Market Size of Cross Laminated Timber Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 2.9 Billion |
| CAGR (2024 - 2029) | > 10.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cross Laminated Timber Market Analysis
The Cross Laminated Timber Market size is estimated at USD 1.40 billion in 2024, and is expected to reach USD 2.9 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020 since construction work and other activities were put on hold to curb the spreading of the virus. However, the market is projected to grow steadily, owing to increased construction activities in 2021.
- Over the short term, the increasing demand in the residential segment and adaptability in flexible designs and stylish architecture are major factors driving the growth of the market.
- However, the moisture-absorbing capacity of wood and the absence of awareness among consumers are the key factors anticipated to restrain the growth of the target industry during the forecast period.
- However, the shift toward a carbon-negative future based on cross laminated timber will soon create growth opportunities in the global market.
- Europe dominates the cross laminated timber market globally, with the largest consumption from the United Kingdom and Germany.
Cross Laminated Timber Industry Segmentation
Cross laminated timber consists of sawn, glued, and layered wood planks, where each layer is oriented perpendicular to the previous. By joining layers of wood at perpendicular angles, structural rigidity for the panel is obtained in both directions, similar to plywood but with thicker components.
The cross laminated timber market is segmented by type, application, and geography. By type, the market is segmented into adhesive bonded and mechanically fastened. By application, the market is segmented into residential and non-residential. The report also covers the market sizes and forecasts for the cross laminated timber market in 27 countries across major regions. For each segment, the market sizing and forecasts are done based on value (USD).
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| Adhesive Bonded | |
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| Residential | |||||
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Cross Laminated Timber Market Size Summary
The cross-laminated timber market is experiencing a steady growth trajectory, driven by increasing demand from the residential sector and its adaptability in flexible designs and stylish architecture. Despite the initial setback due to the COVID-19 pandemic, which halted construction activities, the market has rebounded with a focus on sustainable building materials. Cross-laminated timber, known for its lightweight, strength, and environmental benefits, is gaining traction as a preferred alternative to traditional concrete materials, particularly in regions like Japan. However, challenges such as the moisture-absorbing nature of wood and limited consumer awareness pose constraints to market expansion. The development of advanced adhesives and resins presents promising opportunities for further growth.
Europe remains the dominant region in the global cross-laminated timber market, with significant consumption in the United Kingdom, Germany, and other countries. The region's construction sector is increasingly adopting cross-laminated timber due to its cost-effectiveness, reduced construction time, and earthquake resilience. Major producers in Europe, including Binderholz GmbH, Pfeifer Group, and Stora Enso, are expanding their production capabilities to meet rising demand. The market's fragmented nature is characterized by the presence of several key players, each contributing to the competitive landscape. As the construction of residential buildings continues to rise in Europe, the cross-laminated timber market is poised for sustained growth.
Cross Laminated Timber Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand in the Residential Segment
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1.1.2 Adaptability In Flexible Designs And Stylish Architecture
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1.2 Restraints
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1.2.1 Moisture Absorbing Capacity of Wood
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1.2.2 Dearth of Awareness Among Consumers
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Type
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2.1.1 Adhesive Bonded
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2.1.2 Mechanically Fastened
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2.2 Application
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2.2.1 Residential
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2.2.2 Non-residential
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2.2.2.1 Commercial
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2.2.2.2 Industrial/Institutional
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2.2.2.3 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Thailand
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2.3.1.6 Vietnam
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2.3.1.7 Malaysia
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2.3.1.8 Indonesia
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2.3.1.9 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Spain
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2.3.3.6 Russia
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2.3.3.7 NORDIC
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2.3.3.8 Turkey
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2.3.3.9 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Colombia
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2.3.4.4 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 United Arab Emirates
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2.3.5.4 Qatar
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2.3.5.5 Nigeria
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2.3.5.6 Egypt
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2.3.5.7 Rest of Middle East and Africa
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Cross Laminated Timber Market Size FAQs
How big is the Cross Laminated Timber Market?
The Cross Laminated Timber Market size is expected to reach USD 1.40 billion in 2024 and grow at a CAGR of greater than 10% to reach USD 2.9 billion by 2029.
What is the current Cross Laminated Timber Market size?
In 2024, the Cross Laminated Timber Market size is expected to reach USD 1.40 billion.
