Rapid growth noted in the residential and non-residential projects that are residing in Asia Pacific and the MEA regions is anticipated to contribute heavily to the growth of the global glue laminated timber market over the forecast period. The visual appeal of the product, high level of strength, and durability are expected to have a positive impact on the snowballing of the global glue laminated timber market.
Market Research Future (MRFR) has suggested in their latest report that the global glue laminated timber market is anticipated to showcase a CAGR of 5.5% over the forecast period. Waterproof adhesives that are used in the manufacturing of glue laminated timber are known to extend its usage in other exposed applications such as utility poles, bridges, and docks. The strength of the product, durability, and design flexibility are expected to supplement the growth of the global glue laminated timber market over the forthcoming years.
The global glue laminated timber market is studied for various segments that are based on application and region. Based on application, the global glue laminated timber market is segmented into commercial, residential, and others. The residential segment is observed to account for the largest market share at the beginning of the forecast period. This segment is also anticipated to exhibit the highest CAGR during the forecast period. such fast paced growth can be attributed to the increasing and renovation activities coupled with the growth in spending on interior designing solutions. This, is also expected to augment the growth of the global glue laminated timber market in the forthcoming years. Investments noted in the developing and affordable housing solutions are also anticipated to boost the market growth in the coming years.
Alternatively, the commercial segment is expected to occupy the second-largest share of the global glue laminated timber market during the forecast period. Extensive usage of glulams in office buildings, bridges, hotels, gymnasium, public and government buildings, airports, hospitals, and recreational facilities is anticipated to increase the product demand. Some factors are responsible for high demand for glulam are its economical cost, strength, stiffness as compared to other lumbar products. Use of moisture resistant adhesives during the production of glue laminated timber makes it a preferred choice in curved members, beams, and architecture which require structural sturdiness.
Detailed Regional Analysis
The glue laminated timber market is segmented into the regions of North America, Europe, Asia Pacific, and Rest of the World. The demand for glulam in Asia Pacific is expected to proliferate at a high pace during the forecast period. This growth is observed to take place on account of the introduction of various favourable policies for infrastructure and housing development. The products are expected to offer exceptional design flexibility and hence, it has applicability in various projects like warehouse, roof, beams, and highway bridges. Easy financing options are available for private housing and commercial buildings which is also estimated to promote the growth of the glue laminated timber market within the APAC region.
Preference and accreditions that are given to the construction of green buildings is also anticipated to propel the growth in demand for glulam. Glue laminated timber can also be manufactured from a wide array of small trees that are harvested from second or third growth plantations and forests. This has reduced the dependability on large scale growth –dependent timber. All these factors are contributing to the sizeable growth of the global glue laminated timber market.
Some distinguished players present in the global glue laminated timber market include Boise Cascade Co., Pfeifer Holz GmbH, Setra Group AB, Canfor Corporation, Calvert Company Inc., Binderholz GmbH., Mayr-Melnhof Holz Holding AG, Schilliger Holz AG, Structurlam, and Hasslacher Holding GmbH.