The global Glue Laminated Timber market is forecast to reach USD 8.80 Billion by 2027, according to a new report by Reports and Data. The transition from concrete and steel construction to wood building materials is expected to stimulate market demand. Important attributes such as high insulation, promising thermal performance, and high chemical resistance should positively influence the market. Besides, the advantages such as low cost and ease of construction offered by glue laminated timber compared to other construction materials have made it affordable for all customer segments.
The demand for wood-based residential constructions, including single-family houses and multi-family apartments, is increasing due to their aesthetic appeal and flexibility in design. Several benefits, such as improved fire resistance and durability of the product, are expected to increase market growth over the forecast period.
The residential and commercial segments are expected to collectively account for approximately 89 percent of global market revenues by 2027. The growing demand for these segments is attributed to the low cost of construction and the ease of maintenance of glue laminated timber. Innovations in building and design technologies are expected to stimulate demand for glue laminated timber products over the forecast period.
The easy availability of wood in the forests of central European countries and the presence of advanced wood processing industries are the main factors responsible for the growth of the market in Europe. Countries like Canada, the United States, Italy, Japan, Australia, and China are rapidly developing markets for glue laminated timber.
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Key participants include Structural Wood Systems, Forest Timber Engineering Ltd., Boise Cascade, Mayr-Melnhof Holz Gaishorn GmbH, Ecocurves, Pfeifer Holz GmbH, Canfor Corporation, Setra Group AB, Binderholz GmbH, and Meiken Lamwood Corp., among others.
Further key findings from the report suggest
- The residential segment is expected to have the highest CAGR during the forecast period due to the extension of the scope in the market due to its aesthetic appeal.
- The industrial grades are estimated to grow at a rate of 6.0 percent in the forecast period.
- Straight shapes are expected to dominate the segmentation by type and grow at a substantial rate because of the presence of a wide variety.
- An increasing number of manufacturers of the product in North America and increasing research and development for technological progress should propel the market.
- Europe was valued at USD 3.58 billion in 2019 and is expected to experience significant consumption in the future, helped by the presence of Italy and Germany as the main glulam markets.
- Asia-Pacific is expected to emerge as one of the leading regions due to the growing popularity of glue laminated timber as a building material, as well as various government regulations.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Glue Laminated Timber market.
For the purpose of this report, Reports and Data have segmented into the global Glue Laminated Timber market on the basis of Type, Shape, Application, and Region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Premium Grade
- Framing Grade
- Industrial Grade
- Architectural Grade
Shape Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
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Detailed Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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