The global mass timber construction market was valued at USD 1 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2033, reaching USD 2.15 billion by 2033. The increasing demand for sustainable construction practices largely drives the growth of the market. This has led to its growing adoption in building construction as a way to mitigate climate change and reduce overall carbon footprints. The cross-laminated timber market size has grown rapidly in recent years. It grew from $1.34 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. 
 

In recent years, Canada has positioned itself as a global leader in the rapid growth of mass timber construction, a trend quickly gaining momentum. According to a Global News Wire report, the global mass timber market is projected to expand at a compound annual growth rate (CAGR) of 14.2% between 2022 and 2029, fuelled by Canada’s proactive adoption of mass timber technologies and its focus on sustainability. Despite its promising growth, Canada’s mass timber industry remains in its early stages, contributing roughly $400 million annually and accounting for just 1% of all construction projects.
 

Canada’s share of the global mass timber market was $379 million in 2023 and continues to expand. Even without additional manufacturing capacity, mass timber production in Canada could contribute an extra $649 million to the economy by 2030. However, increased production capacity and efforts to capture 25% of the global market could push Canada’s economic output from mass timber to over $1.2 billion by 2030. One of the projects which are being done in Canada by Wesgroup Properties — River District is a mixed-use development project that will feature an 18-story mass timber tower and podium, and a seven-story building, providing approximately 240 units of rental and strata housing to Vancouver’s Killarney neighbourhood. The building’s construction will include mass timber and steel hybrid and will leverage prefabrication for the balconies to reduce thermal bridging and increase air tightness. This is encouraging provinces across Canada to update building codes to promote mass timber construction nationally. 
 

The Mass Timber Construction Summit, a flagship event by Trueventus, features presentations from leading industry experts on the latest techniques and technologies in timber construction. Gain firsthand insights and experience on the latest innovations and opportunities in modern construction methods to streamline workflows, improve productivity, generate ample profit, and take advantage of excellent networking opportunities throughout the summit.