LONDON–(BUSINESS WIRE)–The new glue laminated timber market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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“One of the primary growth drivers for this market is the growth in real estate and construction industry”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the glue laminated timber market size to grow by USD 1.57 billion during the period 2020-2024.
Glue Laminated Timber Market Segment Highlights for 2020
- The glue laminated timber market is expected to post a year-over-year growth rate of 4.47%.
- Based on the segmentation by application, the market saw maximum growth in the residential segment in 2019. This is due to the extensive use of glue laminated timber in the manufacture of a wide range of beams and columns, including straight beams, ridge beams, floor beams, curved beams, round columns, square columns, and several other types of arches and supports.
- The growth of the market in the segment will be significant during the forecast period.
Regional Analysis
- 37% of the growth will originate from the Europe region.
- The increasing consumption and adoption of sustainable materials in the construction and furniture industries is driving the market growth in Europe.
- Germany is the key market for glue laminated timber in Europe.
- Market growth in this region will be slower than the growth of the market in APAC.
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Notes:
- The glue laminated timber market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The glue laminated timber market is segmented by Application (Residential, Commercial, and Others) and Geography (Europe, North America, APAC, MEA, and South America).
- The market is fragmented due to the presence of several established vendors holding significant market share.
- The research report offers information on several market vendors, including Binderholz GmbH, Boise Cascade Co., Calvert Co. Inc., Canfor Corp., HASSLACHER Holding GmbH, Mayr-Melnhof Holz Holding AG, Pfeifer Holding GmbH, Setra Group AB, Stora Enso Oyj, and Structurlam Mass Timber Corp.
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