The global cross laminated timber market size was USD 1.1 billion in 2021 and is projected to grow at a CAGR of 14.5% during the forecast period to reach USD 2.5 billion by 2027. Advanced design flexibility and quicker implementation methods in manufacturing of cross laminated timbers are expected to drive the market.
Players including Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz Gmbh (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GMBH (Austria), Schilliger Holz AG (Switzerland) have adopted various strategies, such as investment & expansion and merger & acquisition between 2017 and 2021, to enhance their market shares and expand their global presence. They focus on innovations and are geographically diversified. These players also have broad industry coverage as well as strong operational and financial positions.
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Mayr-Melnhof Holz is one of Europe's largest and most prominent wood processing firms. It is a global leader in the glued laminated wood segment, as well as the driving force behind the advancement of cross-laminated timber, future construction, and material. Its product targets both modern and classical architecture. It focuses on providing tailor-made solutions to its consumers based on thorough R&D. In December 2021, Mayr-Melnhof Holz Holding Firm entered an agreement to buy the Swedish sawmill group Bergkvist Siljan. This maintains the Austrian wood processing group's steady expansion and growth plan.
Stora Enso is a prominent supplier of renewable goods in packaging, biomaterials, wooden construction, and paper, as well as one of the world's largest private forest owners. Stora Enso develops and manufactures wood and biomass-based solutions for a variety of sectors and uses throughout the world, leading the bioeconomy and assisting clients in satisfying the demand for renewable, eco-friendly goods. Stora Enso entered agreements to acquire companies and invested in production facilities in Europe. Its key strategy revolved around expanding its market share in Europe as more than 70% of its revenue comes from the region. In October 2021, Stora Enso planned to invest USD 114.76 million to boost board production at its Skoghall facility in Sweden. Simultaneously, Stora Enso is starting a feasibility study to convert the second, presently idle, line at its Oulu, Finland, location to a packaging board line.
Cross Laminated Timber (CLT) Market Size by Type (Adhesive bonded, Mechanically fastened), End-use (Structural, Non-structural), Industry (Residential, Non-residential) and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2027
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