Global Laminated Veneer Lumber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The primary factor which has contributed in influencing the market is its structural properties which render it useful for various applications in the residential construction sector.
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The latest report by IMARC Group titled, “Laminated Veneer Lumber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the laminated veneer lumber market reached a value of nearly US$ 2.3 Billion in 2017, growing at a CAGR of nearly 16% during 2010-2017. Laminated veneer lumber, also known as LVL, is an engineering wood product, used mostly for structural applications. It is made by cementing together rotary peeled or sliced thin wood veneers under heat and pressure, using a powerful waterproof glue. Laminated veneer lumber offers high strength, durability with dimensional precision, and uniformity. Moreover, it is a comparatively light-weight timber and has an ability to span long distances. In the commercial market, two sub-types of laminated veneer lumber are available, Laminated Strand Lumber (LSL) and Cross-banded Laminated Veneer Lumber.
Highlights of the global laminated veneer lumber market:
The increasing demand for laminated veneer lumber in the residential sector emerges as the biggest demand driver for the growth of its market.
North America represents the largest market, accounting for the majority of the share.
The market is expected to reach a value of nearly US$ 5.5 Billion by 2023.
The market for laminated veneer lumber is escalated by its structural properties. It is used for permanent structural applications, such as in the construction of large prefabricated and public buildings, customised wooden houses, product components, and industrial warehouses. Recently, the market for laminated veneer lumber has gained momentum in the United States and European regions, where it is used as a substitute for reinforced concrete or structural steel. Some of its other major uses include structural framing for residential and commercial construction such as beams, lintels, purlins, joists, truss chords, concrete formwork and scaffold boards.Further, the market is expected to reach a value of nearly US$ 5.5 Billion by 2023.
The market is segmented on the basis of major applications of laminated veneer lumber which include residential and commercial. The residential sector is the largest consumer of laminated veneer lumber. The market is also segmented on the basis of key regions. Some of the major markets are North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. Amongst these, North America is the largest market, accounting for the majority of the share. An analysis of the competitive landscape provides the details of the major players operative in the market. Some of the key players are Clarke Veneers and Plywood, Roseburg, Nelson Pine Industries Limited, and Weyerhaeuser.
The report has examined the global laminated veneer lumber market on the basis of:
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