Cross Laminated Timber Market, By Type (Adhesive-bonded CLT and Mechanically Fastened CLT), By Application (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029

Cross-laminated timber (CLT) is a wood panel product made from gluing layers of solid-sawn lumber together. Each layer of boards is leaning perpendicular to neighboring layers and pasted on wide faces of each board, usually in a symmetric way so that the outer layers have the same orientation. An odd number of layers is most common, but there are arrangements with even numbers as well.

Rapid urbanization, dimensional stability, performance durability, increase in demand for green buildings, and various other features are some of the major factors driving growth of the global cross laminated timber market. Hence, the applications of cross laminated timber products for the construction of high-rise buildings are rising. Also, the manufacturers follow expansion strategy in order to strengthen their position in the market. Hence, the global cross laminated timber market is expected to witness great opportunities over the forecast period. However, the growth of the market might be hindered by the strict government regulations regarding carbon emissions and high production costs and capital investments.

The global cross laminated timber market has been segmented on the basis of type, application, and region On the basis of type, the market is segmented into adhesive-bonded CLT and mechanically fastened CLT. Adhesive-bonded CLT accounted for the larger market share hence, expected to witness high growth rate over the forecast period. This is qualified to its features, such as dimensional constancy and cost-effectiveness, making the adhesive-bonded CLT preferred over the mechanically fastened CLT, among manufacturers. On the basis of application, the market is segmented as residential, commercial, and industrial. The residential segment holds the largest market share in past, which is continuing doing so. The segment is also projected to witness the maximum growth rate in the market due to the rising demand for roofing, cladding, flooring, and ceiling construction activities. The commercial application segment is likely to grow during the forecast period, as these products are mainly used for manufacturing durable interior decoration items. They are more durable and lighter in weight as compared to traditional products, such as steel and concrete. 

Regional Insights:

On the basis of region, the global cross laminated timber market has been segmented into North America, Europe, Asia Pacific, Latin America & Africa.

Europe is attributed to the increase in the number of cross laminated timber construction projects, coupled with subsequent growth of public and private sector investments in infrastructural construction projects in the region. North America region accounted for the second largest market, which is anticipated to exhibit sustainable growth rate over the forecast period. Asia-Pacific region is anticipated to witness maximum growth rate due to the booming construction industry in the residential, commercial, and industrial sector is expected to contribute to the target market.

Key players contributing to the global cross limited timbre market are Stora Enso Oyj, KLH Massivholz GmbH, Binderholz Bausysteme GmbH, Mayr-Melnhof Holz Holding AG, HASSLACHER Holding GmbH, Structurlam Mass Timber Corporation, Ed. Züblin AG, Eugen Decker Holzindustrie KG, Sterling Lumber Company, and W. U. J. Derix GmbH & Co.