Overview
The global laminated veneer lumbar (LVL) market is expected to reach USD 6,950.3 million by 2030, registering a CAGR of 13.4% during the forecast period 2021–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.
The key factors driving the growth of the global laminated veneer lumbar (LVL) market are increasing demand for LVL in the construction industry and growing preference for engineered wood products. However, lack of skilled labor and fluctuating raw material prices are expected to restrict the growth of the market during the forecast period. Furthermore, increasing use of LVL in emerging economies anticipated to create growth opportunities for the market.
Segmental Analysis
The global laminated veneer lumbar (LVL) market has been segmented based on the product type, application, and region.
Based on the product type, the global laminated veneer lumbar (LVL) market is bifurcated into cross-banded laminated veneer lumber and laminated strand lumber (LSL). The cross-banded laminated veneer lumber segment accounted for the largest market share of 57.6% in 2018 and is expected to register the highest CAGR of 14.0% during the forecast period. Due to higher shear strength, the cross branded LVL is mainly used for midrise buildings whereas LSL is suitable for use as rafters, beams, columns, and sills while the latter is suitable for applications such as floors, walls, and ceilings.
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Based on the application, the global lumber market forecast has been segmented into residential buildings and commercial buildings. The residential construction segment accounted for the largest market share in 2018. The commercial construction segment is projected to register the highest CAGR of 13.8%. The growing number or single-family houses and growing adoption of sustainable construction material are expected to drive the growth of the residential segment during the forecast period.
On the basis of region, the laminated veneer lumbar (LVL) market is divided into North America, Europe, Asia-Pacific, Middle East Africa, and South America. Among these, the North America region reported the largest market share of over 46.8% in 2018. The demand for LVL in the North America region is attributed to consumer preference for cost-effective and efficient construction techniques. Additionally, the demand for LVL in residential buildings has been high due to the increased private construction in the country. This creates a tremendous opportunity for manufacturers and adds to the growth of the construction industry, which fuels the demand for LVL in the country.
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Competitive Analysis
The prominent players operating in the laminated veneer lumbar (LVL) market trends include Weyerhaeuser Company, Metsä Group, Boise Cascade, Louisiana-Pacific Corporation, Modern Lumber Technology, Nelson Pine Industries Limited, Murphy Company, and Brisco Manufacturing Ltd.
Regional Analysis
The regional analysis for the global laminated veneer lumbar (LVL) trends has been conducted for North America, Europe, Asia-Pacific, South America, and the Middle East Africa.
The North American region includes major markets such as the US, Canada, and Mexico. North America has vast potential for LVL due to the increased use of wood in the construction industry. The US is expected to hold the largest market size in North America. Strong economy and real estate industry lead to an even strong outlook for wood construction in the coming years in North America. LVL is expected to be preferred over traditional construction methods owing to various advantages, such as quickening construction methods, strength, and cost-effective. Hence, the growing popularity of LVL further boosts the market in the region.
Europe region is further divided into Germany, UK, France, Spain, and Rest of Europe. It is expected to be the fastest growing market for LVL globally owing to the increasing upgrade of the existing infrastructure, rising environmental concerns, and the growing interest in cost-effective construction are some of the factors driving the growth of the market in Europe. Moreover, the construction sector has primary contribution in the growth of the economies in Europe. Germany accounted for the largest market share in 2018 followed by UK, France, and other countries.
Asia-Pacific includes China, Japan, Southeast Asia, India, Australia, and Rest of Asia-Pacific. The growth of the building construction industry and improvement in financial conditions in this region have led to a rise in demand for LVL. Moreover, industrialization and urbanization in the emerging economies, such as China, India, and Japan are also boosting the growth of the laminated veneer lumber (LVL) market. China has witnessed rapid growth in industrialization and growing population levels, which have fueled the demand for cheap residential houses. Presently, China is looking forward to developing and implementing cost-effective and durable construction processes and products. This will raise the demand for the laminated veneer lumber.
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