Global Cross Laminated Timber market grow with a global CAGR of 15% in 2019-24

According to the estimated of IMARC, the Global Cross Laminated Timber market is expected to reach US$1.3 Billion by 2023.

Europe is the leader in Global Cross Laminated Timber market on account of its high demand in the region. In Europe, Austria exhibits a clear dominance in the market. It is followed by North America (including the United States and Canada). 

A new research report by IMARC Group, titled “Cross Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 564 Million in 2017. The report further anticipates the market to reach a value of approximately US$ 1.3 Billion by 2023, at a projected CAGR of around 15% over the forecast period. Cross-laminated timber (CLT) is a panel of wood, designed by glueing together layers of solid-sawn timber. The process offers improved dimensional stability to the product, in-plane and out-of-plane strength, stiffness and increases the splitting resistance. Over the years, cross-laminated timber has replaced other concrete alternatives such as steel and masonry due to their cost effectiveness, easy and faster installation and high strength.   

The green building movement and other international initiatives are gaining momentum worldwide. Cross-laminated timber is regarded as environment-friendly material which requires low energy consumptions as compared to its counterparts. The use of cross-laminated timber offers structural capability and reduction in construction cost as well as time, making it apt for usage in all elements of construction such as walls roofs and floor. The consistent marketing efforts by manufacturers have also aided in creating awareness about the advantages of cross-laminated timber among consumers. However, there are several factors that hamper the market growth. Structures created using cross-laminated timber require external support and added insulation. Moreover, any kind of future transformations with structure is difficult in comparison to the traditional constructional materials.

Residential represents the largest application segment in the cross-laminated timber market. Residential is followed by educational institutes, government/public buildings and commercial spaces. Competitive Landscape: The market is concentrated with the presence of large manufacturers who compete in terms of prices and quality.

(With input from Shane Smith, IMARC)