Cross Laminated Timber (CLT) Market to Witness a Healthy Growth of $2.5 billion by 2027 | MarketsandMarkets™

April 11 01:33 2023
Cross Laminated Timber (CLT) Market to Witness a Healthy Growth of $2.5 billion by 2027 | MarketsandMarkets™
Browse 114 market data Tables and 35 Figures spread through 131 Pages and in-depth TOC on “Cross Laminated Timber (CLT) Market”
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)

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 the manufacturing of cross-laminated timbers are expected to drive the market. 

Building construction has an impact on the environment, including the use of water and electricity. Because of the mechanical capabilities, rigidity, and aesthetic properties supplied by CLT, construction companies have a larger demand for it in non-residential buildings. Because of the benefits in design and following environmental requirements necessary in the office, public, institutional, and hospitality segments, the non-residential construction industry offers major prospects for CLT. As a result, the non-residential sector provides enormous prospects and is likely to account for a significant share of the market in the future.

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CLTs of structural grade are used in engineering construction. Commercial buildings are the primary users of structural grade CLTs at the moment. The use of wooden floor beams has expanded as new construction and restoration activities have increased around the world. Furthermore, the growing demand of eco-friendly housing is propelling the market. The advantages of structural CLT include design flexibility, thermal characteristics, fire protection, acoustic performance, and seismic performance. As the home market evolves, design adaptability is essential when assessing buildings and their uses and purposes.

Due to rising demand for sustainable residential constructions, Europe is expected to account for the greatest market share throughout the projection period. Consumer demand for premium apartments is likely to expand, boosting total market growth. According to European Union statistics, countries such as Sweden and Germany use 84 percent and 20 percent prefabricated materials in the construction of dwellings, which are mostly built of wood, respectively. To accommodate the increased demand from the growing urban population, around 600,000 new dwellings are planned to be built in Sweden and 300,000 in Germany by 2025.

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Players including Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz Gmbh (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GMBH (Austria), Schilliger Holz AG (Switzerland) have adopted various strategies, such as investment & expansion and merger & acquisition between 2017 and 2021, to enhance their market shares and expand their global presence. They focus on innovations and are geographically diversified. These players also have broad industry coverage as well as strong operational and financial positions.

Mayr-Melnhof Holz is one of Europe’s largest and most prominent wood processing firms. It is a global leader in the glued laminated wood segment, as well as the driving force behind the advancement of cross-laminated timber, future construction, and material. Its product targets both modern and classical architecture. It focuses on providing tailor-made solutions to its consumers based on thorough R&D.  In December 2021, Mayr-Melnhof Holz Holding Firm entered an agreement to buy the Swedish sawmill group Bergkvist Siljan. This maintains the Austrian wood processing group’s steady expansion and growth plan.

Stora Enso is a prominent supplier of renewable goods in packaging, biomaterials, wooden construction, and paper, as well as one of the world’s largest private forest owners. Stora Enso develops and manufactures wood and biomass-based solutions for a variety of sectors and uses throughout the world, leading the bioeconomy and assisting clients in satisfying the demand for renewable, eco-friendly goods. Stora Enso entered agreements to acquire companies and invested in production facilities in Europe. Its key strategy revolved around expanding its market share in Europe as more than 70% of its revenue comes from the region. In October 2021, Stora Enso planned to invest USD 114.76 million to boost board production at its Skoghall facility in Sweden. Simultaneously, Stora Enso is starting a feasibility study to convert the second, presently idle, line at its Oulu, Finland, location to a packaging board line.

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