According to a recent industry analysis by Fact.MR, the global glue laminated timber market is valued at US$ 8 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5% from 2023 to 2033, reaching US$ 13 billion by that time.
Because of its structural strength, visual attractiveness, and environmental advantages, glue laminated timber, also known as glulam, is a versatile and long-lasting engineered wood product that is frequently used in the building industry. The glulam market is benefiting from governments all over the world encouraging green building techniques and offering incentives for the use of environmentally friendly building materials.
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Glulam is a popular material for contemporary building designs because it has exceptional strength-to-weight ratios and can be sculpted into a variety of architectural shapes. Glulam beams are wood products designed to meet specific performance requirements. Because of its shape flexibility, glulam doesn't require mining or energy-intensive manufacturing procedures like those for steel and cement.
One significant factor contributing to the growth of the glue-laminated timber market is the rising popularity of wooden furniture. Furniture for the home and business, including wooden furniture, is distinguished by increased durability and long replacement cycles. Because of increasing brand awareness among many consumers, there is a greater need for luxury wooden furniture and home furnishing products. This is likely to have a favorable effect on market expansion over the coming years.
Key Takeaways from Market Study
- The global glue laminated timber market is valued at US$ 8 billion in 2023.
- Sales of glue laminated timber are estimated to reach US$ 13 billion by 2033.
- Demand for glue laminated timber is set to increase at a CAGR of 5% through 2033.
- Premium-grade glue laminated timber accounts for 40% share of the global market.
- Use of framing-grade glue laminated timber is forecasted to rise at a CAGR of 5.2% over the next ten years.
- The market in Germany is projected to expand at 3% CAGR through 2033.
“Premium-grade glue-laminated timber provides long-term structural stability and reduces maintenance costs over the lifespan of a building. This durability factor is particularly advantageous for projects in harsh environments or those exposed to challenging weather conditions. Premium-grade glulam can be treated with fire-retardant coatings to enhance its fire resistance, providing an added safety advantage in construction projects,” says a Fact.MR analyst
Winning Strategy
According to market research and competitive intelligence firm Fact.MR, leading producers of glue laminated timber are placing a strong emphasis on the advancement of the product's technology. Together with competitive pricing, these changes are likely to help them increase their market share over the forecast period. Businesses are spending a lot of money on research and development to solve the issues with using glue-laminated timber and to enhance the quality of their products.
In order to produce glulam products that meet or surpass industry requirements, top companies are placing a high priority on quality control throughout the manufacturing process. To show their dedication to creating dependable and high-quality products, they acquire the necessary certifications.
For instance,
- In 2019, Boise Cascade Company (Boise Cascade) announced that it has successfully acquired Alabama-based American Lumber Distributors. American Lumber is a supplier of a wide range of building supplies. With its skilled employees, it will be a great addition to Boise's national distribution network and increase its capacity to provide services in Southeast Asia.
Old Source: https://www.globenewswire.com/news-release/2023/08/16/2726210/0/en/Glue-Laminated-Timber-Market-is-Projected-to-Grow-at-CAGR-of-5-to-Reach-US-13-Billion-by-2033-Fact-MR-Report.html
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