The North America laminated veneer lumber market reached a volume of 2.7 Million cubic meters in 2019. Laminated veneer lumber (LVL), also known as engineered lumber, stands for a layered composite of thin wooden panels fabricated together by adhesives. Cross-banded laminated veneer lumber and laminated strand lumber are the two distinctive types of LVL. Laminated veneer lumber is cost-effective, sustainable, strong, lightweight, uniform and has high structural reliability as compared to milled lumber. Owing to this, it is utilized for various structural purposes in wooden houses, industrial warehouses, public buildings and large prefabricated buildings.
North America represents one of the largest markets for laminated veneer lumber pertaining to the escalating demand from new residential housing projects in the region. Apart from this, increasing renovation activities together with the blooming furniture manufacturing sector have fueled the demand of LVL. Rising environmental concerns and government legislation towards the illegal trade of timber will continue to spur the market in the forthcoming years. Looking forward, IMARC Group expects the market to reach a volume of 4.2 Million cubic meters by 2025, registering a CAGR of around 8% during 2020-2025.
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