As cited by the research report titled ‘Cross Laminated Timber (CLT) Market Size By Raw Materials (Spruce, Fir, Pine, Larch), By Press Type (Hydraulic, Vacuum, Pneumatic, Nails), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global cross laminated timber (CLT) market is projected to expand significantly over 2021-2027.
 

Rising popularity of the material across industrial, residential, and commercial applications coupled with its high thermal performance are the major factors driving the global cross laminatsed timber market growth.
 

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For the record, CLT or cross laminated timber is a prefabricated, engineered wood product which is lightweight, and strong that possesses, superior seismic, acoustic and thermal performance. CLT can be installed easily without generating any waste and is also known to offer better design flexibility with a low environmental impact.
 

Cross laminated timber is commonly used as load-bearing parts for building frames like roofs, walls, and floors. One of the main advantages of CLT is its reduced foundation design in comparison to other building material, thus saving time as well as money. Thus, aforementioned factors are adding traction to the overall market size.
 

Based on raw materials, the global cross laminated timber industry is segmented into spruce, pine, fir, and larch among others. Among these, the larch segment is likely to record a 13.5% CAGR over 2021-2027. Meanwhile, the other wood types segment held a revenue share of 1% in 2020 and is anticipated to expand considerably during the analysis period.
 

Considering press type, the marketplace is divided into hydraulic, pneumatic, vacuum, and nails, including others. As cited in the report, the nails segment held 5% market share in 2020 and is likely to showcase similar growth trends in the upcoming years.
 

Speaking of the application range, the business space is categorized into industrial, commercial, and residential.  As per the study, the residential segment will accumulate USD 1350 million by the end of the forecast timeline, owing to rising adoption of CLT in large residential buildings.
 

The geographical analysis of global cross laminated timber market extends to North America, Middle East & Africa, Asia-Pacific, Europe, and Latin America.  The report cites that Latin America market is anticipated to record a 12.9% CAGR over 2021-2027. Whereas, Middle East & Africa held a 12.1% market share in 2020 and is likely to grow with a healthy CAGR over the study time period.
 

Prominent players influencing the industry trends are Lignotrend Produktions GmbH, Eugen Decker Holzindustrie KG, Structurlam Products Ltd., Katerra, Hasslacher Norica Timber, Hoisko CLT, Pfeifer Group, KLH Massivholz GmbH, Ramboll, Binderholz GmbH and Stora Enso Oyj.