The global cross-laminated timber market size was US$ 1061 million in 2021. The global cross-laminated timber market is forecast to grow to US$ 2080 million by 2030, registering a compound annual growth rate (CAGR) of 12.1% during the forecast period from 2022 to 2030.
Cross-laminated timber (CLT) works as a renewable option for concrete and steel construction. It is a form of wood panel produced by attaching the layers of solid-sawn lumber.
Factors Influencing the Market Growth
The demand for cross-laminated timber is forecast to increase due to its eco-friendly characteristics. In addition, the growth of the construction industry is forecast to fuel the growth of the global cross-laminated timber market during the study period.
The rising demand for sustainable construction solutions is driving the growth of the global cross-laminated timber (CLT) market. CLT acts as a beneficial alternative that pollutes the environment. In addition, its lightweight properties help in producing efficient designs. Thus, all of these factors will contribute to the market growth during the study period.
Growing technological advancements are forecast to boost the adoption of cross-laminated timber in construction activities. The advancements in the industry have helped construct buildings up to ten stories tall.
Rising government support is forecast to accelerate the growth of the global cross-laminated timber market during the study period. In addition, increasing consumer awareness about the harmful effects of cement and bricks is forecast to fuel the demand for environmentally sustainable construction materials. Thus, the global cross-laminated timber market will benefit from growing environmental concerns.
The poor fire and moisture resistance of cross-laminated timbers may slow down the growth of the market.
Regional Analysis
The cross-laminated timber market is forecast to witness favorable growth results in Europe. The region is expected to hold dominance in the market due to the rising construction activities and favorable government initiatives. In addition, North America will hold a substantial proportion of the cross-laminated timber market, owing to the growing construction industries and rising number of residential and commercial projects.
COVID-19 Impact Analysis
Cross-laminated timber has high applications in the construction industry. However, the construction industry has been one of those industries that witnessed negative impacts due to the COVID-19 pandemic. Thus, the demand for cross-laminated timber ultimately declined. In addition, the market also witnessed significant challenges in the production of cross-laminated timber. As a result of this, supply chains were highly disrupted. The global cross-laminated timber market is forecast to recover as the authorities ease restrictions and construction activities restart.
Competitors in the Market
Market Segmentation
The global cross-laminated timber market segmentation focuses on Product, application, and Region.
Product Outlook
Application Outlook
By Region
