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Cross Laminated Timber (CLT) Market: Segmented: By Bonding Method (Adhesive Bonded CLT, Mechanically Fastened CLT), By Raw Material Type (Spruce, Fir, Pine, Larch, and Others), By Application (Residential, Commercial, and Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Cross Laminated Timber (CLT) Market USD 4.31 billion by 2032 from USD 0.98 billion in 2021 at a CAGR of 14.4% in the coming years, i.e., 2022-32.
Cross Laminated Timber (CLT) is a solid wood panel product consisting of lamellas of sawn, glued, and layered wood. CLT is made by sticking the layers of wood at perpendicular angles to obtain structural rigidity. It can function as walls, roofs, ceilings, floors and furniture depending on the need of the project. It is popular due to its interesting appearance, high strength, versatility, and sustainability. Common raw materials used in manufacturing CLT are spruce, pine, fir, larch, and others. CLT is made by adhesive bonding and mechanically fastened bonding methods. It has wide applications in commercial, residential, institutional, and other sectors.
Growing adoption of eco-friendly construction materials, growing awareness among consumers, favorable government initiatives, advancement in production techniques, and flourishing construction industry are driving market growth.
Cross Laminated Timber (CLT) market is classified on the basis of bonding method into Adhesive Bonded CLT, Mechanically Fastened CLT. Adhesive Bonded CLT segment is dominating the market with the largest market share. The growth is attributed to the low cost of manufacturing adhesive-bonded CLT and the large-scale use of high-strength adhesives in the market. Adhesive bonded CLT have better weather resistance and can be customized according to the projects which lead to less wastage of the product.
Cross Laminated Timber (CLT) market is fragmented on the basis of raw material type into Spruce, Fir, Pine, Larch, and Others. Spruce segment is dominating with the largest share in the market. Spruce is widely used by manufacturers as primary raw material and is easy to handle, lightweight, and has high durability, which is contributing to the growth of the segment.
Growing Adoption of Eco-Friendly Construction Materials
Rising environmental concerns in many countries have resulted in an inclination towards eco-friendly construction materials which is driving the growth of Cross Laminated Timber (CLT) market. CLT is a good alternative to concrete, steel, and masonry in various building types as it offers high strength and dimensional stability. Growing awareness among consumers about the harmful impacts of using cement and bricks has bolstered the demand for CLT which is made of wood in many countries as it is environmentally friendly. Moreover, favorable government initiatives are also contributing in the growth of Cross Laminated Timber (CLT) market.
Flourishing Construction Industry and Production Advancements
Cross Laminated Timber is being widely used in the construction of many residential and commercial projects. Structures built using CLT takes lesser time as compared to structures built with bricks and concrete as CLT is easier to install and is lightweight in nature. CLT has multiple applications in the construction of buildings such as on floors, roofs, ceilings, and walls, or can be used for constructing the entire building. Growing popularity of aesthetic wooden designs among consumers is propelling the demand of CLT. Moreover, advancement in production techniques is creating more opportunities for the growth of Cross Laminated Timber market.
Low Protection against Moisture and Fire
Cross Laminated Timber is a wooden-based product and thus provides less protection against moisture and fire which pose a major hindrance in market growth. Also, a lack of awareness among consumers in developing economies is restraining market growth.
Cross Laminated Timber (CLT) market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe is dominating the market with the largest share. The growth is attributed to the huge demand of wooden products in the construction of buildings and the presence of major manufacturers of CLT in the region. Furthermore, North America is anticipated to grow at significant rate during the forecast period owing to the growing popularity of CLT in the region.
Covid-19 outbreak has adversely affected the economies all over the world. The unprecedented effects of coronavirus had resulted in the imposition of lockdown and strict social distancing regulations. Covid-19 caused huge disruption in the supply chain management and procurement of raw materials. Covid-19 has badly affected the Cross Laminated Timber (CLT) Market. However, after the pandemic the Cross Laminated Timber (CLT) Market is anticipated to grow at a significant rate owing to the revival of many construction projects.
| Report Attribute | Details |
| Market size value in 2021 | USD 0.98 billion |
| Revenue forecast in 2032 | USD 4.31 billion |
| Growth Rate | CAGR of 14.4% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Bonding Method, Raw Material Type, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Stora Ensa Oyj, Mayr- Melnh of holz holding AG, Binderholz Gmbh, XLam, Eugen Decker Holzindustrie KG, Sterling company, B&K Structures, Schilliger holz AG, KLH massiv holz GmbH, Smartlam, Structurlam Mass Timber corporation, Lion Lumber, Pfeifer Holding GmbH, Nordic Structures, Freres Lumber Co., Inc., and Other Prominent Players |
Cross Laminated Timber (CLT) market size was estimated at USD 0.98 billion in 2021 and is expected to reach USD 4.31 billion in 2032.
Cross Laminated Timber (CLT) is a solid wood panel product consisting lamellas of sawn, glued, and layered wood. CLT is made by sticking the layers of wood at perpendicular angles to obtain structural rigidity.
Adhesive Bonded CLT, Spruce, Commercial segment accounted for the largest Cross Laminated Timber (CLT) market share.
Key players: Stora Ensa Oyj, Mayr- Melnh of holz holding AG, Binderholz Gmbh, XLam, Eugen Decker Holzindustrie KG, Sterling company, B&K Structures, Schilliger holz AG, KLH massiv holz GmbH, Smartlam, Structurlam Mass Timber corporation, Lion Lumber, Pfeifer Holding GmbH, Nordic Structures, Freres Lumber Co., Inc., and Other Prominent Players are the key players in the Cross Laminated Timber (CLT) market.
Growing Adoption of Eco-Friendly Construction Materials and Flourishing Construction Industry and Production Advancements are the factors driving the Cross Laminated Timber (CLT) market.
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