Cross Laminated Timber Market Growth Analysis | 2023-2028

Market Insights

The cross laminated timber market was estimated at USD 1.35 billion in 2022 and is likely to grow at a CAGR of 13.89% during 2023-2028 to reach USD 2.99 billion in 2028.

Want to know more about the market scope? Download or Get a Free Sample

What is cross laminated timber?

Cross-laminated timber is a wood panel product made by sticking layers of solid-sawn lumber. It is a sustainable product with a lesser carbon footprint.

Market Dynamics

Growing cognizance about the environmental hazards caused by the use of cement concrete in infrastructure construction coupled with the increasing number of cross-laminated timber manufacturers and surge in demand for green homes are the major factors fueling the market growth.

Furthermore, supportive government initiatives around the world accompanying the shift from concrete-based construction to wood-based construction are positively impacting the market. In addition, as the overall cost of CLT construction is decreasing on account of the increasing number of suppliers and shorter construction time, the growth in demand for cross-laminated timbers becomes more pronounced.

Key Players

Some of the key players in the market are-

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

Segments Analysis

By Press Type

The market is segmented as hydraulic, vacuum, pneumatic, nails, and others. Hydraulic presses commanded more than 60% of the market share in 2022, and are expected to maintain their incontestable leads during the forecast period as well. Hydraulic presses are most extensively used across CLT manufacturing plants. The growth of the segment can be attributed to the growing demand for CLTs from residential construction and increasing production capacity by major players operating in the business.

By Application Type

The market is segmented as residential, non-residential, and industrial. The residential segment holds a market share of more than 40% in 2022 and is expected to dominate the market during the forecast period. Cross-laminated wood's excellent structural strength and recyclable nature are anticipated to fuel the market expansion in the residential sector.

Rising investments by governments in various countries such as the USA, Canada, India, China, Japan, Germany, the UK, etc. for the adoption of environment-friendly activities for reducing the carbon footprint of the construction industry, is expected to further boost the market.

By Raw Material Type

The market is segmented as spruce, fir, pine, larch, and others. The spruce segment is expected to witness a major share of the market during the forecast period owing to its high usage as a raw material by manufacturers. Spruce is widely available in Alpine Europe, where most of the manufacturing plants are situated.

Regional Insights

North America is estimated to rule the market for cross laminated timber during the forecast period. The popularity of cross laminated timbers in the North American region is increasing rapidly. Besides, a growing number of tall wooden structures are being established in the region, thus propelling regional production and demand. Growing demand for mass timber in construction will boost regional growth. Europe and Asia-Pacific are expected to offer appreciable growth opportunities during the forecast period.

Know the high-growth countries in this market. Download the Free Sample Now

Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The cross laminated timber market is segmented into the following categories.

By Raw Material Type

• Spruce
• Fir
• Pine
• Larch
• Others

By Press Type

• Hydraulic
• Vacuum
• Pneumatic
• Nails
• Others

By Application Type

• Residential
• Commercial
• Industrial

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Click Here, to learn the market segmentation details.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way and the structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation by any one of the raw material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.