Cross Laminated Timber (CLT) Market worth $2.5 billion by 2026 | Key players Mayr-Melnhof Holz, Stora Enso, Binderholz Gmbh, Structurlam, Hasslacher Holding GMBH

According to recent market research "Cross Laminated Timber (CLT) Market Size by Type (Adhesive bonded, mechanically fastened), End-use (Structural, Non-structural), Industry (Residential, Non-residential) and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2027", The global cross laminated timber market size was USD 1.1 billion in 2021 and is projected to grow at a CAGR of 14.5% during the forecast period to reach USD 2.5 billion by 2027. Advanced design flexibility and quicker implementation methods in manufacturing of cross laminated timbers are expected to drive the market. Due to the adaptation of the new International Building Code 2021, the application of timber-based construction is expected to increase in non-residential segments such as low-rise and mid-rise buildings, majorly not more than eight stories such as schools, offices, and other public places. In the US, timber is majorly used in the residential segment but due to the introduction of the new international building code, use in the non-residential segment is expected to increase. High-rise buildings are expected to be constructed utilizing timber. These factors are expected to boost the demand for cross laminated timber.

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The non-residential segment is expected to account for the largest share of the cross laminated timber market, by industry, during the forecast period, in terms of value and volume.

The construction of buildings impacts the environment, including the consumption of water and electricity. Construction companies have higher demand for CLT for non-residential spaces due to the mechanical characteristics, stiffness, and esthetic properties offered. The non-residential construction sector offers significant opportunities for CLT due to the benefits in design and meeting environmental regulations that are required in the office, public, institutional, and hospitality segments. Thus, the non-residential sector offers significant opportunities and is expected to account for a major share of the market in future.

Structural segment is expected to account for the largest share of in the cross laminated timber market, by end-use, during the forecast period, in terms of value and volume.

Structural grade CLTs are utilized in engineering construction. Commercial buildings are currently the key users of structural grade CLTs. The use of wooden floor beams has increased due to the rise in new construction and renovation activities across the world. In addition to this, the rising trend of eco-friendly homes is driving the market. Design flexibility, thermal properties, fire protection, acoustic performance, and seismic performance are all advantages of structural CLT. As the residential market needs to change over time, design flexibility is critical when evaluating constructions and their uses and purposes.

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The global cross laminated timber market size was USD 1.1 billion in 2021 and is projected to grow at a CAGR of 14.5% during the forecast period to reach USD 2.5 billion by 2027. Advanced design flexibility and quicker implementation methods in manufacturing of cross laminated timbers are expected to drive the market.

Players including Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz Gmbh (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GMBH (Austria), Schilliger Holz AG (Switzerland) have adopted various strategies, such as investment & expansion and merger & acquisition between 2017 and 2021, to enhance their market shares and expand their global presence. They focus on innovations and are geographically diversified. These players also have broad industry coverage as well as strong operational and financial positions.

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Mayr-Melnhof Holz is one of Europe's largest and most prominent wood processing firms. It is a global leader in the glued laminated wood segment, as well as the driving force behind the advancement of cross-laminated timber, future construction, and material. Its product targets both modern and classical architecture. It focuses on providing tailor-made solutions to its consumers based on thorough R&D. In December 2021, Mayr-Melnhof Holz Holding Firm entered an agreement to buy the Swedish sawmill group Bergkvist Siljan. This maintains the Austrian wood processing group's steady expansion and growth plan.

Stora Enso is a prominent supplier of renewable goods in packaging, biomaterials, wooden construction, and paper, as well as one of the world's largest private forest owners. Stora Enso develops and manufactures wood and biomass-based solutions for a variety of sectors and uses throughout the world, leading the bioeconomy and assisting clients in satisfying the demand for renewable, eco-friendly goods. Stora Enso entered agreements to acquire companies and invested in production facilities in Europe. Its key strategy revolved around expanding its market share in Europe as more than 70% of its revenue comes from the region. In October 2021, Stora Enso planned to invest USD 114.76 million to boost board production at its Skoghall facility in Sweden. Simultaneously, Stora Enso is starting a feasibility study to convert the second, presently idle, line at its Oulu, Finland, location to a packaging board line.

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