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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