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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Cross-Laminated Timber Market Size
The global cross-laminated timber market attained a value of USD 1,574.1 million in 2023. The market is expected to further grow at a CAGR of 22.7% in the forecast period of 2024-2032 to reach USD 5,432.72 million by 2032.
Cross-Laminated Timber Market Outlook
- In 2022, the NYC Department of Buildings redefined its Building Codes, including a definition of cross-laminated timber and structural composite lumber, thus laying the ground for mass timber's proliferation.
- In 2024, Timberlab Inc. announced its plans to build and operate a cross-laminated timber manufacturing facility with leading-edge technology in Oregon's Mid-Willamette region, to be developed upon obtaining all required state and local approvals.
- In 2023, Shigeru Ban collaborated with the municipality of Lviv to design an extension to Lviv Hospital using cross-laminated wood and joints inspired by traditional wooden construction methods.
- With the growing demand for cross-laminated timber, it could prove to be an environmentally sustainable construction material in light of increased consumer awareness about the environmental damage being caused by the cement and brick manufacturing processes.
Cross-Laminated Timber Market Report Snapshots
Cross-Laminated Timber Market Size
Cross Laminated Timber Market Growth
Cross Laminated Timber Market Trends
Cross Laminated Timber Market Share
Cross-Laminated Timber Market Analysis
Cross-Laminated Timber Companies
Cross Laminated Timber Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global cross-laminated timber market attained a value of nearly USD 1,574.10 million.
The cross-laminated timber market is projected to grow at a CAGR of 11.4% between 2023 and 2032.
By 2032, the market is projected to reach USD 4,142.33 million.
The major market drivers include rising population, increasing construction activities, and the flexibility offered by cross-laminated timber.
The rising awareness about the advantages of cross-laminated timber over other traditional construction materials and the growing focus on reducing construction time are the key trends fuelling the market growth.
The major regions in the cross-laminated timber market are North America, Europe, Japan, and Oceania, among the rest of the world.
The major applications of cross-laminated timber are residential, public, and commercial.
The leading product types in the market are custom CLT and blank CLT.
The significant element types in the market are wall panels, flooring panels, and roofing panels.
The major raw material types of the product include spruce, pine, and fir, among others.
The significant bonding methods of the product are adhesively bonded and mechanically fastened.
The major panel layers of the product are 3-Ply, 5-Ply, and 7-Ply, among others.
The several adhesive types considered in the market report are PUR (Polyurethane), PRF (Phenol Resorcinol Formaldehyde), and MUF (Melamine-Urea-Formaldehyde).
The significant press types of the product include hydraulic press, vacuum press, and pneumatic press, among others.
The significant storey classes of the product are low-rise buildings (1-4 storeys), mid-rise buildings (5-10 storeys), and high-rise buildings (more than 10 storeys).
The major end uses of the product include structural applications and non-structural applications.
The major players in the market are Stora Enso Group, Binderholz GmbH, Mayr Melnhof Holz Group, Schilliger Holz AG, KLH Massivholz GmbH, HASSLACHER Holding GmbH, Sterling Company, Structurlam Mass Timber Corporation, Nordic Structures, and Eugen Decker Holzindustrie KG, among others.
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