North America Cross Laminated Timber Market Report and Forecast 2024-2032

North America Cross Laminated Timber Market Outlook

The North America cross laminated timber market size attained a value of USD 447.98 million in 2023. The market is expected to grow at a CAGR of 29.6% between 2024 and 2032 to reach almost USD 4,605.63 million by 2032.

Key Takeaways:

• Governments implemented regulations and incentives to promote CLT use in construction, aiming for sustainability, green employment, and reducing environmental impact.

• Construction spending in the USA reached USD 1,978.7 billion, exceeding the USD 1,848.7 billion in 2022, according to the U.S. Census Bureau, thus boosting the cross laminated timber market in North America.

• According to Statistics Canada, a 5.7% increase in Canada's total dwelling count to 16.4 million units from 2016 to 2021 was observed, thereby driving up the demand for CLT.

Cross laminated timber (CLT) stands as a pioneering mass timber product that has gained widespread acceptance as an innovative engineered wood material, heralding a new era in construction. Recognised for its eco-friendliness compared to traditional materials like concrete and steel, CLT emerges as a cornerstone of sustainable building practices. Its capacity to bear substantial loads while ensuring superior structural integrity further underscores its appeal.

Moreover, its commendable acoustic properties make it a sought-after choice for flooring and wall systems, elevating interior comfort and tranquillity. Consequently, there is a growing demand for CLT in North America. Presently, this demand is pronounced in bridge, residential, and non-residential construction, driven by its durability and ability to withstand heavy loads.

The introduction of CLT into the US construction landscape coupled with prevailing urbanisation trends positions it as a highly viable solution for commercial and mixed-use buildings, especially in seismic zones. According to the U.S. Census Bureau, US construction spending is increasing thus boosting the North America cross laminated timber market growth.

UNITED STATES CONSTRUCTION STATISTICS, 2023, IN $ BILLION

Key Trends and Developments

The North America cross laminated timber market is growing with increasing focus on sustainable building materials, architectural creativity, fire resistance and government initiative.

North America Cross Laminated Timber Market Trends

CLT panels demonstrate impressive load-bearing capacities akin to those of conventional construction materials. They possess structural strength, deformation resistance, and resilience against diverse external forces, including seismic activity, rendering CLT a dependable and durable option for mid-rise and high-rise construction projects.

CLT's prefabrication enables precise off-site manufacturing, leading to quicker and more effective construction processes. This adaptability is attractive to architects, developers, and construction experts in search of inventive and eco-friendly building methods.

Market Segmentation

North America Cross Laminated Timber Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Residential demand drives growth of North America cross laminated timber market, due to its versatility, accommodating various architectural styles and configurations

Employing cross-laminated timber in residential building aids in reducing buildings' carbon footprint and advancing sustainability goals. Its usage facilitates the creation of distinctive and visually appealing residential layouts.

CLT, being a prefabricated material, allows for the pre-cutting of elements such as openings for doors, windows, stairs, or ducts. Additionally, insulation and finishes can be applied before installation. This streamlined process leads to reduced expenses and quicker occupancy, making it a prevalent choice in commercial and public projects. This is boosting the North America cross laminated timber market development.

Based on type, the North America cross laminated timber market share is led by structural CLT primarily owing to its widespread application in building and construction projects

Structural CLT panels are employed in building frameworks and are produced according to the APA-PRG 320 standard in North America. Non-structural CLT panels serve as access mats, providing an alternative to bolted mats.

Wall panels are the primary element type in the North America cross laminated timber market, mainly because thy are widely utilised for both load-bearing and non-load-bearing purposes

Wall panels made from CLT provide outstanding durability and firmness, making them optimal for building both exterior and interior walls of structures.

Flooring panels and roofing panels crafted from CLT constitute a substantial portion of the market, valued for their robustness and stability, rendering them appropriate for heavy load-bearing functions in residential and commercial structures.

Custom CLT drives the North America cross laminated timber market growth due to tailored solutions and meeting specific project needs

Custom CLT's adaptability facilitates architects and builders to pursue intricate designs, ideal for projects with distinct structural or aesthetic demands.

Conversely, blank CLT serves a sizable market-seeking construction versatility. These undecorated panels allow on-site customisation, empowering builders, and designers to tailor them according to specific project requirements.

Competitive Landscape

Government initiatives, growing construction and architectural preferences are influencing the companies’ position in the market.

Other North America cross laminated timber market key players are KLH Massivholz GmbH, SmartLam, Binderholz GmbH, HASSLACHER Holding GmbH, and Bell Structural Solutions, among others.

North America Cross Laminated Timber Market Analysis by Region

As per the North America cross laminated timber market report, the United States leads the market due to rising demand for sustainable construction materials, favouring those with low carbon footprints like CLT over traditional choices such as concrete and steel. The growth is also fuelled by upscale residential projects with appealing interiors.

Canada is primed for substantial growth in this sector, driven by the need for adaptable and economical construction materials. Additionally, the uptick in building functional living spaces is driving market expansion. With housing production on the rise according to Statistics Canada, the demand for CLT is further increasing.

INVESTMENT BY HOUSING TYPE, CANADA, MILLION DOLLAR

Key Highlights of the Report