WIA_ISSUE2_2023

MARKET REPORT
CLT market to reach
US$2.6bn by 2028:
MarketsandMarkets
According to a report by
MarketsandMarkets Research, the
size of the global cross-laminated
timber (CLT) market is projected
to grow from US$1.4bn in 2023
to $2.6bn by 2028 at a CAGR
of 13.7%. 1 The rapid growth of
the housing and construction
sector, increasing GDP, growing
urbanisation, and increasing
disposable income across the world
will reportedly drive the CLT market.
This market can be divided into five
key regions: North America, Europe,
Asia-Pacific, the Middle East &
Africa, and South America. The US
and Canada, among other countries,
are leading the CLT market globally.
ADHESIVE-BONDED CLT
SEGMENT
The production of CLT can be
characterised by two types:
adhesive-bonded or mechanically
fastened CLT. Among these two, the
use of structural adhesives or glues
has been one of the “most significant
technological advances” in modern
engineered wood building, according
to the report. These chemical bonding
agents have assisted in the formation
of structural goods that have low mass,
high tensile strength, and minimum
expansion and contraction owing to
moisture retention. The adhesives used
for bonding engineered wood have
diverse chemical properties and are
chosen depending on the end product’s
specific needs. It has also become the
standard for CLT and laminated veneer
lumber (LVL) manufacturing.
NON-RESIDENTIAL SEGMENT
CLT has been used in the non-residential
sector due to several advantages. It can
be used not only as load-bearing panels
for walls, floors, and roofs, but also for
shear walls. CLT is structurally viable
and can result in faster, less expensive
projects that ultimately enhance the
tenant experience.
Additionally, CLT is a sustainable building
material that can store carbon during
the building’s lifetime and even capture
24 WOOD IN ARCHITECTURE • ISSUE 2 – 2023