Report Code: A17073 | Pages: 350 | Mar 2023 | 301 Views | ||
Author(s) : Naresh M, Devashree P , Yerukola P | Tables: 215 | Charts: 52 |
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The global laminated timber market was valued at $1.6 billion in 2021, and is projected to reach $3.5 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
Report Key Highlighters:
The growth of the laminated timber market is being driven by an increase in demand from the building industry. It offers several advantages over solid wood as well as building materials such as steel or concrete.
Laminated timber is often made from softwoods such as spruce, pine, and fir, however, it can also be made from hardwoods such as oak and ash. Laminated timber, also known as glulam, is a type of engineered wood product that is made from layers of wood that have been glued together. It is widely used in the construction industry for a variety of applications due to its strength, durability, and versatility. It is commonly used in building construction for structural beams and columns as it can handle enormous loads and create a sturdy structure. As it is strong and resistant to weathering and corrosion, it can be utilized to build pedestrian and vehicular bridges.
Laminated timber is a popular choice for designers and architects as it can be curved and shaped to produce distinctive architectural characteristics. It is also utilized as a sustainable building material as it is composed of renewable resources and has a lower carbon footprint than other building materials such as steel and concrete. Laminated lumber is fire resistant as it burns on the surface while retaining structural integrity, making it a safer choice for building construction.
Furthermore, laminated timber is far lighter than steel and concrete, making it easier to transport and install on-site. This can lead to decreased shipping costs and a fast construction procedure. Laminated timber is a low-carbon building material that outperforms standard building materials such as steel and concrete.
Laminated timber is produced from renewable resources and may be recycled or repurposed when its life cycle is complete. Glulam has natural insulating properties, which can help to reduce energy costs and improve the energy efficiency of a building. It can help to regulate indoor humidity levels, creating a more comfortable living or working environment.
The surge in demand from the construction industry drives the growth of laminated timber market.
Glulam beams and panels are designed to be stronger and more stable than standard wood, making them an excellent alternative for structural applications in the building sector. Roofs, floors, and walls, as well as large-scale structures such as bridges, stadiums, and commercial buildings, can all be supported by laminated timber. It has various advantages over solid wood and other building materials such as steel or concrete. For instance, it is more environmentally friendly and sustainable, as it is built from renewable elements and uses less energy to produce than other materials.
Furthermore, according to the U.S. Census Bureau, construction spending in January 2023 accounted $1,825.7 billion, a 0.1 % (0.7%) increase from 2022. Private construction spending was $1,442.6 billion per year, essentially unchanged from the revised December estimate of $1,442.0 billion (0.5%). In January, annual pace of residential building was $847.4 billion, a 0.6% increase from the previous month.
However, high cost associated with cross-laminated timber is predicted to hinder the growth of the laminated timber market. It is more expensive than other building materials. CLT is a relatively new and specialized building material with fewer suppliers and producers than more typical building materials such as steel and concrete.
CLT is a highly sustainable and ecologically friendly building material, making it an appealing alternative for developers and builders who value sustainability and environmentally responsible construction techniques. The Concrete Reinforcing Steel Institute projected that the CLT alternative would cost $48 to $56 per gross square foot, excluding charges for acoustic dampening and fire prevention.
The cost of acoustics and fire safety is projected to be between $2 and $6 per square foot. The structural frame of the cast-in-place reinforced concrete alternative is expected to cost between $42 and $46 per gross square foot. Acoustic dampening may be necessary at an additional expense, which is estimated to be between $1 and $2 per square foot.
The laminated timber market is segmented into type, end-use industry, and region. On the basis of type, the market is categorized into cross-laminated timber (CLT), glue laminated timber (Gulam), laminated veneer lumbar (LVL), and others. On the basis of end-use industry, it is classified into residential and non-residential. Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The glue laminated timber (Gulam) segment accounted for the largest share of the global laminated timber market in terms of revenue, in 2021. Glulam beams and columns are often used as load-bearing members in commercial and residential buildings. They can span long distances and support heavy loads, making them ideal for large open spaces like arenas, schools, and churches.
Glulam is often used in the construction of prefabricated buildings, such as schools, offices, and homes. The prefabricated components can be quickly and easily assembled onsite, saving time and labor costs. Glulam is also used in the construction of agricultural buildings, such as barns and sheds. Its strength and durability make it ideal for supporting heavy equipment and withstanding harsh weather conditions.
On the basis of end-use industry, the non-residential segment dominated the global laminated timber market in 2021. Laminated timber is utilized in non-residential construction to provide strength, sustainability, and aesthetic appeal. It is used in commercial structures, educational structures, cultural and recreational structures, and bridges. Laminated lumber is used in the construction of museums, galleries, and sports stadiums because it has the aesthetic appeal and durability that these institutions require.
As it is made from renewable resources and can be recycled at the end of its life, laminated timber is used as a sustainable building material. It retains carbon dioxide and needs less energy to manufacture, it has a lower carbon footprint than many other building materials. Laminated timber can be used for the construction of warehouses, factories, and other industrial facilities due to its strength, durability, and fire-resistant properties. It can also be used for the construction of cranes, hoists, and other heavy equipment.
On the basis of region, the Europe segment dominated the global laminated timber market in 2021. In Europe, laminated timber is used to build prefabricated dwellings that are built off-site and then assembled on-site. This involves the use of cross-laminated timber (CLT) for prefabricated home walls, roofs, and floors. Roof structures such as trusses, purlins, and rafters are made from laminated timber.
In Europe, these structures support the roof and help to distribute weight evenly throughout the building. Furthermore, laminated timber is used in institutional buildings such as schools, hospitals, and government buildings, where glulam and CLT are used for structural elements and interior design features.
Major players operating in the global laminated timber market includes Binderholz GmbH, DRJ Wood Innovations, Eugen Decker & WebMan, HASSLACHER Holding GmbH, KLH Massivholz GmbH, Mayr-Melnhof Holz Holding AG, NORDIC STRUCTURES, SmartLam, Stora Enso, and Structurlam Mass Timber Corporation. These players adopted several growth strategies such as expansion and acquisition to strengthen their position in the market.
Key Latest Developments:
IMPACT OF COVID-19 ON THE GLOBAL LAMINATED TIMBER MARKET
Laminated Timber Market Report Highlights
Aspects | Details |
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Market Size By 2031 | USD 3.5 billion |
Growth Rate | CAGR of 8.1% |
Forecast period | 2021 - 2031 |
Report Pages | 350 |
Type |
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End-Use Industry |
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By Region |
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Key Market Players | Structurlam Mass Timber Corporation, Stora Enso, HASSLACHER Holding GmbH, Eugen Decker & WebMan, NORDIC STRUCTURES, Binderholz GmbH, Mayr-Melnhof Holz Holding AG, SmartLam, DRJ Wood Innovations, KLH Massivholz GmbH |
Analyst Review
According to the opinions of various CXOs of leading companies, the laminated timber market is driven by surge in urban population. The surge in urban population has a significant impact on the laminated timber market, as more people move to cities and urban areas. This has driven the demand for construction materials such as laminated timber, which can be prefabricated off-site and assembled on-site, allowing for faster and more efficient building. This is especially important in densely populated urban areas where space and time are at a premium.
However, high cost associated with cross-laminated timber is expected to restrain industry expansion. Cross laminated timber (CLT) is highly expensive than other building materials due to its specialized nature and fewer suppliers & producers. It is, however, a highly sustainable and eco-friendly building material, making it an appealing alternative for developers and builders who prioritize sustainability and ecologically responsible construction techniques.
The Europe region is projected to register robust growth during the forecast period. In Europe, laminated timber is increasingly being used in the construction of cultural structures such as museums, theatres, and music halls. This involves the use of glulam and CLT for structural parts as well as decorative beams and columns in interior design. Laminated timber also provides strength, durability, and design flexibility, making it a popular choice for a variety of bridge and infrastructure applications, including pedestrian bridges, bike lanes, and walkways.
Loading Table Of Content...
A. Binderholz GmbH, DRJ Wood Innovations, Eugen Decker & WebMan, HASSLACHER Holding GmbH, KLH Massivholz GmbH, Mayr-Melnhof Holz Holding AG, NORDIC STRUCTURES, SmartLam, Stora Enso, and Structurlam Mass Timber Corporation. are the top companies to hold the market share in Laminated Timber.
A. Rise in adoption of environment-friendly building materials is the upcoming trends of Laminated Timber Market in the world.
A. Europe is the largest region for the Laminated Timber Market.
A. Growing demand from the construction industry is the main driver of Laminated Timber Market.
A. The non-residential segment is the leading end-use industry of Laminated Timber Market.
A. The Laminated Timber Market is segmented into type, end-use industry, and region. Depending on type, the market is categorized into cross-laminated timber (CLT), glue laminated timber (Gulam), laminated veneer lumbar (LVL), and others. On the basis of end-use industry, it is classified into residential and non-residential.
A. The global Laminated Timber Market was valued at $1.6 billion in 2021, and is projected to reach $3.5 billion by 2031, registering a CAGR of 8.1% from 2022 to 2031.
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