Glue Laminated Timber Market Analysis

Global glu laminated timber market is likely to garner a CAGR of 5.5% during the forecast period (2018-2023). The surging growth in residential and non-residential projects is driving the demand for glue laminated timber market worldwide. Glue laminated timber, also acknowledged as glulam is a kind of engineered wood product which is generally made by bonding several individual pieces of timber with moisture-resistant and durable structural adhesives. Besides offering thermal insulation, glue laminated timber provides stiffness and high resistance in exposed and corrosive environments.

Market Potential and Pitfalls

The glue-laminated timber market is experiencing a sturdy growth rate and is escalated by the expanding applications across industries. It is a sustainable and widely available material which provides the flexibility of size and shape. Thereby, it finds application in areas of industrial construction, household framing, and architecture. The rapid growth in the residential, as well as non-residential projects of the Middle Eastern and Asia Pacific regions, is likely to fuel the demand for glue-laminated timber. The high visual appeal, durability, and strength are likely to impact the market growth positively in the foreseeable future. The waterproof adhesives used to manufacture glue laminated timber extends its usage to applications like docks, utility poles, and bridges. Glue laminated timber offer strength, design flexibility, and durability which is anticipated to trigger its demand in applications for new construction projects and infrastructure development. The surging preference for green buildings solution is predicted to augment its growth during the review period. The rising sustainability concerns coupled with surging awareness among the consumers regarding wood as a building material are estimated to trigger the demand for glulam market. With the shifting consumer preference for wood-based construction due to its high thermal performance, durability, and lightweight is propelling the market growth across the globe.

On the contrary, wood tends to absorb moisture from the atmosphere which is likely to deter the market growth in the foreseeable future. The high utilization of pine and spruce in the production of glulam can have adverse effects on the market as proper climatic conditions are required to grow pine and spruce. Adverse climatic conditions are considered to pose a threat to the availability of raw materials, which is estimated to impair the market growth in the long run.

Global Glue Laminated Timber Market: Segmental Analysis

The global glue-laminated timber market has been segmented on the basis of application.

By mode of application, the glue laminated timber market comprises residential, commercial, and others. Among these, the residential segment occupied the largest market share in 2017. The surging renovation and repair activities along with the rising spending on interior designing solutions are predicted to augment the demand for glulam during the foreseeable future. The huge investment for developing affordable housing solutions is also estimated to trigger its demand in the global market. The commercial sector, on the other hand, occupies the second spot. High utilization of glue-laminated timber in hotels, office buildings, bridges, public & government buildings, gymnasium, airports, hospitals, and recreational facilities is anticipated to contribute to the segment’s growth. Moreover, high stiffness, economical cost, and strength offered by glue laminated timber compared to other lumber products are encouraging the market’s growth.

Regional Insights

Geographically, the glue-laminated timber market span across regions namely, Asia Pacific, Europe, North America, and the Rest-of-the-World (RoW).

Considering the global scenario, Asia Pacific is likely to dominate the global market due to the surging demand for glue laminated timber in this region. The inflating investments by the private and the government sectors in the construction industry are contributing to the growth of the market in this region. The steady urbanization is likely to positively impact the investments for the development of airports, offices, public facilities, commercial buildings, and the private housing industry. As the product provides exceptional design flexibility, it is extensively used in several projects like beams, warehouse roof, and highway bridges. The easy financing options available for commercial buildings and private housing is anticipated to ease the growth of the construction sector. This is considered to encourage the demand for glue laminated timber in this region.

Industry Updates

April 16, 2019: Lendlease’s second timber building in Barangaroo, Sydney has finally reached its structural completion. The timber building has spanned a seven-month construction timeline and was built from 1,750 pieces of timber.

Competitive Dashboard

The prominent players operating in the global glue-laminated timber market comprises Pfeifer Holz GmbH, Boise Cascade Co., Canfor Corporation, Setra Group AB, Binderholz GmbH., Calvert Company Inc., Schilliger Holz AG, Mayr-Melnhof Holz Holding AG, Hasslacher Holding GmbH, and Structurlam.