What Is The Current Size And Future Forecast Of The Cross Laminated Timber Market?
The cross laminated timber market size has grown rapidly in recent years, expanding from $1.6 billion in 2024 to an expected $1.91 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 19.9%. The historic growth can be attributed to a multitude of factors including sustainable construction practices, green building certifications, cost-effective construction solutions, rising awareness of climate change, architectural flexibility, and evolving urbanization and population growth dynamics.
Looking ahead, the cross laminated timber market is expected to see significant growth, reaching $3.77 billion by 2029, at a CAGR of 18.5%. The forecasted growth can be attributed to regulatory support for timber construction, focus on carbon-neutral construction, demand for energy-efficient buildings, resilience in seismic zones, adoption in affordable housing projects, and consumer preference for natural materials. Major trends forecasted for this period include sustainability and environmental benefits, advancements in CLT manufacturing, integration with building information modeling (BIM), use in hybrid construction systems, code and standards development, education and training initiatives, and financial incentives and support.
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What Are The Key Growth Drivers In The Cross Laminated Timber Market?
Key growth drivers in the cross-laminated timber market include the increase in construction activities. Construction activity pertains to any building-related action undertaken at a site. Timber is utilized in the construction of doors, windows, cabinets, cupboards, shelves, tables, and railings, among other things, enhancing its usage in construction activities. For instance, in June 2023, the UK-based Construction Digital projected that the construction industry in the UK would grow by 12% in 2024, and a further 3% in 2025. Therefore, an increase in construction activities is expected to drive the growth of the cross laminated timber market.
What Are The Key Segments Within The Cross Laminated Timber Market?
The cross laminated timber market is segmented by:
1) Type: Adhesive Bonded, Mechanically Fastened
2) Application: Residential, Institutional, Commercial, Other Applications
3) End User: Structural, Non-Structural
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Which Key Companies Are Impacting The Cross Laminated Timber Market?
Key companies operating in the cross laminated timber market include Maye-Melnhof Holz Holding AG, Stora Enso Oyj, Binderholz GmbH, Eugen Decker Holzindustrie KG, Schilliger Holz AG, KLH Massivholz GmbH, Structurlam Mass Timber Corporation, XLam Limited, Sterling Lumber, B & K Structures Ltd., Smartlam NA, HASSLACHER Gruppe, Ante group, Decker holding GmbH, Meiken Lamwood Corporation, PFS Corporation, Blackwell Structural Engineers, Boise Cascade Company, Building Systems Design Inc., Canadian Timberframes Ltd., Nordic Structures, Oregon Canadian Forest Products, DRJ Wood Innovations, Eco Building Systems, TimberLab Solutions, Eurban Ltd., Freres Lumber Co. Inc., Züblin Timber GmbH, Holz100, Lignotrend Produktions GmbH, Massiv Lustenau GmbH.
What Trends Are Transpiring In The Cross Laminated Timber Market?
Production innovation is a major emerging trend in the cross laminated timber market. As an example, in March 2024, Timberlab, an engineered wood products manufacturer, has announced the opening of a new cross-laminated timber (CLT) facility in Oregon. The facility aims to augment CLT panel production, positioning the company to meet the ever-increasing demand for sustainable building materials. Timberlab’s strategy underscores its commitment to support eco-friendly construction practices and meet the evolving needs of the construction industry.
Which Region Exhibits The Fastest Growth In The Cross Laminated Timber Market?
Europe was the largest region in the cross laminated timber market in 2024. However, Asia-Pacific is projected to be the fastest-growing region in the future period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Cross Laminated Timber Market Report 2025 Offer?
Cross-laminated timber is an engineered wood material composed of layers of dimension lumber that are kiln-dried, arranged at sharp angles to one another, and glued together to form structural panels used in load-bearing and non-load-bearing structures, walls, floors, and roofs. Its panels achieve substantial structural strength by bonding it in various angles. The Cross Laminated Timber Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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