The global cross laminated timber (CLT) market is growing at a considerable CAGR of 14.0% during the forecast period. The major factor that is augmenting the growth of the global cross laminated timber (CLT) is increasing activity associated with construction owing to the offering of lightweight, durable construction materials. For instance, as per the information highlighted by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development new residential construction is increasing in the country with the building permits around 1,873,000 and housing starting nearly 1,702,000 in the month of December 2021. Moreover, high adaptively of cross laminated timber along with the increasing trend towards using environment-friendly products are some other factors that are enhancing the growth of the market across the globe. However, the high cost of production is major factors constraints that are hindering the growth of the global cross laminated timber (CLT) market across the globe. 

However, increasing investment in green building is one of the key factors that are creating opportunities for the market. New product launches and investment in the market are likely to drive the growth of the global cross laminated timber (CLT) market. For instance, in January 2020, MAYR-MELNHOF HOLZ, had invested around $143.3 million in order to build a new cross-laminated timber (CLT) production facility in Leoben, which is considered as one of the largest investments made by the company. This investment would support in fulfilling the increasing demand for timber construction solutions in residential and industrial construction. Additionally, the federal government, the state of Styria, and the city of Leoben had also pledged their support in this owing to the upliftment in the economy.

Impact of COVID-19 on the Global Cross Laminated Timber (CLT) Market

The global cross laminated timber (CLT) market is hardly hit by the COVID-19 pandemic since December 2019. The COVID-19 pandemic in the major economies had disrupted manufacturing and transportation activities. Moreover, the production activities of some of the companies were impacted in an adverse manner as lockdown restrictions were being imposed. However, the company had taken all the necessary steps for the purpose of reducing the adverse impact of this COVID-19 pandemic.

Segmental Outlook 

The market is segmented based on product and application. Based on the product, the market is segmented into adhesive bonded cross laminated timber and mechanically fastened cross laminated timber. Further, based on the application segment, the market is divided into residential, institutional, commercial, and others.

Global Cross Laminated Timber (CLT) Market Share by Product 2021 (%)

Adhesive Bonded Cross Laminated Timber Expected to Hold Prominent Market Share in the Global Cross Laminated Timber (CLT) Market

Based on the product, the adhesive bonded cross laminated timber holds a significant share in the global cross laminated timber (CLT) market. The adhesive support providing effective bond strength and is considered to be less impacted by environmental conditions when the comparison is done with mechanical fasteners. Additionally, dimensional stability, along with cost-effectiveness provided by adhesive-bonded cross laminated timber is also some other factor that is supporting the growth of the market as compared to other material.

Regional Outlooks

The global cross laminated timber (CLT) Market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in the global cross laminated timber (CLT) market. Some factors that are boosting the market growth in North America are, increasing repair and renovation activities in the real estate and also commercial sectors along with leading manufacturers and players present in the region. For instance, in November 2020, one of the leading providers of wood-based solutions named Stora Enso had received clearance and approval for producing and delivering CLT panels to the US in accordance with the International Building Code (IBC). With this approval, the company is considered to be a certified producer in compliance with the North American CLT standard ANSI/APA PRG 320-2019, Standard for Performance-Rated Cross-Laminated Timber.

Global Cross Laminated Timber (CLT) Market, by Region 2022-2028

Asia-Pacific will have Considerable Growth in the Global Cross Laminated Timber (CLT) Market  

Asia-Pacific region is expected to witness significant growth opportunities for the market. Increasing key market companies expanding their reach along with the growing construction industry in emerging economies of the region are likely to drive the growth of the regional market. 

Market Player Outlook

The prominent players functioning in the global cross laminated timber (CLT) market include Binderholz GmbH, MAYR-MELNHOF HOLZ, Stora Enso, SmartLam NA, and XLam among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships, and collaborations, and many others to thrive in a competitive environment. For instance, in 2019, KLH Massivholz Wiesenau GmbH had commenced the construction associated with new cross laminated timber plant that is located in Wolfsberg in Carinthia (Austria). The plant would consist of an annual capacity of around 150,000 m in the final expansion stage is planned for mid-2020. Additionally, the latest technology would be utilized for the purpose of production in the new plant in order to increase the degree of prefabrication of the cross-laminated timber produced along with creating job opportunities in the region.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global cross laminated timber (CLT) market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where in the market.