Mass Timber Construction Market to Reach $1.5 Billion by 2031

The global mass timber construction market is forecast to reach $1.5 billion by 2031, expanding at a compound annual growth rate of 6%. The market was valued at $857.1 million in 2021. The expansion is fueled by growth in the construction industry and a rising need for sustainable and cost-effective construction materials.

Mass timber, also referred to as engineered wood, utilizes panels of timber glued or nailed together to provide structural strength and stability. Its environmental friendliness and cost-effectiveness are highlighted as advantages over materials like cement and steel, which can have significant manufacturing emissions.

Europe currently holds the largest market share, partly due to government regulations supporting green construction objectives linked to the European Green Deal. The trend of renovating existing structures and new builds in developed countries, including the U.S. and Germany, also contributes to the demand for mass timber.

Furthermore, the global growth in residential construction projects supports the market. Mass timber buildings offer improved resistance to water, fire, and earthquakes, require less maintenance, and are more environmentally friendly. These factors, coupled with government incentives, are driving increased adoption worldwide.