Cross-laminated timber (CLT) mentions a wood panel comprising various layers of lumber boards stacked crosswise and glued together to improve dimensional stability, in-plane and out-of-plane strength, and stiffness and splitting resistance. According to BlueQuark Research and Consulting, the global Cross laminated timber market is predicted to grow considerably during the forecasted period. Factors such as the expanding demand from the residential sector and adaptability in flexible designs and stylish architecture are expected to drive the Cross-laminated timber market. Further, developing advanced adhesives and resins is expected to drive the global Cross- laminated timber market in the forecasted period. Furthermore, increasing demand for cross-laminated timber and environmentally sustainable construction material is expected to drive the global Cross- laminated timber market in the forecasted period. However, the moisture-absorbing capacity of wood and the absence of awareness among consumers are the key factors predicted to obstruct the growth of the Cross- laminated timber market over the forecast period.

Cross-laminated timber is widely used in various applications in residential, institutional, commercial, and other segments owing to its intrinsic properties like high thermal performance, earthquake resistance, lightweight, durability, fire resistance, and low manufacturing costs.

The residential sector dominated the use of cross-laminated timber in construction. Cross-laminated timber is a structured wood panel made from gluing layers of solid-sawn lumber, usually oriented perpendicular to adjacent layers in a symmetric way which is used as load-bearing parts for building frames, such as walls, floors, and roofs. It is produced through various applications, such as lumber grading and jointing, selection, adhesive application, planning, and pressing. It is flexible, eco-friendly, lightweight, and cost-effective and offers easy and fast installation owing to prefabrication and pre-cutting. It is highly suitable for a room's floors, walls, and roofs, and its building produces no harmful emissions. Besides this, it provides high performance as compared to concrete or steel. As a result, CLT finds applications in educational institutes, residential, government or public buildings, and commercial spaces across the globe. Cross-laminated timber is also used in façade cladding and interior lining. It has been noted that the building and construction sector has shown tremendous growth in the past few years. Japan uses cross-laminated timber globally, followed by Germany, the United Kingdom, Italy, and Canada. Over the past few years, Japan has shifted from concrete construction materials to sustainable alternatives like cross-laminated timber. This can be attributed to the expanding environmental concerns and the advantageous properties of cross-laminated timber, which include lightweight, strength, durability, stability, design variety, enhanced insulation, and fire resistance. The usage of cross-laminated timber in several commercial buildings like offices, malls, hospitals, and restaurants is predicted to rise over the forecasted period, owing to its vast benefits, such as design flexibility, fast installation, and high fire resistance. As cross-laminated timber is prefabricated as per predefined measurements, the usage involves the installation of cross-laminated timber at the required application, which decreases the construction time.

Europe dominates the global market share. With the growing construction sector in countries such as the United Kingdom, Germany and France, the utilization of cross-laminated timber is increasing. The increasing demand for cross-laminated timber, an environmentally sustainable construction material, is due to increasing consumer awareness regarding damages caused to the environment during the manufacturing process of cement and bricks. Thus, consumers and technicians are shifting their focus to using sustainable materials such as wood to construct buildings and other infrastructure. Furthermore, timber shows better thermal and acoustic insulation than conventional construction materials. It thus reduces the usage of harmful materials such as glass wool and foamed plastics for building insulation. Therefore, the environmental benefits provided by the fabric have been an important reason for its adoption in the construction industry. Adhesive bonded cross-laminated timber is manufactured by stacking and pasting three or more layers of wood in a perpendicular cross-section. The layered wooden planks are pressed in hydraulic systems to form a high-strength interlocked assembly. The adoption of adhesive-bonded CLT panels is rising because the manufacturing cost of adhesive-bonded CLT is less than mechanically fastened CLT, owing to less machinery usage. In addition, the adhesive-bonded CLT panels can be transformed into biofuel pellets at the end of their life cycle. These panels are custom produced to their final dimensions, as per the construction demands, leading to less wastage of wood. CLT can be used for a building or any wall, floor/ceiling, and roof application. Its lightweight and other characteristics make it adaptable to different projects, designs, and site conditions like soft soils or tight proximity to neighboring buildings. CLT elements can also be combined with other building materials, providing more design, style, and finish architecture flexibility. Moreover, any change in CLT can be made on-site with simple tools. The governing agencies of various countries are increasing the adoption of Cross-laminated timber as it is environment-friendly and does not release harmful emissions into the environment, positively influencing the market. In addition, the increasing adoption of CLT, as it can be utilized for a complete building or any combination of wall, ceiling, and roof applications, contributes to the market's growth. Furthermore, the surging awareness about the benefits of Cross-laminated timber over traditional construction materials is strengthening the market growth.

Some market key players are Stora Enso Oyj, Mayr-MelnhofHolz Holding AG, and Binderholz GmbH.

In October 2022, Stora Enso inaugurated its new production site in Czechia, Europe, which produces cross-laminated timber (CLT) with an estimated annual production capacity of 120,000 m³. The company has its presence in the competitive market through expansion.

The global Cross-laminated timber Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Cross- laminated timber Market by segmenting based on Product Type ( Adhesive bonded and Mechanically fastened), Application (Residential and Non-Residential), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). The report examines the market drivers and restraints and the impact of Covid-19 on market growth in detail. The study covers emerging market trends, development, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.