Laminated Veneer Lumber Market Forecast and CAGR
According to latest research by Fact.MR, laminated veneer lumber market is set to witness elevated growth during 2021-2031. Business is mainly driven by North America creating more than US$ 100 Mn absolute opportunity by 2031. Growth is compliment by industries such as automobile, construction, marine and infrastructure projects which are growing rapidly and shall create demand for numerous applications of laminated veneer lumber in headers, beams etc. to drive global business potential in forecast period.
Laminated Veneer Lumber Market Overview
Lumber is used as additional wooden product for plain wood since, its fortification from shrinkage, breaking, twisting and splitting. Moreover, laminated veneer lumber (LVL) delivers enhanced strength in relation to plain wood.
Additionally, it can also be used for manufacturing vehicle interiors, furniture and wooded panels to poise attractive and decorative look. LVL offers better fire resistance compared to other wooden blocks used in beams for construction applications. This is done by mounding multiple layers of LVL along with less porous materials to enhance the material durability.
Based on LVL structural properties, it is used for long-lasting structural applications in public buildings, product components, large prefabricated buildings, customized wooden houses, industrial warehouses, etc. With increasing applications of LVL in construction, vehicle manufacturing, infrastructure development in developing countries will lead the incremental demand for global laminated veneer lumber business infrastructure.
However, the obtainability of substitutes for the LVL product is anticipated to reduce the business growth. Also, fluctuations in the economic scenario and infrastructural risks, other factors obstructing the growth of the market.
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COVID-19 Impact on Laminated Veneer Lumber Market
COVID-19 disease has forced government of all regions to maintain lockdown across all countries and strict social distancing caused various wooden exterior and interior products manufacturing industries with construction industries to shut down their production bases, which hampered the growth of the global economic curve. Strict action was taken to control the spread of coronavirus resulted in crisis globally and lumber business also affected negatively.
Furthermore, reduced demand from end use industries including automotive, construction, marine and others lead to reduce the manufacturing of laminated veneer lumbers business substantially. The construction industry has dominated end-user during historic timeframe uses LVL from residential, commercial and industrial constructions, further leads to the shrinking of global LVL business.
Development Trends in Laminated Veneer Lumber Market
The global business infrastructure is motivated by the rapid industrialization and urbanization during forecast period. Moreover, growing investment infrastructure and restoration of current project plants is predicted to favorably affect lumber growth.
Based on structural properties of laminated veneer lumber, they are used for permanent structural applications in large prefabricated buildings, public buildings, product components, customized wooden houses, industrial warehouses, etc. Some of its main uses cases contains structural framing for commercial and residential construction including lintels, joists, beams, truss chords, scaffold boards along with concrete formworks. Moreover, concern about infrastructure is developing in countries like China and India will create increased demand for lumbers adoption globally.
Commercial and residential constructions are major end user of LVL market. Wooden lumber beam has low weight compared to steel beam and is easy to install and remove. Also these lumbers are available in economical cost finds prominence during long run forecast period. Most of the constructors are preferring wooden lumbers which provides fuel for the growth of global business.
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Asia Pacific Laminated Veneer Lumber Market Overview
The Asia Pacific region market is predicated to have high growth rate throughout forecast period with increasing industrialization and infrastructure projects. Developments in infrastructure is composed to increase the demand for wooden interiors & wooden exterior products and further stimulate the demand for laminated veneer lumbers globally.
Moreover, Asia Pacific witnesses escalated natural disasters frequency like tsunami, floods, earthquakes, continuous raining and other geographical processes further fuel the consumption potential of lumbers. Due to the rise in natural disasters, people are now constructing their homes with wooden products, because of low installation and maintenance cost along.
Most of manufactures are showing interest in positioning more lumber manufacturing industries in these regions which will caster global penetration potential. Moreover, these regions convey upper hand low labor cost, land and less production expenses, high availability of raw material and further helps in proliferating the business globally.
Who are the Key Manufacturers of Laminated Veneer Lumber?
Some of the leading manufacturers of laminated veneer lumber are
- Sunrise plywood
- MJB Wood Group
- Weyerhaeuser Company Ltd.
- Brisco Manufacturing Ltd.
- Modern Lumber Technology Ltd.
- Universal Forest Products
- Boise Cascade
- Other local manufacturers
Manufacturers are concentrating on manufacturing of limbers materials which resists all seasons, high weight lifting capacity with ease in handling along with low cost of manufacturing. Manufacturers are also manufacturing customized lumbers based on customers’ requirements to penetrate the global market potential.
An Adaptive Approach to Modern-day Research Needs
Laminated Veneer Lumber Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Product Type
- Cross Bended LVL
- Laminated Strand Lumber
- Rim board
- Truck bed Decking
By End-use Industries
- Commercial Construction
- Residential Construction
- Industrial Construction
- Manufacturing Industries
Based on Region
- North America
- US & Canada
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- Northern Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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