May 11, 2021
According to the research report titled ‘Global Glue laminated timber Market Size study, by Application (Residential, commercial and others), and Regional Forecasts 2020-2027’, available with Market Study Report, global glue laminated timber market was remunerated USD 5.48 billion in 2019 and is projected to expand at 5.9% CAGR over 2020-2027, accumulating USD 8 billion by the end of the forecast timeframe.
Increasing customer inclination towards wood-based construction owing to its thermal performance, durability, and light weight characteristics is primarily driving global glue laminated timber market growth, claims the study.
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According to a European Union report, due to booming population, some economies, such as Sweden, use 84%, while Germany uses 20% of instant materials in house construction, which primarily consists of wooden structures. By 2025, about 6 lakh new houses in Sweden and around 3 lakh new houses in Germany are expected to be built. Similar trends in other regions will likely boost global glue laminated timber industry remuneration scope.
For those unversed, glulam or glue laminated timber is a durable and advanced building material made up of several layers of wood lumber glued together with high strength in the form of a single unit, which is commonly used in residential and commercial projects. It comprises of wood, but it is machined and assembled to exact specifications to produce a dimensionally and structurally predictable building material.
Growing focus to sustain high-quality infrastructure that is robust and has a long-life expectancy is expected to boost global glue laminated market growth during the analysis period.
Despite the promising trajectory of the industry, surging demand for large textures and designs of wood are anticipated to hamper the business expansion over the forecast timespan.
Based on the regional terrain, Asia Pacific holds significant portion of global glue laminated timber market share, attributable to favorable government norms along with growing usage of glue laminate as building material for residential and commercial development. Moreover, presence of a well-established infrastructure is adding to the regional market development.