Cross Laminated Timber Market Expected to Reach $3.7 Billion, CAGR of 8.4% from 2023 to 2032

The cross-laminated timber (CLT) market is expanding rapidly, driven by rising demand for sustainable building materials with lower carbon footprints. Increasing population growth is expected to positively impact the construction industry. In 2020, Europe held the largest revenue share in the market, while North America is expected to grow at a faster CAGR over the forecast period.

A recent report by Allied Market Research, titled "Cross Laminated Timber Market," estimates that the market, valued at $1.6 billion in 2020, will reach $3.7 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032. In volume terms, the market was 75.03 million cubic feet in 2020 and is projected to reach 160.67 million cubic feet by 2032, with a 7.5% CAGR.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/A11967

CLT is available in various layer types, such as 3-ply, 5-ply, and others, with the 5-ply segment dominating market revenue in 2022 due to its affordability and versatile applications. The market is also segmented by structure type-walls, roofs and floors, and others. The roof and floor segment held the largest revenue share in 2022, valued for its stability, durability, and deformation resistance, which strengthen building structures. However, the walls segment is expected to grow at the highest CAGR due to urbanization driving demand for new buildings.

In terms of applications, the market covers residential and non-residential sectors. The residential segment had a higher revenue share in 2022, supported by population growth and rising demand for sustainable materials. The non-residential segment is forecasted to grow fastest, driven by rapid urbanization in developing countries.

The CLT market benefits from the increasing use of timber in residential and commercial buildings, further spurred by the growing urgency for sustainable materials due to climate change. However, the volatility of raw wood costs, impacted by weather, wildfires, trade issues, and supply-demand imbalances, poses a restraint on market growth.

In 2022, Europe led the CLT market in revenue, while North America is projected to grow fastest during the forecast period. Additionally, population growth in Asia-Pacific, especially in countries like China, India, Singapore, and Indonesia, significantly contributes to market expansion.

Major players in the CLT market are actively pursuing strategies such as product launches, business expansions, acquisitions, partnerships, and mergers. For instance, Stora Enso opened a new CLT production site in the Czech Republic in October 2022, investing over $80 million to meet rising demand. This expansion is expected to boost annual production capacity to around 120,000 m³. In June 2023, Mayr-Melnhof Holz Holding AG inaugurated a CLT production plant in Leoben, Austria, with a capacity of 140,000 m³ annually.

𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/cross-laminated-timber-market-A11967

However, a potential economic slowdown driven by the Ukraine-Russia conflict may slow market growth in some regions. Inflation has already raised material costs in the construction industry, which is a significant end-user of CLT.

Key Findings of the Study
This report provides comprehensive analysis of current and emerging trends and dynamics in the CLT market.
The 5-ply segment led the market by revenue in 2020 and is expected to grow significantly through the forecast period.
By structure type, the roof and floor segment held the largest market share in revenue in 2020.
By application, the residential segment recorded the highest revenue in 2022.
North America is expected to experience the highest growth rate over the coming years.
Key players in the CLT market are profiled with strategic insights to help understand the competitive landscape.
Extensive market trend analysis and emerging opportunities are included.
In-depth market estimations are provided for the key segments from 2023 to 2032.

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