According to the latest report by IMARC Group, titled “Laminated Veneer Lumber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global laminated veneer lumber market is witnessing strong growth. Laminated veneer lumber (LVL) refers to an engineered wood product made from peeled and sliced thin wood veneers that are bonded together with weatherproof glue under high heat and pressure. It is a lightweight material that offers high strength, durability, dimensional precision, uniformity and the ability to span long distances. LVL finds application in public buildings, large-prefabricated buildings, product components, industrial warehouses and customized wooden houses. It can also be used for structural framing in residential and commercial construction, like beams, lintels, purlins, joists, truss chords, concrete formwork, and scaffold boards.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Laminated Veneer Lumber Market Trends:
The primary factor driving the global laminated veneer lumber market is the revival of the construction industry. This has led to an increase in the construction of residential, commercial, and infrastructural projects, thereby escalating the demand for LVL worldwide. Besides this, LVL is easily available as a substitute for traditional building materials, like concrete and structural steel. It is also resistant to insects and water and requires less construction time. Due to this, it has gained momentum in the United States and several European countries. Some of the other factors bolstering the market growth are rapid urbanization, growing disposable incomes of consumers and the ongoing research exploring the feasibility of manufacturing LVL using different types of materials. Looking forward, the market value is expected to reach US$ 5.0 Billion by 2026, registering a GAGR of 10.3% during the forecast period (2021-2026).
- Based on the end use, the market has been bifurcated into the commercial and residential segments. Amongst these, the residential sector represents the leading segment in the market.
- On the basis of new construction and replacement, new construction holds the largest market share, as LVL is utilized in structural application due to its high dimensional stability, impact bending and superior strength.
- On the geographical front, North America exhibits a clear dominance in the market. Other major regions are Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined with the detailed profiles of some of the key players operative in the industry.
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