CLT global market to rise with the US the biggest growth area

28 April 2023

The global cross laminated timber market size is projected to grow from US$1.4 billion in 2023 to US$2.6 billion by 2028, at a CAGR of 13.7%, between 2023 and 2028. The adhesive bonded segment is expected to account for the largest share in 2023. Source: Timberbiz

Cross laminated wood is creating significant disruption in the mass timber market. With its incorporation in the International Building Code, cross laminated wood is expected to disrupt the mass timber sector globally by aiding builders and architects in the building and design of taller structures.

The application in the non-residential sector is expected to be critical on a global scale. The bulk of the adhesives used in cross laminated timber is PU adhesives, making it an even more enticing option because they are formaldehyde-free and have VOC content that is below legal limits. As regulatory standards tighten, demand for PU adhesive products is expected to climb.

The DACH nations (Germany (D), Austria (A), and Switzerland (CH)) have been driving forces in CLT growth, not only as originators of CLT goods but also as prominent CLT producers. Austria has seven CLT manufacturing sites, Germany has three, and Switzerland has two. Smaller manufacturing sites exist in Finland, Italy, Norway, Spain, and Sweden, and new CLT plants are being built in Finland, France, Sweden, and the United Kingdom.

North American cross laminated timber market is estimated to register one of the highest CAGR during the forecast period.

The market for cross laminated timber in North America is driven by technological advancements in the construction industry. The US is projected to be the largest consumer of cross laminated timber products and accounted for the largest market share, in terms of value as well as volume, among the countries in the North American region.

These companies primarily focus on new product developments to cater to the increasing demand from end users. The North American cross laminated timber market is driven by technological advancements in manufacturing and high-quality end product.

Major companies in the CLT industry: