Cross Laminated Timber (CLT) Market size is anticipated to witness more than 14.2% CAGR from 2023 to 2032. The growing penetration of sustainable building materials as well as technologies worldwide in a bid to reduce greenhouse gas emissions will positively influence the market growth. In recent years, the demand for advanced adhesives and resins has gained momentum in various industries and applications to offer unique properties and capabilities. The rising trend of net-zero energy buildings led by the combination of renewable energy sources, energy-efficient designs, and energy storage systems will also boost the market growth.
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The rising incorporation of flexible designs and stylish architecture in the residential sector will accelerate the market expansion. However, the limited awareness regarding the usage of cross laminated timber in emerging economies may hinder the industry growth to some extent. The prevailing dominance of traditional construction methods and materials has led to the restricted knowledge about the benefits of using CLT.
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||14.2%|
|Historical Data for:||2018 to 2022|
|No. of Pages:||205|
|Tables, Charts & Figures:||244|
|Segments covered:||Raw materials, Press Type, Application and Region|
|Pitfalls & Challenges:|
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The COVID-19 pandemic posed numerous challenges for the cross laminated timber market as it led to supply chains disruptions in the construction industry. Several manufacturers and suppliers of CLT faced issues due to transportation restrictions, factory closures, and shortages of raw materials. Moreover , the pandemic brought higher attention to sustainable as well as eco-friendly building materials, including CLT. The increasing awareness regarding climate change and environmental concerns coupled with the increasing need to replace traditional building materials also positively impacted the industry growth.
The strong presence of supportive regulatory environment will also play a crucial role in the market expansion. To cite an instance, the Finnish Government initiated a Wood Building Program, as part of national climate strategy in order to double the utilization of wood in construction works. The surge in R&D funding to improve manufacturing processes, advance technologies and address the concerns of long-term performance and environmental impacts of CLT as well as other mass timber products will also support the industry development.
The cross laminated timber market size from the spruce material segment is set to reach significant value by 2032. Spruce CLT is extensively adopted in a wide range of construction projects, such as commercial structures, residential buildings, and schools due to its eco-friendly nature and renewability. Spruce can be touted as a sustainable and versatile building material as it offers several benefits, including dimensional stability, high strength, and fire resistance. Increasing adoption in sustainable construction practices will further anchor the segment expansion.
Hydraulic presses account for nearly 60% share of the overall market and will record significant demand through 2032. This growth can be attributed to the rising usage of hydraulic presses in the manufacturing of CLT to cater to increasing needs across residential construction. The adoption of CLT has substantially soared in recent years owing to its sustainable and eco-friendly properties, adding to the growing need for hydraulic presses that are tailored for CLT production. The increasing focus of various major players on expanding the production capacities will also contribute to the market growth.
The commercial application is estimated to register considerable revenue share of the CLT market by 2032 owing to the rising obligation to meet the modern design demands. The growing focus on promoting green building practices while limiting the overall environmental impacts of construction have led to the rise in the number of sustainable commercial building projects. The increasing number of infrastructure investments across the commercial sector will also accelerate the segment expansion.
North America cross laminated timber market size is expected to record 14.5% CAGR from 2023 to 2032. The rapid advances across the construction sector have made way for increasing application of strong and versatile building materials. According to AGC (The Construction Association), the construction industry is a prominent contributor to the U.S. economy, creating nearly USD 1.8 trillion worth of structures per year. The growing construction of tall wooden structures and the consequently increasing mass timber demand will propel the regional growth.
Some of the major participants in the cross laminated timber business are :
This market research report on cross laminated timber (CLT) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Raw Material
Market, By Press Type
Market, By Application
The above information is provided on a regional and country basis for the following: