Cross Laminated Timber Market Size is Expected to Grow at a CAGR of 13.7% By 2028 - Report by MarketsandMarkets

Cross Laminated Timber Market was valued at nearly USD 1.4 billion in 2023 and is projected to grow to USD 2.6 billion by 2028.

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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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).

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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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. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the cross laminated timber market.

Europe is projected to dominate the market in terms of value and volume during the forecast period. Europe is considered to be the world's largest manufacturer of cross laminated timber. Buildings made using cross laminated timber have a high demand throughout North America and Europe. To enhance the total thermal efficiency and durability of the structure, the majority of construction activities in these areas now use wood-based materials. Cross laminated timber and other timber building supplies have an increasing demand among major construction enterprises across the world.

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There are various small, medium, and large players operating in the market. Some of the major market players 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), and XLam NZ Limited (New Zealand). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.

Stora Enso: Stora Enso produces and sells newspaper, book paper, magazine paper, fine paper, consumer board, industrial packaging, and wood products. Packaging Solutions, Biomaterials, Wood Products, Forest, Paper, and Miscellaneous are the segments under which it works. The Packaging Solutions business creates fiber-based packaging and is involved in all stages of the value chain, from pulp production to material and from package manufacture to recycling. The Biomaterials sector provides a variety of pulp grades to fulfill the needs of manufacturers of paper, board, tissue, textile, and hygiene products. The Wood division offers a wide range of wood-based building and housing solutions. Paper solutions for print media and office applications are provided by the Paper division.

• In May 2022, Stora Enso invests in ACDF Industrie SAS and becomes a 35% shareholder of the French wood processing company. The investment is in line with Stora Enso's growth strategy for mass timber building elements, enabling value-added, bespoke CLT (cross-laminated timber) solutions to its long-term French partners.

MAYR-MELNHOF HOLZ: 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. It has around 2,216 employees in Austria, Germany, the Czech Republic, and Russia to transform the rich raw material into contemporary wood items. Apart from sawn timber, its timber construction manufacturing program comprises glulam ceiling, glulam flooring, duo/trio beams, cross laminated timber, wood-concrete composite parts, and concrete formwork technology.

• 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.

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