According to the latest report by IMARC Group titled “Cross-Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” the global cross-laminated timber market reached a volume of 1,853,437 Cubic Metres in 2021. Looking forward, IMARC Group expects the market to reach 3,777,532 Cubic Metres by 2027, exhibiting at a CAGR of 12.4% during 2022-2027.
Cross-laminated timber (CLT) is a wood-engineered product made by piling up the layers of lumber cut from a single log. It is generally stacked perpendicular to the layers above and below it and then glued symmetrically on the wide faces of each board. This cross-laminated arrangement improves rigidity, dimensional stability, and mechanical properties. As a result, CLT is gaining popularity as a sustainable alternative to concrete and steel construction in commercial and residential sectors worldwide.
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Cross-Laminated Timber Market Trends and Drivers:
The market is primarily driven by the increasing demand for CLT from the construction sector. This can be attributed to the numerous benefits associated with CLT, such as shorter construction time, fast installation and affordability. As a result, it is widely used for building different types of structures, including barns, powerline towers, houses, bridges, high-rise apartments, and office buildings. Moreover, CLT is a cheaper alternative to other popular construction materials such as precast concrete, which represents another major growth-inducing factor. Besides this, governments of numerous countries are undertaking various initiatives to promote the usage of green construction materials. In line with this, the growing environmental consciousness among the masses, and the sales of eco-friendly wooden panels, are anticipated to further propel the market growth.
Cross-Laminated Timber Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The report has segmented the global cross-laminated timber market on the basis of application, product type, element type, raw material type, bonding method, panel layers, adhesive type, press type, storey class, application type and region.
Breakup by Raw Material Type:
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