According to Persistence Market Research (PMR), the Global Cross Laminated Timber Market size will surpass US$ 903.9 Million in terms of market value by 2026, growing steadily at a CAGR of 6.3% from 2022 to 2026. The rising demand from the residential sector, as well as the high adaptability of cross-laminated timber in flexible designs and fashionable architecture, are major drivers driving the market. Cross-laminated timber is a structured wood panel manufactured by gluing layers of solid-sawn lumber that are symmetrically aligned perpendicular to adjacent layers and utilized as load-bearing parts for construction frames such as walls, floors, and roofs. Cross-laminated timber is also utilized for exterior cladding and interior lining. The residential sector dominates the market and is likely to grow over the forecast period due to the rising demand for wooden constructions due to its adaptability to stylish architecture.
Europe holds the majority of the global market share. The use of cross-laminated timber is expanding in the region because of the growing construction sector in nations such as the United Kingdom, Germany, Italy, and France.
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Europe also has the highest concentration of cross-laminated timber manufacturers. The growing number of new houses built with timber frames is contributing significantly to the region’s market growth. The demand for cross-laminated timber has been rapidly expanding due to the optimum use of cross-laminated timber, which minimizes building costs, time, and risk during earthquakes. In addition, more than 50,000 affordable houses will be built in Greater Manchester by 2038 as part of new plans to address the region’s “housing crisis,” offering a significant opportunity for the Cross Laminated Timber Market.
Competitive Landscape
The key players are making massive investments in research regarding development of cross laminated timber of various applications and grades. As of now, research pertaining to developing Xlam from the lumber (obtained from bamboo), followed by improvement in performance against acoustic variation and temperature fluctuations is “ON”.
Stora Enso, in November 2020, obtained approval for producing as well as delivering cross laminated timber panels across the US, but not without complying with North American CLT standard for performance-rated cross laminated timber – ANSI/APA PRG 320-2019. Certain amendments were made in the year 2021, as per which construction up to 18 storeys is allowed. This has certainly opened doors for mid-rise building/construction sector.
Mayr Melnhof Holz Holding AG, in January 2021, did announce investing close to US$ 145 Mn for building a modern cross laminated timber (CLT) manufacturing plant in Austria (at Leoben) to strengthen its position in the market of Europe.
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PMR has presented a comprehensive report based on Cross Laminated Timber Market as per Type (Mechanically Fastened, and Adhesive-Bonded), End-use (Residential, Commercial & Institutional, and Industrial), Application (Walls, Ceilings, Roof Structures, and Beams) based on seven regions.
Companies
- Store Enso Oyo
- Binderholz GmbH
- Mayr-Melnhof Holz Holding AG
- KLH Massivholz GmbH
- HASSLACHER Holding GmbH
- Structurlam Mass Timber Corporation
- Eugen Decker Holzindustrie KG
- Züblin AG
- Schilliger Holz AG
- u. J. Derix GmbH & Co.
- Weinberger-holz gmbh
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