The global Cross Laminated Timber Market size is projected to reach USD 2,062.2 million by the end of 2027. The increasing construction and building activities will create several growth opportunities for the companies operating in the market. The market was worth USD 756.9 million in 2019 and will exhibit a CAGR of 13.7% during the forecast period, 2021-2027.
Cross laminated timber is a type of engineered wood that is used in applications that require product with higher load handling capabilities. The product is engineered with three layers of solid-sawn wood that are bind together with an adhesive or mechanical pressure. This is mainly done to increase the rigidity of the product and used in heavy-weight applications. The product was initially developed in the Alpline countries of Europe and is gaining rapid popularity in North America as well as Asia Pacific. The increasing investment in the development of efficient products, driven by increasing applications of the product across diverse industries, will have a positive impact on the growth of the market in the coming years. The favourable properties of cross-laminated timber such as good acoustic and thermal insulation will fuel the demand for the product across the world.
Increasing Efforts taken to Maximize the Production of CLT Will Aid Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It highlights a few of the key strategies adopted by major companies and discusses their impact on the overall market. Due to the increasing demand for CLT across the world, several large scale companies are looking to increase the production capacity of this material through the integration of advanced technologies. In December 2019, Structurlam Mass Timber Corporation announced that it has expanded its operations in the United States. The company announced that it has begun the construction of its new manufacturing plant in Conway, Arkansus. The company claims that this plant will improve its production capacity and will open by the end of 2021. The company stated that it has invested around USD 90 million in the manufacturing plant with a view to addressing the massive product demand in the southern, eastern, and central parts of the United States.
List of Key Companies Profiled in the Cross Laminated Timber Market Research Report are:
- Stora Enso (Finland)
- Mayr Melnhof Holz Holding AG (Austria)
- Binderholz GmbH (Austria)
- Xlam Ltd. (Australia & New Zealand)
- Sterling Company (USA)
- Schilliger Holz AG (Switzerland)
- KLH Massivholz GmbH (Austria)
- B&K Structures (UK)
- Eugen Decker Holzindustrie KG (Germany)
- Structurlam Mass Timber Corporation (Canada)
- Smartlam NA (USA)
- APA – The Engineered Wood Association (USA)
- Katerra (USA & India)
- IB EWP Inc. (Canada)
- Nordic Structures (Canada)
- Other Key Players
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Europe Accounted for the Highest Share; Increasing Construction Activities Will Provide Impetus to Market Growth