NEW YORK, Nov. 3, 2023 /PRNewswire/ — The cross laminated timber market is expected to grow by USD 1.23 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 12.42% during the forecast period. The market is segmented by end-user (non-residential and residential), application (structural and non-structural), and geography (Europe, North America, APAC, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample
The growth in the real estate and construction industry is a key factor driving market growth. The increased number of office spaces, business complexes, and homes has been a result of developments in the property sector around the world. The result was an increase in the demand for cross-laminated timber for construction and structural applications. Furthermore, the increasing number of households with only one person and two persons is contributing to increased housing construction activity around the world.
- The report recognizes the following as some of the key players in the cross laminated timber market: B and K Structures, Binderholz GmbH, DRJ Wood Innovations, Eugen Decker Holzindustrie KG, Freres Engineered Wood, HASSLACHER Holding GmbH, HESS TIMBER GmbH, KLH Massivholz GmbH, Mayr Melnhof Holz Holding AG, Mercer International Inc., Nordic Structures, Pfeifer Holding GmbH, PFS Corp., Schilliger Holz AG, SmartLam, Stora Enso Oyj, STRABAG SE, StructureCraft, XLam Ltd., and Sterling Lumber
- Cross Laminated Timber Market is fragmented in nature.
- Market to observe 12.02% YOY growth in 2024.
- The focus on forestry management is a major trend in the market.
- To achieve sustainable business models that consider renewable sources, wood suppliers and contractors have been working together on the alignment of their activities.
- In addition, the focus on plantation management is an important factor for market players who operate in developing countries and sustainable growth models are increasingly being pursued by many operators in these countries, including China and Indonesia.
The volatility of raw material prices is a significant challenge restricting market growth.
- Polymer and resin products as well as derivatives of crude oil are most adhesives used for liming timber.
- The oil and gas industry is one of the major producers of adhesive materials since they are made from petroleum fractions.
- This results in a negative impact on raw materials prices and thus on adhesive costs, due to oil price fluctuations.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
- The non-residential segment will account for a major share of the market’s growth during the forecast period. In commercial construction, the use of cross-laminated wood is widely used, and it is particularly preferred in buildings for business as well as open space. Easy maintenance and low construction costs are some of the main aspects contributing to the widespread use of cross-laminated timber.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
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