According to the latest report by IMARC Group, titled “Laminated Veneer Lumber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global laminated veneer lumber market size reached US$ 5 Billion in 2021. 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$ 6 Billion by 2027, registering a CAGR of 2.8% during the forecast period (2022-2027).
- 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 also been analyzed in the report with some of the major players being STEICO SE, Louisiana-Pacific Corporation, Roseburg Forest Products Co., UFP Industries, Inc., Brisco Manufacturing Ltd., Huber Engineered Woods LLC, Murphy Company, Weyerhaeuser Company, Boise Cascade Company, Nelson Pine Industries Limited, Stora Enso Oyj, and Magnus Plywood Pvt. Ltd.
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