Cross Laminated Timber Industry
The global market for cross laminated timber (CLT) was valued at USD 1.17 billion in 2022 and is projected to grow at a robust compounded annual growth rate (CAGR) of 14.9% from 2023 to 2030. This anticipated growth can be attributed to several advantages that CLT offers over traditional building materials, including superior design flexibility and quicker installation processes. These attributes are expected to significantly benefit the industry in the coming years.
Cross laminated timber is increasingly favored in various construction applications due to the growing awareness of its numerous benefits. Among these advantages are design flexibility, fire resistance, exceptional thermal performance, and cost-effectiveness. Additionally, CLT facilitates a clean and noiseless construction process, which further enhances its appeal. The reduction in construction time and overall lower costs associated with using CLT have also contributed to rising demand for this innovative building material.
In the United States, the market for cross laminated timber is poised for growth, driven by high demand from various end-user segments. Factors contributing to this demand include elevated disposable income levels, a large market size, and the ability of established manufacturers to mass-produce a diverse range of CLT products. These elements are expected to bolster the growth of the cross laminated timber market in the region.
Moreover, CLT products are recognized for their superior performance regarding waste generation on construction sites. Most CLT panels are prefabricated, resulting in minimal waste produced during installation. Additionally, manufacturers often repurpose scrap materials for the fabrication of stairs and other prefabricated components. The proven strength, cost-effectiveness, and structural performance of CLT are anticipated to expand its applications across a broader range of building types, creating further opportunities in the market.
Gather more insights about the market drivers, restrains and growth of the Cross Laminated Timber Market
Product Insights
- The adhesive bonded cross laminated timber (CLT) product segment dominated the market, accounting for over 2% of the global revenue in 2022. This significant share is largely due to the increasing use of high-strength adhesives that bond the individual planks together, which is expected to drive demand across various application industries, including residential, institutional, commercial, and others.
- One of the key advantages of adhesive bonded CLT is that its manufacturing costs are generally lower compared to mechanically fastened CLT. This cost-effectiveness can be attributed to the reduced need for extensive machinery during production. Additionally, adhesive bonded CLT panels offer an environmentally friendly benefit, as they can be converted into biofuel pellets at the end of their life cycle, further promoting sustainability in construction practices.
- The production of adhesive bonded CLT panels allows for customization according to the specific dimensions required for construction projects. This tailored approach minimizes wood wastage, making it an efficient choice for builders looking to optimize resources.
- In contrast, mechanically fastened CLT is created by joining three or more layers of lumber using nails and screws through mechanical systems. This method does not involve adhesives or pressing machines, which sets it apart from its adhesive bonded counterpart. However, the mechanically fastened CLT market remains in its nascent stage, with limited adoption primarily in some developed countries in Europe and North America.
- The production process for mechanically fastened CLT is notably more complex compared to adhesive bonded CLT. This complexity arises from the requirement for highly skilled labor to operate the fastening machines effectively. Consequently, there is a higher risk of raw material wastage; for instance, improper application of screws at a single point can lead to complications that affect the entire assembly, thereby increasing material loss and production inefficiencies.
Order a free sample PDF of the Cross Laminated Timber Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek