The global cross laminated timber (CLT) market size was estimated at USD 1.17 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 14.9% from 2023 to 2030. Superior design flexibility and faster installation processes in comparison to other building materials are likely to benefit the industry over the forecast period. Cross laminated timber is increasingly used in construction applications owing to the rising awareness about the product benefits including design flexibility, fire resistance, superior thermal performance, cost-effectiveness, and others. In addition, a clean & noiseless construction process, reduced construction time, and low cost have increased the demand for the same.

The market in the U.S. is expected to exhibit growth owing to the high demand from the end-user segment. Factors such as high disposable income, large market size, the ability of established players to mass-produce, and an extensive range of products are expected to boost the cross laminated timber market growth in the region. Cross laminated timber (CLT) products are also characterized by superior performance in terms of the generation of job site waste. Since most of the CLT panels are pre-fabricated, there is minimal waste generation on the site. In addition, manufacturers re-use scrap for the fabrication of stairs or other prefabricated components. Moreover, the proven strength, cost competitiveness, and structural performance provided by CLT are expected to increase opportunities for the product for expanding applications in a wider range of buildings.

Gather more insights about the market drivers, restrains and growth of the Global cross laminated timber market

Cross Laminated Timber Market Segments Highlights:

• The adhesive bonded cross laminated timber product led the market and accounted for more than 88.2% share of the global revenue in 2022. The use of high-strength adhesives used for the bonding of planks is projected to propel its demand across various application industries including residential, institutional, commercial, and others.
• The mechanically fastened CLT market is still in its nascent stage and has limited adoption in some developed countries in Europe & North America.
• The production of mechanically fastened CLT is highly complex, as compared to adhesive bonded CLT, due to the need for highly skilled labor for the operation of the fastening machines.
• The residential application segment led the market and accounted for more than 45.6% of the global revenue share in 2022. The rising use of eco-friendly construction materials and seismic bearing capacity is expected to result in increased consumption in earthquake-prone areas, such as Japan, India, and Mexico, over the forecast period.
• Europe dominated the market and accounted for over 58.9% share of global revenue in 2022, owing to the green building movement initiated in the region. In addition, trends for using wooden products in construction applications are expected to support the market growth over the forecast period.
• The cross-laminated timber market in North America is majorly driven by the demand from the U.S. Strong growth in application industries in Canada and Mexico is further likely to provide growth prospects to the regional demand for CLT products.
• The enforcement of green building codes by various governments in the Asia Pacific region is anticipated to aid the market growth. The region is generally characterized by high temperatures and extreme climatic conditions, thus consumers in the region prefer concrete construction over wooden construction, which is likely to restrict the market growth.
• Flourishing tourism in the region has led to an increasing requirement for restaurants, resorts, and food chains, thereby driving the market growth.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

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Cross Laminated Timber Market Segmentation

Grand View Research has segmented the global cross laminated timber market report based on product, application, and region:

Cross Laminated Timber (CLT) Product Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2018 - 2030)

• Adhesive Bonded CLT
• Mechanically Fastened CLT

Cross Laminated Timber (CLT) Application Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2018 - 2030)

• Residential
• Institutional
• Commercial
• Others

Cross Laminated Timber (CLT) Regional Outlook (Volume, Thousand Cubic Meters; Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Austria
  • Germany
  • Switzerland
  • Italy
• Asia Pacific
  • New Zealand
  • China
  • Japan
  • Australia
• Central & South America
• Middle East & Africa

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