Cross Laminated Timber Market to accelerate at 8.4% CAGR, $3,735.90 million incremental growth expected during the forecast period

Cross Laminated Timber Market By Layer Type (3-Ply, 5-Ply, and Other), By Structure Type (Wall, Roof And Floor, and Other), By Application (Residential, and Non-Residential): Global Opportunity Analysis And Industry Forecast, 2023-2032". The cross laminated timber market was valued for $1,575.50 million in 2020 and is estimated to reach $3,735.90 million by 2032, exhibiting a CAGR of 8.4% from 2023 to 2032. Furthermore, in terms of volume, the global cross laminated timber market was valued at 75.03 million tons in 2020, and is projected to reach 160.67 million tons by 2032, registering a CAGR of 7.5% from 2023 to 2032.

Characteristics such as strength, durability, versatility, appearance, and sustainability makes cross laminated timbers best for usage in the construction industry. In projects with cross laminated timbers, construction on site is a quick and dry process, with very less waste generation.

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Prime determinants of growth
The growth of the building construction industry, the rise in demand for sustainable construction materials, and various advantages of cross-laminated timber drive the growth of the global cross laminated timber market. However, high initial cost, and structural limitations associated with cross-laminated timber (CLT) products restrict the market growth. Moreover, the introduction of automation in CLT production presents new opportunities in the coming years.

Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global cross laminated timber market, owing to temporary closure of CLT manufacturing firms during the lockdown.
Not only the production but also the sale of CLT was hampered due to the closure of construction sector, especially in the initial period of the pandemic.

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The 5-ply segment to maintain its leadership status throughout the forecast period
Based on layer type, the 5-ply segment held the highest market share in 2020, accounting for more than two-fifths of the global cross laminated timber market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 8.8% from 2023 to 2032. The 5-ply CLT is among the most cost-effective CLT and offers a perfect balance in terms of their cost as well as strength. It comprises a number of layers, making them lighter and easy to handle during construction.

The roof and floor segment to maintain its leadership status throughout the forecast period
Based on structure type, the roof and floor segment held the highest market share in 2020, accounting for around three-fifths of the global cross laminated timber market, and is estimated to maintain its leadership status throughout the forecast period. The cross-laminated configuration of solid wood layers creates a strong and rigid material capable of supporting heavy loads and spanning large distances. However, the wall segment is projected to manifest the highest CAGR of 8.9% from 2023 to 2032. the wall segment includes the use of cross-laminated timber panels for the construction of walls in buildings. Rise in number of buildings is anticipated to drive its growth.

The residential segment to maintain its lead position during the forecast period
Based on application, the residential segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global cross laminated timber market revenue, and is projected to maintain its lead position during the forecast period. The residential construction segment has witnessed substantial growth due to an increase in population, eventually leading to an increased number of households in countries such as the U.S., Japan, and others. However, the non-residential segment is expected to portray the largest CAGR of 8.7% from 2023 to 2032, attributed to a rise in industrialization, especially in developing nations.

Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global cross laminated timber market revenue. The government initiatives to curb the use of non-sustainable construction materials have significantly promoted the growth of the cross laminated timber market in Europe. However, the North America region is expected to witness the fastest CAGR of 9.1% from 2023 to 2032and is likely to dominate the market during the forecast period. The increasing population is driving demand for new quick-to-construct buildings which are eventually expected to drive the growth of the cross laminated timber market.

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Leading Market Players: -
Mayr-Melnhof Holz Holding AG, Mercer International Inc., SmartLam LLC, Stora Enso Oyj, KLH Massivholz GmbH, XLam Pty Ltd., SIPEUROPE s.r.o., Schilliger Holz AG, HESS TIMBER GmbH, Binderholz GmbH & Co. KG

The report provides a detailed analysis of these key players in the global cross laminated timber market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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