According to 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 record significant expansion between 2021-2027.
 

Rising popularity of product among residential, commercial and industrial applications and beneficial attributes associated with the product such as high thermal performance as well as slow material and labor costs are key factors spurring global Cross Laminated Timber (CLT) market growth. Moreover, easy and speedy installation of such timber, zero waste generation, flexible design, and eco-friendly nature will also facilitate industry expansion.
 

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For the unversed, a cross laminated timber is a large scale, engineered, and prefabricated wood product which is light weight in nature. It is very strong and offers high thermal, seismic, acoustic and fire performance.
 

Increasing utilization of cross laminated timber to build load bearing parts of building frames, walls, floors, and roofs and interior lining is stimulating market growth. CLT is also known to provide an added advantage of reduced foundation design which saves money and time. .
 

Based on raw material, global Cross Laminated Timber (CLT) market is bifurcated into fir, larch, spruce, pine, and others. Among these, the larch segment share is projected to expand at 13.5% CAGR between 2021-2027.
 

Speaking of press type, the industry is segregated into hydraulic, pneumatic, nails, vacuum, and others. The report states that  the nails segment captured 5% demand share in 2020.
 

Moving on to application scope, the market sphere is divided into commercial, residential, and industrial. Among these, the residential segment is expected to generate revenues worth USD 1356 million by the end of analysis period, primarily due to the growing demand for CLT for developing high rise residential buildings.
 

Regionally speaking, Middle East & Africa held 12.1% of the overall market share in the recent past. Meanwhile, Latin America global cross laminated timber industry share is projected to record 12.9% CAGR between 2021-2027.
 

Key players profiled in the report are Stora Enso Oyj, Lignotrend Produktions GmbH, Binderholz GmbH, KLH Massivholz GmbH, Ramboll UK Ltd., Kattera, Eugen Decker Holzindustrie KG, Pfeifer Holding GmbH, Structurlam Products Ltd., Hasslacher Gruppe, and Hoisko CLT.