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Written by James » Updated on: October 01st, 2024
IMARC Group has recently released a new research study titled “Cross-Laminated Timber Market Report by Application (Residential, Educational Institutes, Government/Public Buildings, Commercial Spaces), Product Type (Custom CLT, Blank CLT), Element Type (Wall Panels, Flooring Panels, Roofing Slabs, and Others), Raw Material Type (Spruce, Pine, Fir, and Others), Bonding Method (Adhesively Bonded, Mechanically Fastened), Panel Layers (3-Ply, 5-Ply, 7-Ply, and Others), Adhesive Type (PUR (Polyurethane), PRF (Phenol Resorcinol Formaldehyde), MUF (Melamine-Urea-Formaldehyde), and Others), Press Type (Hydraulic Press, Vacuum Press, Pneumatic Press, and Others), Storey Class (Low-Rise Buildings (1-4 Storeys), Mid-Rise Buildings (5-10 Storeys), High-Rise Buildings (More than 10 Storeys)), Application Type (Structural Applications, Non-Structural Applications), and Region 2024-2032: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global cross-laminated timber market size reached US$ 1,586.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,715.8 Million by 2032, exhibiting a growth rate (CAGR) of 9.6% during 2024-2032. The market is experiencing steady growth driven by the escalating shift towards green building practices, supported by government regulations and eco-friendly building standards, increasing environmental awareness among consumers, and the growing demand for sustainable construction materials.
Global Cross Laminated Timber Market Trends:
The widespread integration of cross-laminated timber with smart building technologies and the Internet of Things (IoT) for the optimization of building operations, including heating, ventilation, air conditioning, and lighting, is creating a positive outlook for market growth. Additionally, the growing exploration of hybrid construction techniques that combine CLT with other materials, such as steel or concrete, to achieve greater structural strength, flexibility, and fire resistance is opening new avenues for the market growth. Moreover, the increasing focus on the aesthetic appeal of wood, leading to its increased use in interior design and architectural features, thereby elevating the profile of CLT in the construction industry, is acting as a growth-industry factor.
Factors Affecting the Growth of the Cross Laminated Timber Industry:
Rising Awareness About the Product’s Environmental Benefits: The growing awareness about cross-laminated timber’s environmental benefits and sustainability credentials is one of the major factors bolstering the market growth. It is a wood panel product that is constructed from gluing layers of solid-sawn lumber together, providing a sustainable alternative to conventional building materials like concrete and steel. Moreover, the production process of CLT has a lower carbon footprint, as it involves using wood that is known to absorb carbon dioxide from the atmosphere during its growth phase. Moreover, the increasing product utilization, as it supports sustainable forest management practices, which involve the careful management of forest resources to meet current needs keeping in mind the future generations, is catalyzing the market growth.
Rapid Technological Advancements and Construction Efficiency: The rapid technological advancements in the production and design of cross laminated timber (CLT) are providing a thrust to the market growth. In line with this, the rising innovations in manufacturing technology that make the production process more efficient and cost-effective, thereby enabling the production of larger, more precise, and higher-quality panels, are fostering the market growth. Moreover, the rising construction efficiency of CLT, as its panels are prefabricated and can be customized to specific dimensions, reducing the construction time and labor costs on site, is strengthening the market growth. Additionally, the precision of prefabricated CLT panels allows for a higher degree of architectural freedom, enabling complex and aesthetically pleasing designs that can be achieved with less material waste.
Increasing Regulatory Support and Market Demand: The increasing regulatory support and market demand for green building materials are fueling the market growth. In line with this, the imposition of various government policies and regulations for reducing carbon emissions and promoting sustainable construction practices is anticipated to drive the market growth. It includes incentives for using environmentally friendly materials, requirements for energy-efficient buildings, and grants for innovative construction projects. Besides this, the growing consumer awareness and demand for sustainable and eco-friendly building solutions are also favoring the market growth. In line with this, the rising preference for building materials that are environmentally friendly and offer healthy indoor air quality and overall well-being is anticipated to drive the market growth.
Key Companies:
Cross Laminated Timber Market Report Segmentation:
By Application:
The residential sector represented the largest due to the increasing demand for sustainable and efficient housing solutions.
By Product Type:
Custom CLT accounted for the largest market share due to its versatility in meeting specific design and architectural requirements.
By Element Type:
Wall panels hold the largest market share as they are fundamental in CLT construction, offering structural integrity and aesthetic appeal.
By Raw Material Type:
Spruce represented the largest segment owing to its widespread availability, structural properties, and suitability for CLT manufacturing.
By Bonding Method:
Adhesively bonded accounted for the largest market share due to the proven reliability and strength it offers in CLT panel construction.
By Panel Layers:
3-Ply represented the largest segment as it provides a balance between strength, flexibility, and material efficiency for various applications.
By Adhesive Type:
PUR (Polyurethane) accounted for the largest market share due to its superior bonding strength, durability, and moisture resistance in CLT panels.
By Press Type:
Hydraulic press holds the largest market share owing to its widespread adoption for producing high-quality CLT panels with consistent pressure application.
By Storey Class:
Low-rise buildings (1-4 storeys) accounted for the largest market share as CLT's benefits are maximally utilized in this scale of construction, combining speed, sustainability, and cost-efficiency.
By Application Type:
Structural applications represented the largest market share due to CLT's exceptional strength and stability.
Regional Insights:
Europe's dominance in the cross laminated timber market is attributed to the strong regulatory support for sustainable construction practices and advanced manufacturing capabilities.
Key Highlights of the Report:
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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IMARC Group
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