Glue Laminated Timber Market to Expand at a CAGR of 5.9%by 2027
According to a recent report by Reports and Data, the global Glue Laminated Timber market is projected to reach USD 8.80 Billion by 2027. The market growth is anticipated to be driven by the shift from concrete and steel construction to wood building materials. The market is positively influenced by key attributes such as excellent insulation, promising thermal performance, and high chemical resistance. Additionally, the affordability and ease of construction offered by glue laminated timber compared to other materials make it attractive across customer segments.
The increasing demand for wood-based residential constructions, including single-family houses and multi-family apartments, is a result of their aesthetic appeal and design flexibility. Moreover, the product's enhanced fire resistance and durability are expected to further fuel market growth in the forecast period.
By 2027, the residential and commercial segments together are estimated to contribute approximately 89 percent of the global market revenues. This growth can be attributed to the cost-effectiveness of glue laminated timber in construction and its ease of maintenance. Furthermore, advancements in building and design technologies are expected to drive the demand for glue laminated timber products in the coming years.
Europe experiences significant market growth due to the easy availability of wood in its forests and the presence of advanced wood processing industries. Canada, the United States, Italy, Japan, Australia, and China are also emerging markets for glue laminated timber.
The COVID-19 pandemic had a substantial negative impact on the global Glue Laminated Timber market in 2020, mainly due to the temporary halt in the building and construction industry. However, post-pandemic, the trends discussed in the report are expected to regain momentum. Supply chain disruptions and production shutdowns have affected the production and sales of glue laminated timber. Although the industry anticipates a return to normalcy by the end of 2020, the negative demand shock caused by the crisis may persist.
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Additional key findings from the report include:
- The residential segment is projected to have the highest compound annual growth rate (CAGR) during the forecast period due to the expanded market scope driven by its aesthetic appeal.
- Industrial grades of glue laminated timber are expected to grow at a rate of 6.0 percent during the forecast period.
- Straight shapes are expected to dominate the market segmentation by type and experience substantial growth due to their wide variety.
- North America has witnessed an increasing number of product manufacturers, and research and development efforts for technological advancements, contributing to market growth.
- Europe, with Italy and Germany as the main glulam markets, was valued at USD 3.58 billion in 2019 and is expected to exhibit significant consumption in the future.
- Asia-Pacific is poised to become one of the leading regions in the market due to the rising popularity of glue laminated timber as a building material and various government regulations.
- Key participants in the market 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.
For this report, Reports and Data segmented the global Glue Laminated Timber market based on 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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