Cross Laminated Timber Market - Forecast(2023 - 2028)

Overview

Cross Laminated Timber Market size is forecast to reach $1.4 billion by 2025, after growing at a CAGR of 15.2% during 2020-2025. Cross-laminated timber (CLT) is an engineered wood component gaining worldwide popularity as a renewable alternative to concrete and steel construction in industrial and multi-residential applications. Cross-laminated timber (CLT) a wood panel product made from gluing together layers of solid-sawn lumber, i.e., lumber cut from a single log. CLT is distinct from glued laminated timber (known as glulam), which is a product with all laminations orientated in the same way. Cross-laminated timber (CLT) and Glue-laminated timber (glulam) are both engineered wood products that are commonly used for pre-fabricated structural applications in mass timber construction. The system includes multi-layer panels consisting of cross-stacked and bonded solid wood boards. The cross-laminated structure increase rigidity, flexibility of the proportions, and mechanical properties. CLT delivers structurally comparable performance to concrete or steel, with panels that are ideal for use as walls, floors, roofs and other applications.

Report Coverage

The report: “Cross Laminated Timber Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Cross Laminated Timber Industry.

Key Takeaways

Over the years, cross-laminated wood has been used mostly as a building material in the construction of low to mid-rise structures, mostly consisting educational institutions and residential buildings.  Today buildings up to 10 floors can be constructed using cross laminated wood, though, due to recent technical advances.

CLT can be used in an entire building or any combination of wall, floor/ceiling and roof applications. Its light weight characteristics make it highly adaptable to various projects, designs, and site condition such as tight proximity to neighboring buildings. Glued Laminated Timber also known as Glulam, is an alternative of cross laminated timber, providing higher advantages than CLT, this can be the growth challenge of CLT in forecast period.

By Type - Segment Analysis

Cross-laminated market share of timber is categorized into adhesive bonded and mechanically fastened CLT depending on component. There will be substantial market share of adhesive bonded CLT. It can be due to the product type's many benefits, including good insulation properties and outstanding fire-safety properties.

By Application - Segment Analysis

Business application sector will have significant market share as a result of increasing global business development activities, backed up by private and public investment. Due to rapid industrial development and the need for infrastructural growth in developing countries such as China, India and Brazil, the industrial application segment will have a high market growth rate.

Geography - Segment Analysis

Europe leads the consumption-driven Cross Laminated Timber industry in 2019 with the market share of 32%. Owning to an established construction industry combined with growing green building practices for residential as well as commercial projects, North America and Europe will have a significant share in the cross-laminated timber market. Due to the rapid development of economic and institutional infrastructure in the region, the Middle East and Africa will have a significant market growth rate.

Drivers – Cross Laminated Timber Market

Increasing Demand for Sustainable Living Boosts Growth in Market.

The global cross laminated timber (CLT) industry is seeing a highly positive growth rate with rising demand for sustainable construction solutions. This is mainly due to the fact that the CLT content can be used as a useful alternative to other goods that could be made by polluting methods in the world. Cross laminated timber is reusable, and most of these impacts can be compensated. However, with multiple governments increasingly promoting the use of green materials for building, the global cross laminated timber (CLT) market can see exponential expansion in the coming years. Additionally, CLT systems help create an environment that is highly breathable.

Challenges – Cross Laminated Timber Market

Cross laminated timber is risky to transport.

Transportation issues can be more than just an inconvenience; they can also have significant physical impacts. CLT transport considerations are similar to precast concrete considerations. Different manufacturers can produce panels in different sizes and the possibilities can confuse the designers. Yet state-to-state or international licenses and travel restrictions based on the authority of all jurisdictions require serious thought before the plan is completed..

Market Landscape