Laminated Veneer Lumber (LVL) Market Share, Size, Trends, Industry Analysis Report, By Product Type (Cross Bended LVL and Laminated Strand Lumbar), By Application, By End-User, By Region, Segments & Forecast, 2023 – 2032
- Published Date:Mar-2023
- Pages: 117
- Format: PDF
- Report ID: PM3093
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global laminated veneer lumber (LVL) market was valued at USD 4.18 Billion in 2022 and is expected to grow at a CAGR of 10.4% in the forecast period. The Laminated Veneer Lumber (LVL) market is primarily driven by increasing demand for sustainable building materials and the growing popularity of wood-based products in the construction industry. Further, the increasing demand for sustainable and eco-friendly building materials results in a greater need for LVL materials, another supporting factor for the market.
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Laminated Veneer Lumber (LVL) is an engineered wood product that bonds thin layers of wood veneers together with adhesives. The resulting product is strong, durable, and highly resistant to warping, splitting, and twisting, making it an ideal choice for various construction applications. It is typically made from fast-growing softwood species such as spruce, pine, or fir, which are abundant and renewable. The veneers are cut from logs using rotary peeling or slicing and are then dried and glued together under heat and pressure to form a solid structural beam.
There are several benefits to using Laminated Veneer Lumber (LVL) in construction projects, including strength and durability, sustainability, cost-effectiveness, versatility, ease of installation, consistency, and fire resistance. LVL is known for its high strength and durability, making it an ideal choice for construction applications that require load-bearing capacity. It also has a high resistance to warping, splitting, and twisting, which helps to ensure long-term structural stability. It is a cost-effective alternative to traditional building materials such as steel and concrete, making it an ideal choice for construction projects with tight budgets.
The COVID-19 pandemic has positively and negatively impacted the laminated veneer lumber (LVL) market. The negative impact on the market can be attributed to reduced demand and supply chain disruptions. The pandemic has diminished demand for LVL products, especially in the residential construction sector, as many construction projects were delayed or canceled due to lockdowns and other restrictions. It has resulted in a decrease in sales and revenue for LVL manufacturers. In addition, it has also caused disruptions to global supply chains, leading to shortages of raw materials and delays in the production and delivery of LVL products. It has resulted in increased costs and longer lead times for LVL manufacturers.
While on the positive side, the government's stimulus packages worldwide, shifting demand for more sustainable and resilient building materials, and technological advancements to improve efficiency and reduce costs have supported the market during the pandemic.
Besides the supporting factors, various factors expected to limit the market's growth in the forecast period include Competition from other building materials, volatility in raw material prices, regulatory barriers, lack of awareness and education, and limited availability. The LVL market faces stiff Competition from other building materials such as steel, concrete, and engineered wood products. These materials have unique advantages and disadvantages and are often more suitable for certain applications. In addition, the cost of raw materials used in the production of LVL, such as logs and veneer sheets, can be volatile and subject to fluctuations in supply and demand. The market is also subject to various regulatory requirements regarding safety, quality, and environmental impact.
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Industry Dynamics
Growth Drivers
The growing use of Laminated Veneer Lumber (LVL) in the construction industry is expected to boost the market in the coming years. LVL offers several advantages over traditional building materials, including strength and durability, cost-effectiveness, sustainability, and versatility. As a result of these advantages, the use of LVL in the construction industry is expected to grow in the coming years. It is particularly true in regions where sustainable building practices and green building certifications are becoming increasingly important.
In recent years, the demand for sustainable and eco-friendly building materials has been one of the second most key drivers of the Laminated Veneer Lumber (LVL) market. As concerns over climate change and environmental sustainability have grown, architects, builders, and consumers have become increasingly interested in using materials that have a lower environmental impact. The demand for sustainable and eco-friendly building materials is expected to grow in the coming years, driven by government regulations, consumer demand, and corporate sustainability initiatives. As a result, the LVL market will likely benefit from this trend, as it is well-positioned to meet the demand for sustainable building materials.
Report Segmentation
The market is primarily segmented based on product type, application, end-user, and region
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By Product Type |
By Application |
By End-User |
By Region |
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The Cross Bended LVL segment is anticipated to dominate the market in the forecast period
The increasing demand for high-strength, durable, and versatile building materials majorly drives the segment. Cross-banded LVL is used in various applications, including beams, columns, headers, and studs. One of the key advantages of cross-banded LVL is its ability to resist warping, twisting, and bowing, which can occur when the wood is exposed to changes in temperature and humidity. And this makes it a popular choice for applications where dimensional stability is critical, such as in high-rise buildings and bridges. As a result, LVL manufacturers are investing in new technologies and production processes to improve the quality and performance of cross-banded LVL products.
The Residential segment is anticipated to dominate the market in the forecast period
The residential buildings segment is expected to grow in the coming years, driven by population growth and urbanization, particularly in developing countries. As more people move to cities, the demand for affordable housing will increase, driving demand for LVL and other building materials. To capitalize on this trend, LVL manufacturers are investing in new technologies and production processes to improve the quality and performance of their products. They are also working closely with architects, builders, and developers to create innovative and cost-effective building solutions that meet the needs of the residential construction market.
The commercial building segment is expected to witness the fastest growth rate in the coming years, driven by the increasing demand for sustainable and energy-efficient buildings. One of the advantages of LVL in commercial construction is its ability to provide high strength and stiffness while maintaining dimensional stability. Another advantage of LVL in commercial construction is its sustainability. LVL is made from renewable resources and can be produced with minimal energy and water. Many commercial building owners and developers are looking for ways to reduce their carbon footprint and improve the energy efficiency of their buildings, and LVL can help to meet these goals.
Asia Pacific region is dominate the market in terms of revenue share in 2022
One of the key factors driving the growth of the LVL market in the Asia Pacific region is the increasing demand for affordable and sustainable housing. As more people move to urban areas, the need for new housing and infrastructure will increase, driving demand for LVL and other building materials. Another factor driving the growth of the LVL market in the Asia Pacific region is the increasing adoption of green building practices. Many countries in the region have introduced regulations and incentives to promote sustainable building practices, which has led to an increased demand for sustainable and environmentally friendly building materials such as LVL.
In addition, the Asia Pacific region is experiencing rapid growth in commercial construction, particularly in China and India. The market is driven by increasing urbanization, rising incomes, and a growing middle class, driving demand for new shopping malls, office buildings, and other commercial properties.
The North America market for Laminated Veneer Lumber (LVL) is expected to grow in the coming years, driven by the increasing demand for sustainable and eco-friendly building materials, the growing use of wood in construction, and the expanding residential and commercial construction sectors.
Competitive Insight
Some of the prominent key players operating in the Marketspace includes Murphy, Boise Cascade, Anderson Lumbar Company, Clarke Veneers & Plywood, Magnus Plywood Pvt. Ltd., Universal Forest Products, Brisco Manufacturing Ltd., Louisiana-Pacific Corporation, TimberHof GmbH, MJB Wood Group, LLC, Huber Engineered Woods, LLC, Nelson Pine Industries Ltd., UFC Industries, Inc., Magnus Plywood Pvt. Ltd., Sunrise Plywood.
Recent Developments
- December 2022: Boise Cascade, a key player in engineered wood products and plywood, has expanded its distribution centres in Walterboro, SC, and Hondo, Texas, by acquiring 45 acres and 34 acres of the land parcel, respectively.
- November 2022: Louisiana-Pacific Corporation, a player in high-performance building solutions, along with Pacific Woodtech, has acquired LP’s Engineered Wood Products (EWP) business for $210 million, to expand the company portfolio and to provide a streamlined EWP resource for the industry.
Laminated Veneer Lumber (LVL) Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 4.61 Billion |
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Revenue forecast in 2032 |
USD 11.27 Billion |
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CAGR |
10.4% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2018 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD Billion and CAGR from 2023 to 2032 |
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Segments covered |
By Product Type, By Application, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Murphy, Boise Cascade, Anderson Lumbar Company, Clarke Veneers & Plywood, Magnus Plywood Pvt. Ltd., Universal Forest Products, Brisco Manufacturing Ltd., Louisiana-Pacific Corporation, TimberHof GmbH, MJB Wood Group, LLC, Huber Engineered Woods, LLC, Nelson Pine Industries Ltd., UFC Industries, Inc., Magnus Plywood Pvt. Ltd., Sunrise Plywood. |
FAQ's
The global laminated veneer lumber (LVL) market size is expected to reach USD 11.27 Billion by 2032.
Key players in the laminated veneer lumber (LVL) market are Murphy, Boise Cascade, Anderson Lumbar Company, Clarke Veneers & Plywood, Magnus Plywood Pvt. Ltd., Universal Forest Products, Brisco Manufacturing Ltd.
Asia Pacific contribute notably towards the global laminated veneer lumber (LVL) market.
The global laminated veneer lumber (LVL) market expected to grow at a CAGR of 10.4% in the forecast period.
The laminated veneer lumber (LVL) market report covering key segments are product type, application, end-user, and region.
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