Laminated Timber Market Expected to Reach $3.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Laminated Timber Market," The laminate timber market was valued at $1.6 billion in 2021, and is estimated to reach $3.5 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.

Laminated timber is a versatile building material that can be used in a wide variety of applications due to its strength, durability, and aesthetic appeal. It is frequently used for roof constructions, providing a sturdy and long-lasting support system for the weight of the roof. Glulam is commonly utilized in commercial structures such as offices, shopping malls, and sports facilities. It can be utilized for columns, beams, and other structural elements, as well as aesthetic elements. Laminated timber is frequently utilized in the construction of sports facilities such as arenas and stadiums, providing a solid and long-lasting support system for the structure's weight.

Furthermore, laminated timber is utilized in the construction of agricultural structures such as barns and stables, as it is a long-lasting and moisture-resistant building material. It is a natural material that is resistant to moisture and insect damage, making it ideal for use in a humid and dirty environment such as a stable. Glulam can be used to construct storage buildings for agricultural products such as grain, hay, and equipment. It is a strong and durable material that can withstand the weight of heavy equipment and products.

Laminated timber can be used to construct shelters for livestock such as cows, horses, and pigs. It is a natural material that provides a comfortable and safe environment for the animals. Laminated timber can be used to construct the structural elements of greenhouses, providing a strong and durable support system for the weight of the structure. It is a natural material that can provide a healthy environment for growing plants.

The growth of the global laminated timber market is majorly attributable to its wide applications in various industries such as residential and non-residential. Moreover, surge in demand from the construction industry is anticipated to drive the market growth during the forecast period. However, high cost associated with cross-laminated timber is projected to hinder the expansion of the market. On the contrary, rise in adoption of environment-friendly building materials is expected to offer ample growth opportunities for the laminated timber market.

The surge in urban population is expected to drive the laminated timber market growth during the forecast period. The surge in urban population has driven the demand for construction materials such as laminated timber, which can be prefabricated off-site and assembled on-site, allowing for fast and efficient building.

According to the United Nations' ESCAP, the Asia-Pacific region's population is predicted to reach 5.1 billion by 2050, with urban populations accounting for 64% of the total. London is one of the largest and most densely populated cities in Europe, with a population of over 8 million people, and has undergone significant urban renewal and renovation construction projects. Laminated timber is being used to construct public buildings, such as schools, libraries, and community centers. 676 building projects monitored for August 2022 cover a total area of 185.25 million sq. ft. of which 274 are currently under construction and 402 are early. 383 are private projects and 293 are public projects.

Laminated timber is gaining more attention as sustainability and environmental concerns become increasingly important in construction. It is a renewable resource, uses less energy and creates less waste than other building materials, and has a lower carbon footprint than steel or concrete. In recent years, there has been a growing interest in using laminated timber in tall building construction, which has the potential to significantly reduce the environmental impact of large buildings. As more architects and engineers become aware of the benefits of laminated timber, it is expected to become more widely used in the construction industry. As a result, less awareness about laminated timber find a challenge to the laminated timber market during the forecast period.

The laminated timber market is segmented into type, end-use industry, and region. On the basis of type, the market is categorized into cross-laminated timber (CLT), glue laminated timber (Gulam), laminated veneer lumbar (LVL), and others. On the basis of end-use industry, it is classified into residential and non-residential. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global laminated timber market include Binderholz GmbH, DRJ Wood Innovations, Eugen Decker & WebMan, HASSLACHER Holding GmbH, KLH Massivholz GmbH, Mayr-Melnhof Holz Holding AG, NORDIC STRUCTURES, SmartLam, Stora Enso, and Structurlam Mass Timber Corporation.

Key findings of the study

• By type, the glue laminated timber (Gulam) segment was dominated the market in 2021.
• By end-use industry, the non-residential segment was the highest revenue contributor to the market in 2021.
• By region, Europe was the highest revenue contributed in 2021, and is estimated to register a CAGR of 8.2%.