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Cross Laminated Timber Market Size

Report ID: GMI4096
Published Date: Dec 2024
Report Format: PDF

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Cross Laminated Timber Market Size

The global cross laminated timber market was valued at USD 1.3 billion in 2023 and is estimated to grow at a CAGR of over 8.2% from 2024 to 2032.

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The demand for cross laminated timber (CLT) in the construction market is driven by several interconnected factors that reflect the global shift towards more sustainable, energy-efficient, and innovative building practices. One of the primary demand drivers is the growing focus on sustainability within the construction sector. As governments, businesses, and consumers become more aware of the environmental impacts of traditional construction materials, there has been an increased push for the adoption of eco-friendly alternatives.

Cross Laminated Timber Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cross Laminated Timber Market Size in 2023:	USD 1.3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	8.2%
2032 Value Projection:	USD 2.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	220
Tables, Charts & Figures:	180
Segments covered:	Raw Material, Press Type, Application, Distribution Channel and Region
Growth Drivers:	Growing demand for sustainable construction material Growing construction industry
Pitfalls & Challenges:	Market saturation and intense competition High initial cost

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CLT, being made from renewable wood sources, is considered a highly sustainable building material. Unlike concrete and steel, which have a significant carbon footprint due to their energy-intensive production processes, CLT has a much lower environmental impact. The material is carbon-neutral, and the wood used in CLT stores carbon dioxide absorbed during the growth of trees, which means CLT contributes to reducing the overall carbon footprint of a building. Furthermore, CLT is biodegradable and can be recycled at the end of its lifecycle, making it a key player in the global effort to transition to greener construction practices.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market size for cross laminated timber was valued at USD 1.3 billion in 2023 and is projected to reach USD 2.7 billion by 2032, driven by a CAGR of over 8.2% from 2024 to 2032.

The spruce segment accounted for approximately USD 1.1 billion in revenue in 2023 and is estimated to grow at a CAGR of around 8.1% from 2024 to 2032, driven by its excellent strength-to-weight ratio and sustainability.

The North America market, led by the U.S., generated around 67% of the market share in 2023, driven by government-backed incentives and funding programs supporting sustainable construction practices.

Major players in the industry include Binderholz, Brettstapel, Hasslacher Norica Timber, Katerra, KLH Massivholz, Lignotrend, Mayr-Melnhof Holz, Nordic Structures, Schilliger Holz, and Stora Enso.