The global glue laminated timber market is expected to witness a CAGR of around 5.5% from 2018 to 2023. Water-proof adhesives used in the manufacture of glue laminated timber extends its usage to exposed applications such as utility poles, docks, bridges. The products strength, durability, and design flexibility are expected to foster applications in infrastructure development and new construction projects.
The global glue laminated timber market is projected to witness significant growth throughout the forecast period. The market is expected to experience increased demand for products in the Asia-Pacific and Middle Eastern region on account of growing investments in residential and commercial construction & renovation activities. Increasing preference for green building solutions is also anticipated to augment market growth over the coming years.
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Global Glue Laminated Timber Market Overview
Market Research Future (MRFR), in its latest report has analyzed the global glue laminated timber market over the forecast period of 2018-2023. This report has stated that the market is estimated to upscale at a 5.5% CAGR during the forecast period owing to a variety of factors. Growth in residential and non-residential projects across some parts of the world is anticipated to be a primary driver of the glue laminated timber market.
The visual appeal of the product, along with higher strength and durability as compared to its counterparts are likely to be factors influencing the buying habits of consumers, impacting market growth in a positive manner. Water-proof adhesives which are used in the manufacturing of glue laminated timber is expected to have wider applications to exposed applications like docks, bridges, and utility poles. Moreover, the product is assessed to witness higher demand in applications in the infrastructural development and new construction projects.
The global glue laminated timber market has been studied for several segments to reveal intricate trends and aid in better decision-making. Such segmentation has been conducted by application, and region.
Based on application, the global glue laminated timber market is segmented into commercial, residential, and others. Within these segments, the residential segment comprised the largest share of the global glue laminated timber market in the base year. It is also expected to witness an impressive growth trajectory over the review period. This can be owed to the upscaling repair and renovation activities that are coupled with the mounting spending on interior designer solutions. Moreover, investments in the development of affordable housing solutions are also boosting market growth.
The commercial segment held the second-largest share of the global glue laminated timber market at the beginning of the forecast period. The segment is also expected to showcase steady growth during the review period. Glue laminated timber has found a wide scope of applications in the commercial construction sector. This includes an extensive usage of the same in bridges, hotels, office buildings, gymnasium, airports, public & government buildings, hospitals, as well as recreational facilities, which in turn is supplementing the market growth. Some other factors contributing to the elevating glue laminated timber market include a high demand for glulam and higher economies of scale, stiffness, and strength, as compared to other lumbar products. Use of moisture-resistant adhesives for the manufacturing of glue laminated timber enables applications in beams, architecture, and curved members which need 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 (RoW). Asia Pacific is estimated to witness demand growth for glulam at a remarkable CAGR. This can be owed to the favorable policies for the infrastructural and housing development. This product is known to offer exceptional design flexibility, hence, finding extensive applications in different projects such as beams, highway bridges, and warehouse roofs. Moreover, easier financing options for private housing and commercial buildings is anticipated to ease the growth of the construction sector, hence, showcasing a positive impact on the growth of the global glue laminated timber market. Growth in the residential and non-residential construction projects all across Asia Pacific and the Middle East & Africa are estimated to drive the global glue laminated timber market.
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 are some of the noteworthy players present in the global glue laminated timber market.
Sept 2019: Palmako AS recently introduced its most modern glulam production line in Estonia. It a leader in the nation’s laminated timber market.
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