The global cross laminated timber market size is projected to grow from USD 1.4 billion in 2023 to USD 2.6 billion by 2028, at a CAGR of 13.7%. This report provides a detailed analysis of the industry, highlighting key growth drivers, challenges, cross laminated timber market demand, market trends, technological advancements, and regional dynamics. The demand for cross laminated timber is primarily influenced by the demand trends in the building and construction, packaging industry, and in the growing economy. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the cross laminated timber market.
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Adhesive Bonded segment is expected to account for the largest share in 2023.
The use of structural adhesives or glues has been one of the most significant technological advances in modern engineered wood building. These chemical bonding agents have assisted in the formation of structural goods that have low mass, high tensile strength, and minimum expansion and contraction owing to moisture retention. The adhesives used for bonding engineered wood have diverse chemical properties and are chosen depending on the end product’s specific needs. This is also the standard for CLT and LVL manufacture (Laminated Veneer Lumber).
Non-residential segment is expected to account for the largest share in 2023.
Cross-Laminated Timber (CLT) is used in the non-residential sector due to its many benefits. CLT can be used not only as load-bearing panels for walls, floors, and roofs but also for shear walls. CLT is structurally viable and can result in faster, less expensive projects that ultimately enhance the tenant experience. Additionally, CLT is a sustainable building material that can store carbon during the building’s lifetime and even capture additional carbon. Furthermore, using CLT during construction of non-residential buildings can result in several possible advantages such as reduced construction time and cost. Therefore, CLT is an attractive option for non-residential construction due to its structural integrity, sustainability, and cost-effectiveness.
Europe is expected to account for the largest share in 2023.
The major drivers for this market are the increase in awareness regarding the importance of cross laminated timber as well as rising industrialization in the region after the economic slowdown. The European region has the highest number of manufacturers of cross laminated timber and is currently leading in production due to the presence of major manufacturers such as Mayr-Melnhof Holz. Due to the adoption of strategies such as mergers & acquisitions and investments & acquisitions, further advancements in the market are expected. Cross laminated timber itself has been in use for decades, particularly in this region.
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Interest in the material is surging along with concern about the greenhouse-gas emissions associated with concrete and steel. The production of construction materials such as steel, cement, and glass accounts for 10% of global energy-related CO2 emissions, according to a United Nations report. Cross-laminated timber and other engineered wood products, on the other hand, can improve the environment in three ways: trees collect and store carbon as they develop; long-lived wood products lock in carbon; and these goods may be utilized in many circumstances instead of high-impact materials like concrete.
Cross Laminated Timber Companies
Europe is projected to dominate the market in terms of value and volume during the forecast period. Europe is considered to be the world’s largest manufacturer of cross laminated timber. Buildings made using cross laminated timber have a high demand throughout North America and Europe. To enhance the total thermal efficiency and durability of the structure, the majority of construction activities in these areas now use wood-based materials. Cross laminated timber and other timber building supplies have an increasing demand among major construction enterprises across the world.
The major players in the global cross laminated timber market are Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz GmbH (Austria), Hasslacher Holding GmbH (Austria), and Schilliger Holz AG (Switzerland). These players opted for inorganic growth through mergers & acquisitions, agreements, and partnerships.
There are various small, medium, and large players operating in the market. Some of the major market players include Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz GmbH (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GmbH (Austria), Schilliger Holz AG (Switzerland), KLH Massivholz GmbH (Austria), Structurlam Mass Timber Corporation (Canada), and XLam NZ Limited (New Zealand). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.
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Stora Enso: Stora Enso produces and sells newspaper, book paper, magazine paper, fine paper, consumer board, industrial packaging, and wood products. Packaging Solutions, Biomaterials, Wood Products, Forest, Paper, and Miscellaneous are the segments under which it works. The Packaging Solutions business creates fiber-based packaging and is involved in all stages of the value chain, from pulp production to material and from package manufacture to recycling. The Biomaterials sector provides a variety of pulp grades to fulfill the needs of manufacturers of paper, board, tissue, textile, and hygiene products. The Wood division offers a wide range of wood-based building and housing solutions. Paper solutions for print media and office applications are provided by the Paper division.
MAYR-MELNHOF HOLZ: Mayr-Melnhof Holz is one of Europe’s largest and most prominent wood processing firms. It is a global leader in the glued laminated wood segment, as well as the driving force behind the advancement of cross-laminated timber, future construction, and material. It has around 2,216 employees in Austria, Germany, the Czech Republic, and Russia to transform the rich raw material into contemporary wood items. Apart from sawn timber, its timber construction manufacturing program comprises glulam ceiling, glulam flooring, duo/trio beams, cross laminated timber, wood-concrete composite parts, and concrete formwork technology.
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