cross laminated timber market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. US and Canada, among other countries, are leading the cross laminated timber market globally.

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Adhesive Bonded segment is expected to account for the largest share in 2023.

The use of structural adhesives or glues has been one of the most significant technological advances in modern engineered wood building. These chemical bonding agents have assisted in the formation of structural goods that have low mass, high tensile strength, and minimum expansion and contraction owing to moisture retention. The adhesives used for bonding engineered wood have diverse chemical properties and are chosen depending on the end product's specific needs. This is also the standard for CLT and LVL manufacture (Laminated Veneer Lumber).

Non-residential segment is expected to account for the largest share in 2023.

Cross-Laminated Timber (CLT) is used in the non-residential sector due to its many benefits. CLT can be used not only as load-bearing panels for walls, floors, and roofs but also for shear walls. CLT is structurally viable and can result in faster, less expensive projects that ultimately enhance the tenant experience. Additionally, CLT is a sustainable building material that can store carbon during the building's lifetime and even capture additional carbon. Furthermore, using CLT during construction of non-residential buildings can result in several possible advantages such as reduced construction time and cost. Therefore, CLT is an attractive option for non-residential construction due to its structural integrity, sustainability, and cost-effectiveness.

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Europe is expected to account for the largest share in 2023.

The major drivers for this market are the increase in awareness regarding the importance of cross laminated timber as well as rising industrialization in the region after the economic slowdown. The European region has the highest number of manufacturers of cross laminated timber and is currently leading in production due to the presence of major manufacturers such as Mayr-Melnhof Holz. Due to the adoption of strategies such as mergers & acquisitions and investments & acquisitions, further advancements in the market are expected. Cross laminated timber itself has been in use for decades, particularly in this region. Interest in the material is surging along with concern about the greenhouse-gas emissions associated with concrete and steel. The production of construction materials such as steel, cement, and glass accounts for 10% of global energy-related CO2 emissions, according to a United Nations report. Cross-laminated timber and other engineered wood products, on the other hand, can improve the environment in three ways: trees collect and store carbon as they develop; long-lived wood products lock in carbon; and these goods may be utilized in many circ*mstances instead of high-impact materials like concrete.

Major players operating in the cross laminated timber include Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz GmbH (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GmbH (Austria), Schilliger Holz AG (Switzerland), KLH Massivholz GmbH (Austria), Structurlam Mass Timber Corporation (Canada), XLam NZ Limited (New Zealand), and others.

Browse Adjacent Market: Building and Construction Market Research Reports & Consulting

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Timber Laminating Adhesives Market- Global Forecast to 2026

Wood Adhesives Market - Global Forecast to 2026

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FAQs

Cross Laminated Timber Market worth $2.6 billion by 2028 - Exclusive Report by MarketsandMarkets™? ›

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%. The demand for cross laminated timber is primarily influenced by the demand trends in the building and construction, packaging industry, and in the growing economy.

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How big is the cross laminated timber market? ›

Cross Laminated Timber Market was valued at USD 1.4 billion in 2023 and is projected to reach USD 2.6 billion by 2028, growing at a cagr 13.7% from 2023 to 2028.

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Is cross-laminated timber expensive? ›

The results of the study suggest that the cost of the structural frame for the CLT option is about 16 to 29% greater than that of the cast-in-place reinforced concrete option. The results from this study show that CLT structures cost significantly more than cast-in-place reinforced concrete structures.

What is cross laminated timber? ›

CLT is an engineered wood product consisting of layers of kiln-dried dimension lumber (usually three, five, seven or nine) oriented at right angles to one another and then glued to form structural panels. By gluing layers of wood at right angles, the panel delivers excellent structural rigidity in both directions.

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What are the disadvantages of cross laminated timber? ›

Disadvantages of CLT

CLT is more expensive than steel or concrete. Code restrictions on timber building heights. Costs of electrical, plumbing and other services can increase (no wall cavities) There can be higher architectural/design costs.

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Is cross-laminated timber a fire risk? ›

CLT's fire resistance is provided through 'charring'. As the face of the timber panel is exposed to a fire that ramps up to a temperature in excess of 400 degrees C, the surface of the timber ignites and burns at a steady rate. As the timber burns it loses its strength and becomes a black layer of 'char'.

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Is cross-laminated timber safe? ›

Fire Safety:

CLT performs greater than most wood products due to its unique composition. It holds a high level of fire resistance due to its cross sectional thickness and air tight construction which results in the reduction in the fire's ability to spread.

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What is the lifespan of cross-laminated timber? ›

Efficiency and Durability

CLT panels have a lifespan of 50+ years5 and are highly versatile: they can be used for walls, floors, furniture, ceilings, and roofs albeit CLT and glulam panels exposed to the outside environment require additional surface treatment.

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Is cross-laminated timber better than concrete? ›

Lesser weight is a key benefit of CLT, and speed of build is another incentive. Unlike concrete, which is poured into place, CLT panels are custom milled to become part of a building system that's lifted into place onsite.

Is cross-laminated timber cheaper than steel? ›

CLT's cost for materials and labor may be lower than traditional steel or concrete. Though variable, material cost savings may be as much as 15% compared to concrete, steel, and masonry for mid-rise residential buildings. Why? CLT is lighter, so requires a smaller foundation.

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Is cross laminated timber good for the environment? ›

Eco-Friendly – CLT is a green and sustainable material since it is made out of renewable wood, sequesters carbon, and does not require the burning of fossil fuels during production.

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Is cross laminated timber better than solid wood? ›

Compared to solid wood, CLT panels are more stable and less variable in mechanical properties. As for plywood, CLT is made of layers of cross grain, thus they should be less prone to deformations at moisture content variations.

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What is the difference between cross laminated timber and plywood? ›

It is similar to plywood but with distinctively thicker laminations (or lamellae). CLT is distinct from glued laminated timber (known as glulam), which is a product with all laminations orientated in the same way.

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What is the demand for CLT? ›

The global Cross Laminated Timber (CLT) market is projected to grow from USD 1,365.75 million in 2023 to an estimated USD 2,773.71 million by 2032, with a compound annual growth rate (CAGR) of 9.26% from 2024 to 2032.

What is the CLT market trend? ›

The Global Cross Laminated Timber (CLT) market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2032. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

What is the largest cross-laminated timber building in the world? ›

Ascent MKE, world's tallest cross-laminated timber hybrid building, July 20, 2022, Milwaukee, Wisconsin.

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How big is the laminate flooring market? ›

India Laminate Flooring Market Analysis

The India Laminate Flooring Market size is estimated at USD 53 million in 2024, and is expected to reach USD 70.92 million by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).