Laminated veneer lumber (LVL) is made by bonding rotary peeled and sliced thin wood veneers with weatherproof glue under high heat and pressure. This engineered wood product provides high durability, uniformity and strength due to the low variability of the panels. Additionally, it is light in weight and has the ability to span long distances. A new research report by IMARC Group, titled “Laminated Veneer Lumber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global laminated veneer lumber market reached a value of US$ 2.3 Billion in 2017, registering a CAGR of around 16% during 2010-2017. The report further anticipates the market to reach a value of US$ 5.5 Billion by 2023.
Global Laminated Veneer Lumber Market Drivers/Constraints:
- Due to its advantageous structural properties, laminated veneer lumber is employed in the construction of customised wooden houses, large prefabricated buildings and industrial warehouses. A rise in the construction of these buildings is stimulating the market growth.
- Revival in the construction industry, particularly in the developed regions, has led to an increase in the construction of residential, commercial and infrastructural projects, thereby bolstering the demand for LVL worldwide.
- In the recent years, the global laminated veneer lumber market has gained momentum in the United States and European countries, where LVL is used for substituting traditional building materials such as concrete or structural steel.
- The availability of alternatives for LVL can hamper the growth of the global LVL market. Moreover, uncertainties in the economic scenario and infrastructural risks are some of the other factors deterring the growth of the market.
The report has categorised the applications of LVL into residential and commercial, and new construction and replacement segments.
- Residential and Commercial Segment
Based on application, the residential sector accounts for the majority of the total market share, followed by the commercial sector. LVL beams are used as bearing structures in the construction of walls, roofs and floors. A surge in the urbanisation rate in the emerging regions has boosted the demand for LVL in the residential sector.
- New Construction and Replacement Segment
At present, new construction dominates the LVL market, representing the leading segment. This can be accredited to its utilisation in structural applications due to its high dimensional stability, impact bending and superior strength.
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Region-wise, North America enjoys the leading position in the global laminated veneer lumber market. Increasing demand for residential housing is one of the major factors for the growth of the market in the region. Apart from this, renovation projects of building and furniture in North America is another factor bolstering the market growth.
The market is highly fragmented with the presence of numerous small, medium and large players who compete in terms of price and quality. However, the presence of high economy of scale negates the threat from new entrants. Some of the leading players operating in the market are:
- Clarke Veneers and Plywood
- Nelson Pine Industries Limited
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