Cross Laminated Timber Market to Reach $2,066.1 Mn in 2028; Extensive Adoption of the Material in Building Structures and Constructions to Bolster Market Growth

The global cross laminated timber market size is expected to experience substantial growth by reaching USD 2,066.1 million by 2028. Fortune Business Insights™, in its report titled "Cross Laminated Timber Market Size, Share & COVID-19 Impact Analysis, By Bonding Technology (Adhesive Bonded and Mechanically Fastened), By Application (Residential Buildings, Non-Residential Buildings, and Others), and Regional Forecast, 2021-2028" studies that the market size stood at USD 725.9 million in 2020 and is projected to exhibit a CAGR of 14.4% during 2021 and 2028. CLT's extensive adoption in building structures and constructions and its excellent seismic performance and design flexibility are likely to fuel the market's growth. 

Mercer International Acquires 270,000 sq.ft. CLT Plant to Expand Market Reach in the U.S.

Mercer International completed the acquisition of 27,000 sq. ft. CLT plant is situated in Spokane, Washington. The company invested approximately USD 50 million for the acquisition of the plant. The company received a U.S. bankruptcy court for the acquisition of 54 acres of land, and the company is equipped with CLT presses and other automation technologies. The plant holds a capacity of nearly 13 million square feet five-ply panels every year. This acquisition may enable the company to expand its market reach in the U.S. 

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https://www.fortunebusinessinsights.com/cross-laminated-timber-clt-market-102884

Robust Demand for Eco-friendly Construction Materials to Foster Industry Progress

Cross laminated timber is used extensively from several green constructions because of its eco-friendly properties and effectiveness in construction applications. Governments support CLT's use in construction sectors because of its environmentally friendly properties. For example, India's Public Works Department lifted the ban on the usage of timber in building constructions in 2020. It provides better acoustic and thermal insulation in comparison with conventional materials. Further, manufacturers and governments focus heavily on developing sustainable construction materials. As a result, cross laminated timber is likely to drive the market growth. 

Prominent Companies Set Up Manufacturing Plants to Strengthen Market Position

The prominent companies operating in the market set up manufacturing plants in several regions to strengthen their market position. For example, Mayr Melnhof Holz Holding AG made a significant investment of nearly USD 145 million in January 2020 to construct a modern CLT manufacturing facility at Leoben, Austria. The company undertook this strategy to strengthen its market position in the European industry and boost the forward integration development. In addition, the adoption of research and development may enable companies to boost their product quality and boost brand image. 

Industry Development

• January 2020: Freres Lumber transformed into the first organization to install the first Taihei horizontal plywood press in the U.S. This development maximized contact pressure uniformity and energy savings, thereby boosting production efficiency.

LIST OF KEY PLAYERS PROFILED IN THIS MARKET REPORT:

• Stora Enso (Finland)


• Mayr Melnhof Holz Holding AG (Austria)


• Binderholz GmbH (Austria)


• Xlam Ltd. (Australia & New Zealand)


• Sterling Company (U.S.)


• Schilliger Holz AG (Switzerland)


• KLH Massivholz GmbH (Austria)


• B&K Structures (U.K.)


• Eugen Decker Holzindustrie KG (Germany)


• Structurlam Mass Timber Corporation (Canada)


• Smartlam NA (U.S.)


• Freres Lumber Co. Inc. (U.S.)


• Katerra (U.S. & India)


• IB EWP Inc. (Canada)


• Nordic Structures (Canada)


• StructureCraft Builders Inc. (Canada)


• DRJ Wood Innovations (U.S.)


• PFS Corporation (U.S.)

Further Report Findings-

• The market in Europe stood at USD 445.2 million in 2020 and is expected to gain the largest portion of the global cross laminated timber market share. The extensive adoption of CLT in several medium and small-sized houses is likely to boost industry growth. 


• Furthermore, the growth in Europe is attributable to the construction of over 65% CLT worldwide. Its demand is increasing rapidly from the construction sector because of its excellent insulation against cold environments. These factors are likely to foster industry progress. 


• According to the application, the non-residential buildings segment is expected to lead the market. Increasing applications of cross laminated timber in office building constructions are likely to boost the market growth. 

Table of Segmentation