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- North America Laminated Veneer Lumber Market
North America Laminated Veneer Lumber Market to Reach 2.6 Million Cubic Meters by 2032, Fostered by Escalating Demand from New Housing Projects
February 14, 2020
| Chemical & Materials
As per the latest report by IMARC Group, titled “North America Laminated Veneer Lumber Market Report by Application (Residential, Commercial), Sector (New Construction, Replacement), and Country 2024-2032,” North America laminated veneer lumber market size reached a volume of 2.2 Million Cubic Meters in 2023. Laminated veneer lumber (LVL), also known as engineered lumber and parallel laminated veneer, is a high strength engineered wood product manufactured using veneers that are fabricated together under high heat and pressure using a weatherproof adhesive. LVL can be produced in a greater range of dimensions and shapes, with less time and labor as compared to other wood products, such as plywood or glued laminated timber. It is durable, lightweight and offers dimensional precision, uniformity, and ability to span long distances. Besides this, it is sustainable, cost-effective and provides high structural reliability as compared to milled lumber. Owing to these benefits, it finds application in public buildings, wooden houses, industrial warehouses and large prefabricated buildings in the North America region.
North America Laminated Veneer Lumber Market Trends:
North America currently represents one of the biggest markets for laminated veneer lumber. This can be accredited to the escalating product demand, which is emerging from new residential housing projects, especially in the United States. In line with this, laminated veneer lumber has gained immense popularity in the region, owing to which it is widely substituting traditional building materials, such as concrete or structural steel. Furthermore, revival in the construction industry, in confluence with the building renovation and furniture manufacturing sectors, has led to an increase in the construction of residential, commercial and infrastructural projects in the region. This, in turn, is contributing to the market growth in the region. In addition to this, the North American region is presently facing timber supply issues on account of legislated reductions in harvesting limits on land owned by governing authorities. These factors collectively are anticipated to propel the market growth in the coming years. Looking forward, the market volume is projected to reach 2.6 Million Cubic Meters by 2032, expanding at a CAGR of 1.8% during the forecast period (2024-2032).
Market Summary:
- Based on the application, the market has been bifurcated into the residential and commercial segments.
- On the basis of the sector, the market has been divided into new construction and replacement.
- Country-wise, the market has been segmented into the United States and Canada.
- The competitive landscape of the market has been examined, along with the detailed profiles of the major players operating in the industry.
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