Laminated Veneer Lumber (LVL) Market Size, Share, Growth, and Industry Analysis, By Type (Structural Type and Non Structural Type), By Application (Buildings, Bridges, Transportation Industry, Furniture Industry), Regional Insights, and Forecast To 2032

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Laminated Veneer Lumber (LVL) Market Report Overview

The global laminated veneer lumber (lvl) market size was forecasted to be worth USD 4.74 billion in 2023, expected to achieve USD 11.40 billion by 2032 with a CAGR of 10.24% during the forecast period.

Laminated veneer lumber (LVL) is an engineered wood product that combines technology and nature. It is made by bonding together multiple thin layers of wood veneer with adhesives under heat and pressure. The veneers are oriented in the same direction to create a strong and stable product that can be used for various structural applications.

LVL has many advantages over traditional timber, such as higher strength, lower weight, better dimensional stability, and lower environmental impact. LVL can be customized in terms of size, thickness, grade, and appearance to suit different design and performance requirements1

COVID-19 Impact: Pandemic Decreased the Market Demand due to the lockdown Measures

The global COVID-19 pandemic has been unprecedented and staggering, with the laminated veneer lumber (LVL) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic has had a significant impact on the laminated veneer lumber (LVL) market share. The lockdown measures and travel restrictions imposed by various governments to contain the spread of the virus have hampered the production and distribution of LVL and other wood products. The closure of factories, warehouses, ports, and borders have caused delays and shortages in the supply of raw materials, such as wood veneers and adhesives, as well as finished products, such as laminated veneer lumber (LVL) panels and beams. This has increased the operational cost and reduced the profitability of the laminated veneer lumber (LVL) players. The economic slowdown and uncertainty caused by the pandemic have lowered the consumer confidence and spending on construction activities. The demand for laminated veneer lumber (LVL) and other wood products have declined in both residential and non-residential sectors, as many projects have been postponed or cancelled due to budget constraints, regulatory hurdles, and safety concerns. This has resulted in a surplus of inventory and a drop in prices in the LVL market. The health crisis and social distancing measures have affected the availability and productivity of labour in the LVL and other wood industries. The workers have faced health risks, travel difficulties, quarantine requirements, and reduced wages due to the pandemic.

Latest Trends

"Increasing Adoption of Green Building Practices to Fuel the Growth in the Market"

One of the recent trends in the LVL market is the increasing adoption of green building practices and sustainable construction materials. Laminated veneer lumber (LVL) is considered as an eco-friendly alternative to conventional wood products, as it utilizes wood waste and reduces carbon emissions. Laminated Veneer Lumber (LVL) also offers superior thermal insulation, fire resistance, and acoustic performance, which can enhance the energy efficiency and comfort of buildings. Moreover, Laminated Veneer Lumber (LVL) is compatible with various design styles and architectural forms, which can increase its aesthetic appeal and market demand.

Laminated Veneer Lumber (LVL) Market Segmentation

• By Type

According to type, the market can be segmented into structural type and non-structural type.

• By Application

Based on age, the market can be divided into buildings, bridges, transportation industry, furniture industry.

Driving Factors

"Rising Demand for Prefabricated and Modular Buildings to Foster the Market Growth"

One of the driving factors for the LVL market is the rising demand for prefabricated and modular buildings, which can reduce the construction time and cost, improve the quality and safety, and minimize the environmental impact. Prefabricated and modular buildings are those that are manufactured in factories and then transported and assembled on site. They can be used for various purposes, such as residential, commercial, industrial, educational, and healthcare facilities. LVL is an ideal material for prefabrication, as it can be easily cut, shaped, and assembled into various components and structures. LVL also has high strength-to-weight ratio, dimensional stability, and durability, which can enhance the performance and longevity of prefabricated buildings. Moreover, LVL can reduce the material wastage and transportation cost, as it can be produced in standard sizes and optimized quantities. LVL can also improve the thermal efficiency and fire resistance of prefabricated buildings, as it has low thermal conductivity and high combustion temperature.

"Growing Awareness and Preference for Engineered Wood Products to Result in the Expansion of the Market"

Another driving factor for the LVL market is the growing awareness and preference for engineered wood products among consumers, builders, and architects, who are looking for innovative and versatile materials that can meet their specific needs and requirements. Engineered wood products are those that are made from wood fibres, veneers, strands, or particles that are bonded together with adhesives or other methods. They can have enhanced properties and characteristics compared to natural wood products. LVL is one of the most widely used engineered wood products, as it can be customized in terms of size, thickness, grade, and appearance. LVL also has consistent quality, uniformity, and reliability, which can reduce the wastage and defects. Furthermore, LVL can offer a wide range of design possibilities and architectural forms, as it can be curved, bent, or moulded into various shapes. LVL can also be combined with other materials such as metal, glass, or concrete to create unique and attractive structures.

Restraining Factors

"High Cost and Weight of Some Bicycle Carrying Cases to Hamper the Market Growth"

Some of them are made from expensive materials such as carbon fibre or hard plastic that offer high protection but also increase the cost and weight of the product. These factors may deter some potential customers who have budget constraints or who want to avoid paying extra fees for overweight luggage when they fly with their bikes.

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Laminated Veneer Lumber (LVL) Market Regional Insights

"Asia Pacific to Lead the Market Owing To Presence of a Lot of Key Players"

The Asia Pacific region has shown the highest laminated veneer lumber (LVL) market growth. The rapid urbanization and industrialization in emerging economies such as China, India, Indonesia, Vietnam, and Thailand, which are creating a huge demand for infrastructure development and housing construction. These countries are also investing heavily in public works projects such as roads, bridges, railways, airports, schools, hospitals, and stadiums.

Key Industry Players

"Key players are Employing Advanced Technologies In Order To Stimulate Further Growth Of The Market "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Top Laminated Veneer Lumber (Lvl) Companies

• Weyerhauser (U.S.)
• Juken New Zealand (New Zealand)
• Modern Lumber Technology Ltd (Canada)
• Boise Cascade (U.S.)
• Louisiana-Pacific (U.S.)
• Metsä Wood (Finland)
• Brisco Manufacturing Ltd (Canada)
• Steico (Germany)
• Sunrise plywood (India)
• Roseburg (U.S.)

Report Coverage

This report examines an understanding of the laminated veneer lumber (LVL) market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.