Cross Laminated Timber Market to Grow with a CAGR of 9.19% through 2028
Increasing demand for sustainable and eco-friendly
building materials and Rising popularity of prefabricated construction are
likely to drive the market in the forecast period.
According to TechSci Research report, “Cross
Laminated Timber Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Cross Laminated Timber
Market stood at USD 1.15 billion in 2022 and is anticipated to grow with a CAGR
of 9.19% in the forecast period. One of the primary drivers of the global CLT market is
the growing emphasis on sustainability and environmental awareness in the
construction industry. CLT is considered a highly sustainable building material
because it is made from renewable wood resources. The production process of CLT
involves gluing and pressing together layers of lumber, which not only creates
a strong and versatile construction material but also sequesters carbon
dioxide, reducing the overall carbon footprint of a building project. This
aligns with global efforts to combat climate change and promote eco-friendly
construction practices. Many governments and organizations have introduced
regulations and incentives to encourage the use of sustainable building
materials like CLT. Architects, builders, and developers are increasingly
opting for CLT in their construction projects to meet green building standards
and to appeal to environmentally conscious clients. As sustainability remains a
top priority in the construction industry, the demand for CLT is expected to
continue growing, making it a significant driver of the CLT market.
The need for faster and more efficient construction
methods is another key driver of the global CLT market. CLT panels are
manufactured offsite in controlled environments and can be quickly assembled on
the construction site. This prefabrication and rapid installation process
significantly reduces construction time compared to traditional building
methods, such as concrete or steel construction. The speed and efficiency
offered by CLT construction have several advantages, including cost savings in
terms of labor and shorter project timelines. Developers can complete projects
more quickly, reducing carrying costs and allowing homeowners or businesses to
occupy the buildings sooner. This efficiency is especially valuable in urban
areas with high demand for housing and commercial spaces, where developers aim
to meet demand swiftly. Additionally, the reduced disruption and noise
associated with CLT construction make it a favorable choice for projects in
densely populated areas. As urbanization continues to drive the need for
efficient construction solutions, CLT's speed and efficiency make it an
attractive driver in the global construction market.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Cross
Laminated Timber Market.”
The Global Cross Laminated Timber Market is segmented
into bonding technology, application, layer type, structure type, and region.
Based on layer type. The 5-Ply segment had the largest market
share in 2022 & expected to maintain in the forecast period. One of the
primary reasons for the dominance of 5-ply CLT in the global market is its
superior structural performance. The additional layers compared to 3-ply CLT
provide increased strength and load-bearing capacity. This makes 5-ply CLT
suitable for a wide range of construction applications, including mid-rise and
high-rise buildings. 5-ply CLT is highly versatile and can be used in various
architectural and construction designs. Its enhanced strength allows architects
and engineers to create innovative and complex structures, including large
spans and tall buildings. This versatility has made 5-ply CLT a preferred
choice for projects with diverse design requirements. Many regions and
countries have updated their building codes to include provisions for CLT.
These codes often specify the minimum number of layers and thickness required
for CLT panels to meet structural requirements. 5-ply CLT typically meets or
exceeds these code requirements, making it easier to obtain approvals for
construction projects. 5-ply CLT, like other CLT configurations, is known for
its sustainability and environmental benefits.
Based on application, The residential segment had the largest
market share in 2022 and is projected to experience rapid growth during the
forecast period. The growing global emphasis on sustainability and
environmental responsibility has significantly contributed to the dominance of
CLT in residential construction. CLT is known for its eco-friendly attributes
as it is made from renewable wood resources, which sequester carbon dioxide.
Choosing CLT aligns with green building practices, making it an appealing
choice for environmentally conscious homeowners and builders. CLT panels offer
excellent thermal insulation properties, which are highly desirable in
residential construction. Homes constructed with CLT benefit from superior
energy efficiency, reducing heating and cooling costs. As energy-efficient
construction practices become increasingly important, CLT's insulation
capabilities make it a dominant choice in the residential sector. CLT's
prefabricated nature allows for rapid construction, reducing project timelines.
This is particularly advantageous in residential construction, where faster
completion means reduced labor costs and a quicker transition for homeowners.
The speed of construction makes CLT an appealing option for developers and
contractors in the residential market.
Major companies operating in the Global Cross
Laminated Timber Market are:
- Binderholz GmbH
- KLH Massivholz GmbH
- Mayr-Melnhof Holz Holding AG
- Stora Enso Oyj
- Weyerhaeuser Company
- Accoya
- XLam NZ Limited
- Structurlam Mass Timber Corporation
- SmartLam NA
- APA - The Engineered Wood Association
- Lutron Electronics Co., Inc.
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“The Global Cross Laminated Timber market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. The growth of the Cross Laminated Timber (CLT) market is being
driven by several factors, including the increasing demand for sustainable and
eco-friendly building materials, the rising popularity of prefabricated
construction, and the growing need for stronger and more durable building
materials. CLT is a sustainable building material that is made from wood, which
is a renewable resource. It is also a prefabricated material, which means that
it can be manufactured off-site and then transported to the construction site
for assembly. This can help to reduce construction time and waste. CLT is also
a strong and durable material that can withstand heavy loads. Therefore, the
market of Cross Laminated Timber is expected to boost in the upcoming years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Cross Laminated Timber Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Bonding Technology (Adhesive Bonded and Mechanically Fastened), By Application
(Residential Buildings, Non-Residential Buildings, and Others), By Layer Type
(3-ply, 5-ply, Others), By Structure Type (Wall, Roof & floor, Other), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Cross Laminated Timber Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Cross
Laminated Timber Market.
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