Cross Laminated Timber Global Market Report 2024

The global cross laminated timber market has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth observed in the historical period can be attributed to the adoption of sustainable construction practices, the pursuit of green building certifications, the implementation of cost-effective construction solutions, increased awareness of climate change, the emphasis on architectural flexibility and design freedom, and the impact of urbanization and population growth.

The global cross laminated timber market is expected to see rapid growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The projected growth in the forecast period can be attributed to regulatory support for timber construction, a heightened focus on carbon-neutral construction practices, the increasing demand for energy-efficient buildings, the emphasis on resilience in seismic zones, the adoption of timber in affordable housing projects, and consumer preference for natural materials. Major trends expected in this period include a strong emphasis on sustainability and environmental benefits, advancements in Cross-Laminated Timber (CLT) manufacturing, increased integration with Building Information Modeling (BIM), the use of timber in hybrid construction systems, ongoing development of codes and standards, education and training initiatives, and the availability of financial incentives and support.

The anticipated rise in construction activities is poised to be a driving force behind the growth of the cross-laminated timber market. Timber, a crucial material in various construction components, experiences heightened demand as construction involves doors, windows, cabinets, and more. In September 2021, the global construction market exhibited substantial growth, expanding from $4.5 trillion to $15.2 trillion. Notably, countries like China, India, the United States, and Indonesia contributed significantly, accounting for 58% of the projected growth. With a predicted annual growth rate of 3.6%, surpassing that of services or manufacturing sectors, and a 5.1% annual growth in global infrastructure construction, the surge in construction activities is expected to propel the cross-laminated timber market.

The surge in infrastructure investment is set to further propel the cross-laminated timber market's growth. Cross-laminated timber, known for its durability and versatility, is increasingly favored in infrastructure projects for its ability to reduce air infiltration and enhance building thermal efficiency. Notably, in June 2022, the U.S. federal government allocated significant funds, spending $36.6 billion primarily on infrastructure and providing $94.5 billion to provinces. This substantial investment in infrastructure development positions cross-laminated timber as a preferred material, driving growth in the market.

A key trend gaining momentum in the cross-laminated timber market is product innovation. Leading companies are investing in advanced technologies, exemplified by innovations such as Woodbe's self-locking frame system. Woodbe, a Sweden-based company in the cross-laminated timber sector, creatively repurposed its existing self-locking frame system, introducing innovative methods for constructing efficiently with cross-laminated timber. This innovation not only enhances precision and reduces the risk of errors on construction sites but also contributes to a more sustainable and eco-friendly construction industry.

Strategic partnerships are becoming integral to the cross-laminated timber market, with major companies opting for collaborations to enhance local supply chains. Setra Group AB, a UK-based manufacturing and distributing company, announced a partnership with Vasakronan AB in January 2023. This collaboration aims to deliver locally made cross-laminated wood and glulam for Uppsala's Lumi district project. The initiative includes the use of cross-laminated wood beams for additional floors, innovative footbridges connecting buildings, and glulam for the atrium's roof structure. Such partnerships leverage each company's strengths, fostering mutual benefits and contributing to the growth of the cross-laminated timber market.

In a significant acquisition, Mayr-Melnhof Holz, an Austria-based timber and laminated timber processing company, acquired Bergkvist Siljan in February 2022. This strategic move is expected to boost Mayr-Melnhof Holz's lumber production capacity by approximately 50%, exceeding 2.7 million cubic meters of sawn timber per year. Bergkvist Siljan, a Sweden-based company in the cross-laminated timber market, adds substantial value to Mayr-Melnhof Holz's expansion plans and market presence.

Major companies operating in the cross laminated timber market report are Maye-Melnhof Holz Holding AG, Stora Enso Oyj, Binderholz GmbH, Eugen Decker Holzindustrie KG, Schilliger Holz AG, KLH Massivholz GmbH, Structurlam Mass Timber Corporation, XLam Limited, Sterling Lumber, B & K Structures Ltd., Smartlam NA, HASSLACHER Gruppe, Ante group, Decker holding GmbH, Meiken Lamwood Corporation, PFS Corporation, Blackwell Structural Engineers, Boise Cascade Company, Building Systems Design Inc., Canadian Timberframes Ltd., Nordic Structures, Oregon Canadian Forest Products, DRJ Wood Innovations, Eco Building Systems, TimberLab Solutions, Eurban Ltd., Freres Lumber Co. Inc., Züblin Timber GmbH, Holz100, Lignotrend Produktions GmbH, and Massiv Lustenau GmbH.

Europe was the largest region in the cross laminated timber market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cross-laminated timber market report forecast period. The regions covered in the cross laminated timber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cross laminated timber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of cross-laminated timber are adhesive bonded and mechanically fastened. Adhesive bonding involves joining two surfaces together, typically forming a smooth bond. Various applications include residential, institutional, commercial, and other uses, catering to different end-users in both structural and non-structural contexts.

This report provides cross laminated timber market statistics, including cross-laminated timber industry global market size, regional shares, competitors with a cross laminated timber market share, detailed cross laminated timber market segments, market trends and opportunities, and any further data you may need to thrive in the cross-laminated timber industry. This cross laminated timber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cross laminated timber market consists of sales of laminations, adhesives, lamination joints, sawn, glued, and layered wood. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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