Glue Laminated Timber Market Research Report, By Application (Residential, Commercial, Others) and Region — Global Forecast till 2023
Market Synopsis: Global Glue Laminated Timber Market
Rapid growth in residential and non-residential projects in the Asia-Pacific and Middle Eastern region is anticipated to drive demand for glue laminated timber (glulam). The products visual appeal, high strength, and durability is projected to positively influence market growth over the coming years. 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.
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Global Glue Laminated Timber Market: Regional Analysis
The global glue laminated timber market has been segmented region-wise that includes North America, Europe, Asia-Pacific, and Rest of the world (RoW). The demand for glulam in Asia Pacific is projected to grow at a high CAGR on account of favorable policies for infrastructure and housing development. The product offers exceptional design flexibility; therefore, it can be used in various projects such as warehouse roof, beams, and highway bridges. Easy financing options available for private housing and commercial buildings is projected to ease growth of the construction sector, thereby, positively influencing the demand for glue laminated timber in Asia-Pacific.
Preference and accreditations given for construction of green buildings is also anticipated to propel demand for glulam. Glue laminated timber can be manufactured from a wide variety of small trees that are harvested from second or third growth plantations and forests. This reduces dependability on large growth-dependent timber. The aesthetic appeal and environment-friendliness of glue laminated timber is expected to boost market demand in the North American and European region.
Increasing number of new construction projects in the Middle East & South American region is also anticipated to favor market growth. Saudi Arabia, Egypt, UAE, and Kuwait are some of the largest spenders in the construction industry. Extensive investments in the upgradation of rail, port, and airport facilities coupled with development of healthcare and leisure establishments is anticipated to augment market growth.
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Global Glue Laminated Timber Market: Segmentation
The global glue laminated timber market has been segmented on the basis of application into commercial, residential, and others. The residential segment was estimated to occupy the largest share in 2017 and is also projected to grow at a high CAGR over the forecast period. Increasing repair & renovation activities coupled with the growing spending on interior designing solutions is projected to augment demand for glulam over the coming years. Investments in developing affordable housing solutions is also anticipated to boost market growth.
The commercial segment is projected to occupy the second largest share in the market. Extensive usage of glulams in office buildings, hotels, bridges, gymnasium, public & government buildings, hospitals, airports, and recreational facilities is expected to increase product demand. Some of the factors responsible for the high demand for glulam are its economical cost, stiffness, and strength as compared to other lumber products. The use of moisture resistant adhesives while manufacturing glue laminated timber makes it a preferred choice in beams, curved members, and architecture that requires structural sturdiness.
Key players 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. The presence of a large number of small and large companies operating in the glue laminated timber market is projected to increase competitive rivalry in the market place. Competitive pricing, technological advancements, new product developments, and expansions are some of the strategic initiatives taken up by key manufacturers.
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