Cross Laminated Timber (CLT) Market - Competitive Landscape and Key Product Segments

The global cross laminated timber market size was USD 1.1 billion in 2021 and is projected to grow at a CAGR of 14.5% during the forecast period to reach USD 2.5 billion by 2027. Advanced design flexibility and quicker implementation methods in manufacturing of cross laminated timbers are expected to drive the market.

Browse 98 market data Tables and 35 Figures spread through 124 Pages and in-depth TOC on "Cross Laminated Timber (CLT) Market Size by Type (Adhesive bonded, Mechanically fastened), End-use (Structural, Non-structural), Industry (Residential, Non-residential) and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2027"

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Growth of newer applications of CLT such as taller buildings is attributed to the International Building Code. CLT manufacturers are strategically focusing on expanding their presence and leveraging the high-growth opportunities in the US. Various companies have increased or planned to increase production to meet the rising demand in the country. Currently, demand is majorly catered through imported CLT products from European countries. Regulatory policies in North America are adaptive and business-friendly due to the adaptation of new building codes in the country.

North America’s CLT market is projected to be the fastest-growing market during the forecast period. In North America, timber-based construction products are offering alternatives to traditional materials. The most typically utilized adhesive compositions for CLT are PUR1 and PUR2. CLT products for structural construction have a high demand from engineers, architects, and contractors across North America. High growth is expected in the private commercial construction segment, whereas slow growth is expected in the public construction segment. North America is a rapidly expanding market for CLT, with several new businesses constructing new facilities and extending old facilities such as SmartLam, which is now a certified producer.

Adhesive bonded CLT market is projected to be the fastest growing market during the forecast period. Rising awareness about the benefits of adhesives in the woodworking industry are expected to offer significant opportunities for market. The use of timber in structural applications is becoming a norm in the modern scenario due to the advantages offered by engineered timber over normal timber. As the workability requirements for CLT panel manufacturing become more stringent, many manufacturers in Europe and North America are turning to polyurethane adhesives for CLT production.

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Cross laminated timbers are sustainable and are utilized in green buildings. CLT does not replace current timber products, but it does open up new markets (high-rise buildings). Significant volumes of waste wood are prepared for practical use (sideboards). CLT enables attractive design due to the hybrid construction which enables a gradual transition to new building technology. Cost savings are enabled due to the shorter duration required for building and the requirement of fewer workers. CLT is lightweight relative to concrete or steel and provides improved seismic performance due to its material properties.

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