Laminated Veneer Lumber Market Outlook
According to the report by Expert Market Research (EMR), the global laminated veneer lumber market price is projected to grow at a CAGR of 10.6% between 2023 and 2028. Aided by the escalating demand for convenience food products and the broadening applications of laminated veneer lumber in the culinary world, the market is expected to grow significantly by 2028.
Laminated veneer lumber (LVL) is an engineered wood product constructed from multiple layers of thin wood bonded together with durable, moisture-resistant adhesives. Due to its high strength, dimensional stability, and uniformity, it is a popular material in various applications, including beams, headers, rafters, columns, and flooring. These beneficial attributes make it a crucial player in the construction industry, particularly in the realm of residential and commercial buildings. In addition, laminated veneer lumber-based constructions don’t need strong foundations and are simple to install, thus they are projected to generate a significant demand throughout the course of the forecast period.
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The rising consumer inclination for durable and lightweight construction materials is a key factor propelling the global laminated veneer lumber market growth. With increasing consciousness about sustainable construction practices, there has been a significant shift towards engineered wood products like LVL, leading to a surge in demand. Additionally, the trend of minimalist and modern architecture, which often incorporates the natural aesthetics of wood, has further fostered the popularity of LVL.
In addition, the wide-ranging applications of LVL in numerous sectors is contributing significantly to the laminated veneer lumber market expansion. In the construction industry, LVL is used for its high load-bearing capacity and excellent resistance to warp, making it ideal for critical structural applications. Meanwhile, the furniture industry utilises LVL for its superior strength and stability, which are integral to the production of high-quality furniture pieces.
Moreover, the increasing demand for environmentally friendly alternatives in the construction sector has drawn a greater focus on LVL as a sustainable material. With the rise of green building practices and the growing popularity of energy-efficient designs, LVL has emerged as an essential component in the formulation of eco-friendly construction solutions, thus catalysing the laminated veneer lumber market expansion.
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Laminated Veneer Lumber Market Segmentation
The market can be divided based on application, sector, and region.
Market Breakup by Application
- Residential
- Commercial
Market Breakup by Sector
- New Construction
- Replacement
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Laminated Veneer Lumber Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global laminated veneer lumber companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Anderson Lumber Company
- Murphy
- METSÄ Group Companies
- Chesapeake Plywood
- ARCAT, Inc.
- Others
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