According to a new report by Research and Markets, the global cross-laminated timber (CLT) market size was US$1.1 billion in 2021, and is projected to grow at a CAGR of 14.5% during the forecast period to reach $2.5bn by 2027.
Increased consumer demand for luxurious and modern residences is projected to lead to the growth of the market. The market is expected to grow due to the increased utilisation of CLT in residential applications such as ceilings, floors, and walls.
Europe is projected to dominate the market in terms of value and volume during the forecast period due to the growing construction sector in countries such as the UK, Germany, Italy, and France.
In Europe, the primary market for CLT has been family residential construction. Due to the evolution of building codes and technologies, demand is shifting towards larger multi-family residential construction. Consumer demand for upmarket residences is expected to rise, which is expected to boost the overall market growth.
Europe is considered to be the world’s largest manufacturer of CLT. Buildings made utilising CLT have a high demand throughout the region. To enhance the total thermal efficiency and durability of the structure, the majority of construction activities in these areas now use wood-based materials.
CLT and other timber building supplies have an increasing demand among major construction enterprises across the world. The market is expected to be driven by rising potential advantages offered by CLT in the construction sector.
Research and Markets reported that adhesive bonded CLT is projected to be the fastest-growing market during the forecast period. Adhesive bonded CLTs have better bond strength and are less impacted by climatic changes than mechanical fastened CLTs.
Hence, they are extensively used in the market as the strength of the wood-based substance is determined by the strength of the adjacent surfaces. Due to the reduced use of machinery, adhesive bonded CLT has a lower production cost than mechanically fastened CLT.
More information about key companies, market overview, and more can be found on the report.