North America Cross-Laminated Timber Market Share, Size, Key Players, Opportunity and Forecast 2023-2028
Report Highlights:
How big is the North America cross-laminated timber market?
The North America cross-laminated timber market size reached US$ 152.8 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 400.15 Million by 2028, exhibiting a growth rate (CAGR) of 16.30% during 2023-2028.
What is Cross-Laminated Timber?
Cross-Laminated Timber (CLT) refers to the use of multiple layers of lumber, oriented at right angles to each other and glued together to form a strong and stable wooden panel. The process involves several stages including timber selection, cutting, layering, gluing, pressing, and finishing, which result in a robust building material. This positions CLT as an essential segment in modern construction, particularly within the framework of sustainable and eco-friendly building practices.
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North America Cross-Laminated Timber Market Trends:
The growing trend towards sustainable construction and the increasing adoption of innovative building solutions are fundamental factors driving the expansion of the CLT market in North America. CLT gained popularity due to its sustainability benefits. It’s an eco-friendly alternative to traditional building materials like concrete and steel. CLT was increasingly being used in various construction projects, including residential, commercial, and industrial. Architects and builders were drawn to CLT for its design flexibility, speed of construction, and aesthetic appeal. Moreover, advancements in engineering and manufacturing technologies are enabling the production of CLT with greater structural integrity and versatility, further bolstering market growth. The emphasis on environmental protection, resource conservation, and architectural innovation is escalating the demand for CLT in the North American region, as they align with these values. This aspect, coupled with rising awareness within the construction industry about the benefits of CLT, is stimulating market growth. Additionally, the growing demand from various sectors such as residential, commercial, and public construction for sustainable and cost-effective building materials is accelerating market expansion. Furthermore, the need for compliance with regulations regarding sustainability, quality standards, and environmental protection is fueling the market’s growth. Other Factors, Government bodies in some North American regions were introducing policies and incentives to promote the use of CLT and other mass timber products. This support was expected to boost market growth.
Competitive Landscape With Key Players:
The market is highly concentrated with the presence of only a handful of major players in the industry. Some of the leading players operating in the market are:
- Nordic Structures
- StructureCraft
- Structurlam Mass Timber Corporation
- D.R. Johnson Lumber Co.
- SmartLam NA
- Sterling Lumber
Key Market Segmentation:
Breakup by Application:
- Residential
- Educational Institutes
- Government/Public Buildings
- Commercial Space
Breakup by Region:
- United States
- Canada
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