Glue Laminated Timber Market is Expected to Reach USD 4.28 Billion by 2030
As per the report published by Kings Research, the global Glue Laminated Timber Market was valued at USD 2.61 billion in 2022 and is projected to reach USD 4.28 billion by 2030, growing at a CAGR of 6.37% from 2023 to 2030.
The global glue laminated timber market is expected to flourish due to growing environmental concerns and consumer awareness of wood as a construction material. The shift towards wood-based structures due to their sturdiness, thermal performance, and low weight is augmenting market growth over the coming years. The increasing adoption of glue-laminated timber is attributed to its ease of construction and maintenance, further expediting market growth in the long run. The regions such as the Asia Pacific and North America are driving the demand for glue-laminated timber, resulting in market growth for the global glue laminated timber market.
In conclusion, the rising environmental concerns, increasing adoption of sustainable building practices, and the growing consumer demand for eco-friendly wood structures are anticipated to drive the overall demand for glue laminated timber across the globe.
- On the basis of application, the floor and roof beams segment held the largest market share of 8.12% in 2022
- Based on end-user, the building and construction segment is anticipated to register a significant CAGR of 7.88% during the forecast period from 2023 to 2030
- On the basis of region, the Asia Pacific segment is anticipated to emerge as the fastest-growing CAGR of 8.31% during the forecast period
HASSLACHER Group Supplying Glue Laminated Timber to China for the Development of their Agriculture
January 2021: HASSLACHER Group has strategically supplied glulam special components for China's most significant wooden structure aimed at revitalizing the agricultural area in the Sichuan province. The company supplied 3,500 m³ of glued laminated timber components to the Tianfu Agriculture Expo.
Holmen Acquired Martinsons to Hold the Position in the Market
July 2020: Holmen, a major player in the sawn and processed wood products industry, has announced the successful acquisition of Martinsons, one of Sweden's leading companies in this market. This move also positions Holmen as a leading player in the wood construction industry.
Increasing Residential Construction Activities is Augmenting Market Growth
The growing demand for sustainable and adaptable building materials has led to a rise in the use of engineered wood products, including glue-laminated timber (glulam), in residential construction activities. Glulam's versatility in size and shape has made it a popular option for architects and builders looking to create distinctive yet environmentally friendly structures. Moreover, the increasing number of residential construction activities has further driven the demand for glulam as a preferred building material. With the rise of sustainable building practices and the benefits provided by glulam, the use of this material in residential construction activities is expected to continue to grow in the coming years.
Rising Government Investments in Glue Laminated Timber is a Vital Trend
Several governments around the world have been investing in sustainable and eco-friendly building practices, including the use of glue laminated timber in construction projects. For example, there has been a push to invest in cross-laminated timber (CLT) and parallel strand lumber (PSL) in the United States, while, in February 2022, Australia committed $300 million towards a timber building program that includes the use of glue laminated timber. Additionally, in April 2021, Spain planned to invest significant sums of money to address its affordable housing situation, with glue-laminated timber columns and beams among the materials being considered. The increasing government investment in sustainable construction materials such as glue laminated timber demonstrates a commitment to reducing carbon emissions and promoting environmentally friendly practices.
Asia Pacific is Anticipated to be the Fastest-Growing CAGR of 8.3% over the Forecast Period
The Asia Pacific market for glue laminated timber is poised for substantial growth during the projected period. The regional market is expected to benefit from heightened consumer demand for premium and aesthetically appealing apartments. In addition, the relocation of manufacturing plants to Australia and China by top manufacturers is expected to bolster production output and positively impact market growth. Furthermore, the growing demand for glue-laminated timber across Japan and other Asian nations is forecasted to drive market expansion in the glue-laminated timber segment in the foreseeable future.
Increasing Focus On Strategic Mergers and Acquisitions for Sustainable Growth
The global glue laminated timber market is consolidated/fragmented with key players such as Mayr-Melnhof Holz Holding AG, HASSLACHER Holding GmbH, Western Forest Products, Moelven, Boise Cascade, Binderholz GmbH, Structurlam Mass Timber Corporation, B&K Structures, Pfeifer Holding GmbH, Canfor, Schilliger Holz AG, Setra Group AB. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.