Cross-Laminated Timber (CLT) Market Size, Share, Demand, Manufacturers and Forecast 2023-2028

IMARC Group has recently released a new research study titled "Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the cross-laminated timber market?

The global cross-laminated timber market size reached US$ 1,429 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,759 Million by 2028, exhibiting a growth rate (CAGR) of 11.02% during 2023-2028.

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What is cross-laminated timber (CLT)?

Cross laminated timber (CLT) is an engineered wood product that has gained significant attention for its strength, durability, and sustainability. It is composed of multiple layers of timber boards stacked in alternating directions and bonded together using high-strength adhesive. This unique structure gives CLT remarkable mechanical properties, including high resistance to loads and stresses.

One of the principal advantages of CLT is its environmental sustainability. Wood is a renewable resource, and the use of CLT can significantly reduce a building's carbon footprint compared to conventional construction materials like steel or concrete. Moreover, the production process of CLT generally requires less energy, contributing to its eco-friendly profile. CLT is also lauded for its versatility and ease of construction. It can be used for a wide range of applications, from residential housing to commercial buildings and even bridges.

The prefabrication of CLT panels allows for quicker construction timelines, reducing labor costs and minimizing construction waste. The material's natural aesthetic appeal also makes it desirable for architectural designs that seek to incorporate elements of natural beauty.

Furthermore, CLT possesses excellent thermal and acoustic insulation properties, enhancing the energy efficiency and comfort level of structures where it is used.

CLT Market Trends and Growth Factors:

Urbanization and population growth are generating a constant demand for housing which represents one of the key factors driving the growth of the market across the globe. CLT's quick and efficient construction capabilities make it a suitable material to meet this burgeoning need. As the construction industry faces increasing pressure to reduce its carbon footprint, CLT offers an eco-friendly alternative to traditional materials like steel and concrete. Wood is a renewable resource, and its production emits fewer greenhouse gases, making CLT an attractive choice for sustainable construction.

Many governments are introducing policies and incentives to promote sustainable construction. These measures often benefit the CLT market, as the material aligns well with environmental goals such as reducing CO2 emissions and promoting energy efficiency. CLT is not only eco-friendly but also cost-effective. Its lightweight nature reduces transportation costs, and its ease of assembly lowers labor expenses.

Moreover, the material's natural insulating properties can result in lower energy costs for heating and cooling. Improvements in manufacturing technologies have led to higher-quality CLT products with better strength and durability. Enhanced adhesives and more precise milling techniques are also making the product more competitive against traditional materials.

The aesthetic versatility of CLT is another factor driving its popularity. Its natural wooden texture offers architects and designers greater creative freedom, making it increasingly used in high-end, visually striking construction projects. The ability to prefabricate CLT panels enables faster construction timelines, which is particularly beneficial in markets where rapid development is required. This speed can result in substantial cost savings and quicker returns on investment.

Increasing awareness about the benefits of CLT is driving demand. Educational campaigns, trade shows, and media coverage are gradually changing perceptions about wooden construction, which is contributing to the market growth across the globe.

Cross-Laminated Timber Market Segmentation:

The report has segmented the market into the following categories:

Application Insights:

• Residential
• Educational Institutes
• Government/Public Buildings
• Commercial Spaces

Product Type Insights:

• Custom CLT
• Blank CLT

Element Type Insights:

• Wall Panels
• Flooring Panels
• Roofing Slabs
• Others

Raw Material Type Insights:

• Spruce
• Pine
• Fir
• Others

Bonding Method Insights:

• Adhesively Bonded
• Mechanically Fastened

Panel Layers Insights:

• 3-Ply
• 5-Ply
• 7-Ply
• Others

Adhesive Type Insights:

• PUR (Polyurethane)
• PRF (Phenol Resorcinol Formaldehyde)
• MUF (Melamine-Urea-Formaldehyde)
• Others

Press Type Insights:

• Hydraulic Press
• Vacuum Press
• Pneumatic Press
• Others

Storey Class Insights:

• Low-Rise Buildings (1-4 Storeys)
• Mid-Rise Buildings (5-10 Storeys)
• High-Rise Buildings (More than 10 Storeys)

Application Type Insights:

• Structural Applications
• Non-Structural Applications

Who are the key players operating in the industry?

Cross-Laminated Timber Manufacturers: 

• Stora Enso, KLH
• Binderholz
• Mayr Melnhof
• Hasslacher, XLam Limited
• Sterling Lumber
• Shilliger Holz AG
• Eugen Decker Holzindustrie KG
• Structurlam
• SmartLam
• Meiken Lamwood Corp.

Speak to Analyts: https://www.imarcgroup.com/request?type=report&id=602&flag=C

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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Contact Person: Elena Anderson
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Country: United States
Website: https://www.imarcgroup.com

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.