USD 1.1 billion
Report ID: SQMIG15P2014 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 88 | Figures: 76
Global Cross Laminated Timber Market size was valued at USD 1.1 billion in 2021 and is poised to grow from USD 1.26 billion in 2022 to USD 4.26 billion by 2030, growing at a CAGR of 14.5% in the forecast period (2023-2030).
The cross laminated timber is also called the CLT or XLam. It Is a manufactured engineered wood lumber product that is currently gaining popularity due to its properties. It consists of more than two layers of solid-sawn and structural composite timber. The layers are arranged so that adjacent layers are crossed and fixed together with adhesive for mechanical fixation to form a solid wood element. In the early 1990s, it was developed in Europe's alpine countries and is now a well settled building material in Europe. It is high in demand due to its solid wood element.
It is extensively used as it is a sustainable alternative to steel and concrete construction in multi-residential and commercial applications. In the Asia Pacific and North America countries, it is gaining popularity as it is majorly used in the construction of readymade building structures on site for small duration. The structuralism estimates that a building installation of up to 14,000 square feet per day can be completed with a team of six technicians.
Its configuration provides mechanical properties, dimensional stability, and rigidity. therefore, it is employed for walls, roofs, floors, and other applications.
Construction activities of same scale using conventional products may take several weeks with a significantly higher amount of labor. It gives advantages like design flexibility and good seismic performance.
The material has good acoustic and thermal insulation performance. This has led to its global adoption in the construction of buildings in Europe and North America.
US Cross Laminated Timber Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.1 billion
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The cross laminated timber is segmented on the basis of type, application, end use, and region. By type, the cross laminated timber market is segmented into mechanically fastened and adhesive bonded. By application, the market is segmented into residential, non-residential, and others. By end-use, the market is segmented into structural and non-structural. By region, the market is segmented into North America, Europe, Asia Pacific, and MEA
Cross Laminated Timber Market Analysis by Type
The adhesive bonded segment is expected to hold the largest share in the global cross laminated timber market. Adhesives provide a higher bond strength than mechanical fastening and are less affected by environmental conditions.
Additionally, adhesive-bonded products are more popular than mechanically fastened products in the cross-laminated timber market because adhesive costs are lower than mechanical fastening.
Cross Laminated Timber Market Analysis by Application
In North America and the Asia-Pacific the non-residential building applications hold the largest share on account of large-scale application. Cross-laminated timber (CLT) is expected to give hard competition to the non-residential segment due to the large-scale consumption of this type of timber for the construction of multi-family buildings in developing regions as well as in Europe.
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Global cross-laminated timber market size in Europe stood at USD 455.1 million in 2022. The Europe market is projected to grow owing to the large adoption of the material in the building of small and medium-sized houses in the region.
Europe is responsible for 69% of the timber-based material production and the majority of the products are used locally, as laminated wood provides better insulation performance against the cold temperature usually present in the region.
The market in North America is governed by the adoption of cross-laminated timber in the construction of hybrid buildings that utilize a combination of timber and conventional materials to create artistic building designs for office spaces.
Asia Pacific market will be impacted by demand from Japan and Australia, with New Zealand following close behind. Asia Pacific region's population is expected to reach 5.1 billion by 2050, of which, the urban population is expected to account for a minimum 68% share. This market will be used to produce wood-based buildings with enhanced features, including locally-grown bamboo.
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Cross Laminated Timber Market Drivers
Rapid Urbanization to Bolster Demand for Cross laminated timber in Global Market
Cross Laminated Timber Market Restraints
Expensive Raw Materials to Hinder Market Growth
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This report provides a detailed overview of the global cross-laminated timber market, including its key trends and factors. This report provides an overview of the market and industry conditions, as well as recent trends and key market drivers and challenges. It also includes a SWOT analysis, Porter’s five forces analysis, and more. The report provides a detailed analysis of setting up a cross-laminated timber manufacturing plant. This study looks at the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc.
Cross Laminated Timber Market Top Player’s Company Profiles
Cross Laminated Timber Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research and Analysis Wing) is our Business Information Services team that collects, collates, Co-relates and analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research
According to global cross laminated timber analysis, the global market is expected to go through evolution as consumer demands are changing. Players in the market are investing in product portfolio expansion to cater different needs of consumers. Expanding their geographical base can provide players with an edge over their competitors. Superior design options and quicker installation are the main factors influencing the market growth. Resuming construction activities post-COVID-19 pandemic will allow new players to enter the market. The transition towards ethical alternatives would drive the demand for cross-laminated markets in the future.
|Market size value in 2021||USD 1.1 billion|
|Market size value in 2030||USD 4.26 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Cross Laminated Timber Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cross Laminated Timber Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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