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.
