Market Size of Cross Laminated Timber Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cross Laminated Timber Market Analysis
The market for cross-laminated timber is projected to register a CAGR of over 3% during the forecast period.
COVID-19 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 from the residential sector and adaptability in flexible designs and stylish architecture are major factors driving the growth of the market studied.
- However, the moisture-absorbing capacity of wood and the dearth of awareness among consumers are the key factors anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the development of advanced adhesives and resins is likely to create lucrative growth opportunities for the global market soon.
- Europe dominates the cross-laminated timber market across the globe with the largest consumption from the United Kingdom and Germany.
Cross Laminated Timber Industry Segmentation
Cross-laminated timber consists of planks of sawn, glued, and layered wood, 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 size and forecasts for the cross-laminated timber market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
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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 from the Residential Sector
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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 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 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 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 Rest of Middle-East and Africa
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Cross Laminated Timber Market Size FAQs
What is the current Cross Laminated Timber Market size?
The Cross Laminated Timber Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Cross Laminated Timber Market?
Binderholz GmbH, Stora Enso, PFEIFER GROUP, Mayr-Melnhof Holz Holding AG and HASSLACHER Holding GmbH are the major companies operating in the Cross Laminated Timber Market.
