Germany's laminated veneer lumber (LVL) market thrives on wooden composites in furniture and décor, combining tradition with technology.
Rockville, Sept. 06, 2023 (GLOBE NEWSWIRE) -- This latest study by Fact.MR, a market research and competitive intelligence provider, pegs the global Laminated Veneer Lumber (LVL) Market at US$ 3.75 billion in 2023, which is projected to reach US$ 6.11 billion by 2033. Plywood For Flooring Substrate
Laminated veneer lumber (LVL) is a versatile and innovative processed wood product used in the construction sector. It is created by bonding thin layers of wood veneers together with adhesives, resulting in a strong and durable material that offers several advantages over traditional lumber. LVL is known for its consistent quality, high strength-to-weight ratio, and resistance to warping and splitting. Its widespread use in various structural and architectural applications is leading to its significant presence in the global construction and woodworking industries.
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Key Segments of Laminated Veneer Lumber (LVL) Market Research Report
Rapid urbanization and a growing number of infrastructural projects across the globe are driving the demand for robust and reliable construction materials. LVL's consistent performance and versatility are making it a preferred choice for beams, columns, headers, and other load-bearing applications. With growing environmental concerns, the construction industry is increasingly seeking sustainable and eco-friendly materials. LVL efficiently aligns with this trend due to its efficient use and reduced environmental impacts compared to solid lumber.
The trend towards prefabrication and modular construction methods also favours the use of structural wood products such as laminated veneer lumber. Its consistent dimensions and structural integrity is making it well-suited for off-site manufacturing and quick assembly on-site. Leading laminated veneer lumber companies are continuously focusing on the innovation and improvement of the manufacturing processes of LVL, leading to enhanced product quality, performance, and cost-effectiveness.
Key Takeaways from Market Study
Global demand for laminated veneer lumber is estimated to increase at a CAGR of 5% from 2023 to 2033.
Sales of LVL products are increasing rapidly in North America due to robust construction activities and growing emphasis on sustainable building materials.
Stringent regulations on sustainable construction and a shift towards innovative architectural designs are driving the demand for laminated veneer lumber products in Europe.
China's construction boom and Japan's inclination towards earthquake-resistant structures are increasing the adoption of laminated veneer lumber products in these countries.
“Use of laminated veneer lumber due to its sustainable nature aids in reducing deforestation and carbon footprint,” says a Fact.MR analyst.
Leading manufacturers of laminated veneer lumber are focusing on enhancing their market share and differentiating themselves by offering superior products and services. Building strong relationships with architects, builders, and contractors is enabling key players to influence the specifications of LVL in construction projects. These partnerships result in high LVL usage and brand visibility.
In February 2021, West Fraser, a prominent wood products corporation operating facilities in Western Canada and the Southern United States, completed the acquisition of Norbord Inc. West Fraser's diverse product portfolio includes medium-density fiberboard, laminated veneer lumber, plywood, wood chips, and more.
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Prominent LVL manufacturers are actively broadening their market presence by entering previously untapped geographical regions and venturing into emerging markets experiencing heightened construction demands. This strategic expansion allows them to capitalize on the growing global adoption of LVL in construction applications.
Many leading suppliers of laminated veneer lumber are also prioritizing sustainability initiatives to cater to the increasing demand for environmentally friendly construction materials. By advocating for responsibly sourced wood and highlighting the eco-friendly attributes of LVL, they are successfully attracting environmentally conscious consumers and gaining a competitive advantage.
A notable development occurred in December 2022 when Boise Cascade successfully completed the acquisition of 45 acres of land in Walterboro, South Carolina, and an additional 34-acre parcel in Hondo, Texas. This strategic move expanded their distribution facilities into two previously untapped local markets, showcasing their commitment to market expansion and growth.
Weyerhaeuser Company, Sunrise Plywood, MJB Wood Group, Modern Lumber Technology Ltd., Boise Cascade, Roseburg Forest Products, Louisiana-Pacific Corporation., A&M Flooring, ALAMCO Wood Products, LLC, D.R. Johnson Wood Innovations, Eagle Plywood Specialties, FraserWood Industries Ltd., Georgia-Pacific Wood Products LLC, Hardel Mutual Plywood Corporation, Havwoods, Huber Engineered Woods LLC, Natron Wood Products, Nordic Homeworx LLC, Pacific Woodtech Corporation, Patrick Industries, Inc., Plywood Co., Ltd, Scotch Plywood Company, Inc., Sound Wood Products, Inc.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global laminated veneer lumber (LVL) market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on product type (cross bended LVL, laminated strand lumber), application (headers, beams, rim boards, truck-bed decking), and end-use industry (construction, automotive, marine, manufacturing industries), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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