Cross-Laminated Timber Market Update 2024: Predicted to Achieve US$ 3,715.8 Million Revenue by 2032 - IMARC Group

IMARC Group has recently released a new research study titled "Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", 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 (CLT) market?

The global cross laminated timber market size reached US$ 1,586.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,715.8 Million by 2032, exhibiting a growth rate (CAGR) of 9.6% during 2024-2032.

Global Cross-Laminated Timber Market Trends:

The growing emphasis on sustainability and environmentally friendly construction practices represents one of the key factors influencing the growth of the cross-laminated timber market across the globe. CLT is seen as a sustainable alternative to traditional building materials like concrete and steel, due to its renewable source, carbon sequestration properties, and energy-efficient production process. This trend is driving increased adoption of green building projects and eco-conscious construction.

In line with this, digitalization and automation are transforming CLT manufacturing which is contributing to the growth of the market. Precision cutting, CNC technology, and robotics are being employed to enhance the efficiency and accuracy of CLT production, reducing waste and improving quality. Additionally, CLT is gaining popularity in urban construction and high-rise buildings.

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Factors Affecting the Growth of the Cross-Laminated Timber Industry:

• Sustainability and Environmental Considerations:

One of the primary factors driving the growth of the CLT market is the increasing emphasis on sustainability and eco-friendly construction practices. CLT is derived from sustainably managed forests, making it a renewable resource. Moreover, the production of CLT sequesters carbon, further contributing to its environmental benefits. As concerns about climate change and deforestation grow, there is a growing preference for construction materials that have a lower carbon footprint. CLT meets these criteria, and its use aligns with green building certifications and sustainable construction initiatives. Architects, builders, and developers are increasingly choosing CLT to reduce the environmental impact of their projects, driving demand for this sustainable building material.

• Advancements in Construction Technology and Design:

Technological advancements play a crucial role in the growth of the CLT market. CLT's versatility and adaptability in construction design are being realized through computer-aided design (CAD) and building information modeling (BIM). These technologies enable architects and engineers to create complex and innovative designs that maximize the structural capabilities of CLT. Additionally, CNC (Computer Numerical Control) machinery is used in the precision cutting and shaping of CLT panels, reducing material waste, and enhancing efficiency. Advanced construction techniques, such as modular and prefabricated building systems using CLT, have also emerged, allowing for faster construction timelines, and reduced on-site labor.

• Changing Regulatory and Building Code Requirements:

Regulatory and building code requirements are becoming more stringent in many regions, particularly concerning fire safety, energy efficiency, and environmental impact. CLT, as a construction material, has been subject to rigorous testing and certification to meet these requirements. Its fire resistance, seismic performance, and acoustic properties have improved over time, addressing safety concerns. Furthermore, CLT structures often meet or exceed energy efficiency standards, contributing to the sustainability goals of many regions. As building codes evolve to encourage green building practices and eco-friendly materials, CLT's compliance with these codes positions it as a viable and attractive choice for construction projects. The alignment of CLT with changing regulations and the recognition of its performance attributes further bolsters its market growth.

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Cross-Laminated Timber Market Report Segmentation:

By Application:

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

The residential sector is the largest application segment in the cross-laminated timber (CLT) market due to the growing popularity of CLT in sustainable housing construction, driven by its eco-friendly properties and efficient building process.

By Product Type:

• Custom CLT
• Blank CLT

Custom CLT holds the largest product type segment in the market because it allows for tailored solutions in construction projects, meeting specific design and structural requirements.

By Element Type:

• Wall Panels
• Flooring Panels
• Roofing Slabs
• Others

Wall panels are the largest element type segment in the market as they play a crucial role in the construction of both residential and commercial buildings, where CLT wall panels offer strength and insulation properties.

By Raw Material Type:

• Spruce
• Pine
• Fir
• Others

Spruce is the largest raw material type segment in the market because it is widely available and recognized for its suitability in CLT production, offering stability and strength to the panels.

By Bonding Method:

• Adhesively Bonded
• Mechanically Fastened

Adhesively bonded CLT is the largest bonding method segment in the market, as adhesive bonding provides a strong and reliable connection between layers, ensuring structural integrity.

By Panel Layers:

• 3-Ply
• 5-Ply
• 7-Ply
• Others

3-Ply CLT panels are the largest panel layers segment in the market, as they strike a balance between strength and weight, making them suitable for a wide range of construction applications.

By Adhesive Type:

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

PUR (Polyurethane) is the largest adhesive type segment in the market due to its excellent bonding properties and durability in CLT manufacturing.

By Press Type:

• Hydraulic Press
• Vacuum Press
• Pneumatic Press
• Others

Hydraulic press is the press type segment in the market, as it is commonly used in CLT production for its ability to apply even pressure across large panel surfaces.

By Storey Class:

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

Low-rise buildings (1-4 storeys) constitute the largest storey class segment in the market, as CLT is particularly well-suited for this range of building heights, offering a sustainable and cost-effective alternative to traditional construction materials.

By Application Type:

• Structural Applications
• Non-Structural Applications

Structural applications represent the largest application type segment in the market, reflecting the versatility of CLT in various construction projects, including residential, commercial, and industrial structures.

Regional Insights:

• Europe
o Austria
o Germany
o Italy
o Switzerland
o Czech Republic
o Spain
o Norway
o Sweden
o United Kingdom
• North America
o United States
o Canada
• Asia-Pacific
o Australia
o New Zealand
o Japan
o China
o Taiwanz

Europe is the largest market for CLT, driven by its early adoption of CLT construction methods, strong regulatory support for sustainable building practices, and a growing demand for eco-friendly construction materials.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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

Read Full Blog on Top 5 Cross-Laminated Timber Manufacturers Worldwide: https://www.imarcgroup.com/top-cross-laminated-timber-manufacturers-worldwide

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.