By: The Working Forest Staff
The global market for glue-laminated timber or glulam is anticipated to reach US$8 billion by 2025, according to a new report by Grand View Research. The market is likely to register an annual growth rate of 5.9 per cent in terms of value from 2017 to 2025. The report says the residential segment is expected to exhibit the highest growth during this time period due the aesthetic appeal of glulam.
Grand View Research attributes the product’s growth to global sustainability concerns, as well as glulam’s high insulation value and thermal performance. The company also says demand for wood-based residential buildings, including single-family homes and multi-family apartments, is increasing due to their aesthetic appeal and design flexibility.
Grand View says residential and commercial segments are expected to collectively account for around 80 per cent of the global market revenue by 2025. The growing demand from these segments is attributed to the low cost of construction and easy maintenance of glue laminated timber. Innovations in building and design technologies are projected to boost the demand for glulam products over the forecast period.
Key market players in the Grand View report include include Boise Cascade; Calvert Company; Pfeifer Holz; Setra Group; Canfor Corporation; Schilliger Holz; Structurlam; Mayr-Melnhof Holz Holding; Binderholz; B & K Structures; Eugen Decker Holzindustrie; and Meiken Lamwood.
Asia Pacific is likely to emerge as the leading region owing to the growing popularity of glue laminate as a building material, along with various government regulations. Growing number of manufacturers of the product in North America and growing research and development for technological advancements are expected to propel the market. Countries like Canada, the U.S., Italy, Japan, Australia, and China are rapidly developing markets for glue laminated timber.