Cross laminated timber (CLT) is gaining acceptance as an eco-friendly building material, a trend that will propel its growth through the end of the 2020s.
The CLT market is projected to more than triple from $1.11 billion in 2021 to $3.72 billion by 2030, according to a report from Polaris Market Research. In addition to its low-carbon and carbon sequestration traits, the material is also desirable due to flexibility in terms of design and faster installation processes as compared to other building materials, the report says.
Based on type, the adhesive-bonded CLT product segment held the highest CLT market share in 2021 and is expected to retain its dominance during the forecast period, Polaris says. The residential segment accounted for the highest CLT market share in 2021, though commercial use is growing significantly, especially in Europe and North America.
Analyzed by region, Europe held the largest revenue share in 2021 and is anticipated to maintain its dominance throughout the decade. However, due to beneficial green building codes for the product, the market is also growing in North America, Polaris says.
ALSO SEE: Mass timber - Multifamily’s next big building system
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