Cross Laminated Timber (CLT) is an engineered wood product which is made from several layers of lumber board, stacked crosswise and glued together on their wide faces. This structure offers strength, stability, and firmness which makes the product a possible alternative to concrete and steel for many applications. It can be used for a building purpose or any combination of wall, floor and ceiling. Its light weight nature makes it highly adaptable to different types of projects. In addition, as a construction material, timber is renewable and creates environmental benefits. CLT is gaining popularity owing to its various features such as cheaper, cleaner and quicker product to build than traditional structures.
The global cross laminated timber market has been segmented on the basis of product type, application, and region.
On the basis of product type, the market is segmented into adhesive- bonded CLT and mechanically fastened CLT. Adhesive- bonded CLT segment is expected to witness high growth over the forecast period. High demand for adhesive bonded CLT in residential sector pushing the global market towards growth.
On the basis of application, the market is segmented into residential, institutional and commercial. The residential sector segment holds a significant share of the global market. It is used in residential sector for variety of purposes such as aesthetics, cost effectiveness, and environmental performance.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, Europe dominates the global market in terms of market revenue, owing to increasing R & D activities related to the target product. North America market is expected to witness fastest growth in the near future, owing to increasing use of cross laminated timber in residential and commercial sectors applications. CLT panels used for different purposes like construction of temporary roads and working platforms in oil & gas sector can be one of the factors expected to boost growth of the global market in this region. Additionally, revenue of Asia Pacific market is expected to witness a lucrative growth over the forecast period, followed by Latin America and Middle East and Africa markets.
Key players operating in the global cross laminated timber market include Stora Enso AB, Binderholz GmbH, KLH Massivholz GmbH, Maye-Melnhof Holz Holding AG, XLam Limited, Sterling Lumber, Schilliger Holz AG, Meiken Lamwood Corp, SmartLam, Eugen Decker Holzindustrie KG, Structurlam and others.