Market Size (2018)
2018
$2.88B
Manufacturing & Construction
Laminated Veneer Lumber Market
By Segment, By Region, And Segment Forecasts, 2018 – 2025
Vertical: PCMBase Year: 201811 Sections
Executive Summary
Laminated Veneer Lumber Market — Snapshot
Projected (2025)
2025
$6.95B
CAGR (2018–2025)
13.4%
13.4%Key Players
108+
The global laminated veneer lumber (LVL) market is driven by factors such as the increasing demand for LVL in the construction industry and growing preference for engineered wood products. However, the lack of skilled labour acts as a restraint for the market growth during the forecast period. The global laminated veneer lumber (LVL) market is expected to grow at 13.4% CAGR during the forecast period.
The global laminated veneer lumber (LVL) market has been segmented based on type and application. Based on type, the global market has been segmented into cross-banded laminated veneer lumber and laminated strand lumber (LSL). In 2018, the cross-banded laminated veneer lumber segment accounted for the larger market share of 57.6% with a market value of USD 1,659.70 million. It is projected to grow at 14.0% CAGR during the forecast period.
On the basis of application, the global market has been segmented into residential construction and commercial construction. In 2018, the residential construction segment accounted for the largest market share of 59.1%, with a market value of USD 1,704.16million. It is projected to grow at 13.1% CAGR during the forecast period.
On the basis of region, in 2018, North America accounted for the largest market share of 46.8% with a market value of USD 1,348.49 million. It is projected to grow at 12.2% CAGR during the forecast period.
Key Insight
The Laminated Veneer Lumber Market market is projected to grow at a CAGR of 13.4% from 2018 to 2025.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansMarket Scope & Coverage
What this report covers
- Geographic Coverage: This analysis covers 5 regions: Middle East and Africa, North America, Asia Pacific, Europe, South America.
- Market Segmentation: The market is analyzed across key segments with forecasts from 2018 to 2025.
- Competitive Landscape: 108 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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View Subscription PlansMarket Overview
Laminated Veneer Lumber Market — Growth Trajectory
Laminated veneer lumber (LVL) is a construction material that is used in building and renovation activities and for industrial purposes. LVL has applications in load-bearing columns and beams, trusses, ring beams, and components for the door and window market, among others.
LVL is an engineered wood product that uses multiple layers of thin wood that is assembled with adhesives. It is typically used for headers, beams, rim board, and edge-forming material. It is increasingly being preferred for construction and remodeling and replacing traditional milled lumber due to its superiority over the latter in terms of strength, cost-efficiency, and sustainability.
LVL offers several advantages over typical milled lumber. LVL products are produced in a factory under controlled specifications and are stronger, straighter, and more uniform compared to traditional lumber. The composite nature of LVL is much less likely to warp, twist, bow, or shrink. LVL is a type of structural composite lumber with higher allowable stress compared to glued laminated timber (glulam).
Market Size Trend (USD Mn)
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View Subscription PlansMarket Dimensions
How this market is segmented
- Product Type Product Type is broken down into: Cross-banded Laminated Veneer Lumber, Laminated Strand Lumber (LSL).
- Application Application is broken down into: Residential Construction, Commercial Construction.
Geographic Analysis
Regional market breakdown
- Middle East and Africa Middle East and Africa market size reached $38.30M in 2018 and is projected to reach $96.96M by 2025, growing at a CAGR of 14.2%.
- North America North America market size reached $1.35B in 2018 and is projected to reach $3.01B by 2025, growing at a CAGR of 12.1%.
- Asia Pacific Asia Pacific market size reached $496.84M in 2018 and is projected to reach $1.27B by 2025, growing at a CAGR of 14.3%.
- Europe Europe market size reached $909.63M in 2018 and is projected to reach $2.36B by 2025, growing at a CAGR of 14.6%.
- South America South America market size reached $89.36M in 2018 and is projected to reach $213.95M by 2025, growing at a CAGR of 13.3%.
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View Subscription PlansResearch Methodology
Laminated Veneer Lumber Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2018 – 2018
Forecast Period
2018 – 2025
Primary Interviews
150+
Research Process
Historical data (2018–2018) and forecast period (2018–2025)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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View Subscription PlansCompetitive Landscape & Porter's Five Forces
Laminated Veneer Lumber Market — Competitive Analysis
Michael Porter’s Five Forces model is a framework to study the global laminated veneer lumber market. Strategic business managers, trying to gain an edge over competitive firms in the global laminated veneer lumber market, can utilize this model to better comprehend the industry, in which the company operates. The components of each of the forces and the degree of impact of each force in the context of the global laminated veneer lumber market have been broken down and analyzed.
1.1.1 Threat of New Entrants
The threat of new entrants denotes the impact of new players trying to enter the market. The laminated veneer lumber manufacturers, trying to enter the market, require moderate capital to set up manufacturing facilities and procure raw materials and the technological complexity involved in manufacturing laminated veneer lumber is low. However, there is a presence of established players in the market, which makes the entry of new players difficult. Thus, the threat of new entrants in the laminated veneer lumber market is expected to be moderate during the forecast period.
1.1.2 Bargaining Power of Suppliers
The bargaining power of suppliers refers to the degree of influence that input providers exert over the market dynamics. The concentration of suppliers in the laminated veneer lumber market is high, which decreases their bargaining power. Since most laminated veneer lumber manufacturers tend to enter into long-term agreements with suppliers in order to ensure uninterrupted supply of raw materials, the supplier switching cost is high, which raises the bargaining power of suppliers. Therefore, the bargaining power of suppliers in the laminated veneer lumber market is expected to be moderate during the forecast period.
1.1.3 Bargaining Power of Buyers
The buyers of laminated veneer lumber use them in headers, beams, rim board, edge-forming material, and other application areas. Since there are various application areas of laminated veneer lumber, the concentration of buyers is high, which lowers their bargaining power. The switching cost incurred by these buyers is moderate due to the unorganized nature of the market. The impact of brand recognition on the market is low due to the easy availability of products and the low product differentiation. Hence, the bargaining power of buyers in the laminated veneer lumber market is expected to be moderate during the forecast period.
1.1.4 Threat of Substitutes
The threat of substitutes refers to the effect of substitute products on the laminated veneer lumber market. There are various products such as glulam and cross timber laminates (CTL), which have various applications and could be used as substitutes for laminated veneer lumber. Despite the availability of substitutes, laminated veneer lumber is cost-effective and are widely used for various purposes. Thus, the threat of substitutes in the global laminated veneer lumber market is expected to be moderate during the forecast period.
1.1.5 Rivalry
The laminated veneer lumber industry is witnessing moderate growth. The rising demand for laminated veneer lumber leads to a high competition among the existing players in the global market. Most of the companies in the market are focused on providing quality products at competitive prices. The competition between the market players has increased owing to the presence of several companies, who have managed to enter the industry, owing to the moderate entry barriers. The existing players are planning to expand their capacities and presence through acquisitions and other investments. Thus, the competition among the existing market players is expected to increase. Hence, the intensity of rivalry in the market is expected to be high during the forecast period.
Quantitative Analysis
Regional Breakdown
Regional market breakdown for Laminated Veneer Lumber Market.
Regional Market Size (USD Mn)
Market estimates by geography (2025)
USD Mn
InsightNorth America leads with $3.01B by 2025, while Europe is projected to grow fastest at a 14.6% CAGR.
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View Subscription PlansRegional Market Data
| REGION | 2018 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| Middle East and Africa | $38.30M | $65.31M | $96.96M | 14.2% | 1% |
| North America | $1.35B | $2.14B | $3.01B | 12.1% | 43% |
| Asia Pacific | $496.84M | $848.06M | $1.27B | 14.3% | 18% |
| Europe | $909.63M | $1.57B | $2.36B | 14.6% | 34% |
| South America | $89.36M | $147.58M | $213.95M | 13.3% | 3% |
| Total | $2.88B | $4.77B | $6.95B | 13.4% | 100% |
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Analytics
Laminated Veneer Lumber Market — Key Findings
Analytical insights on Laminated Veneer Lumber Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
The Laminated Veneer Lumber Market market is projected to reach $6.95B by 2025, growing at 13.4% CAGR.
Market Drivers
Introduction
The global Laminated Veneer Lumber (LVL) is expected to witness sustainable growth in the next five years. The demand for laminated veneer lumber (LVL) is poised to be driven Increasing demand for laminated veneer lumber in construction industry and growing preference for engineered wood products. Lack of skilled labor act as a restraint for the market.
Market Opportunities
Developing countries play a major role in the growth of the global laminated veneer lumber (LVL) market as the construction industry significantly contributes to their emerging economies. The rapid growth of the emerging economies is anticipated in the Middle East, Asia-Pacific, and Latin America. The construction industry in these economies is expected to witness a high growth rate owing to the availability of barren lands, which could be transformed into commercial complexes, educational institutes, military, and industrial structures.
Asia-Pacific is expected to hold the largest share of the global construction industry due to the increasing number of construction projects that are set to go underway. With countries such as India and China looking to strengthen their infrastructural base, government aids and subsidies in these countries aim to attract significant investments in the construction industry. The rapidly growing population and increasing housing construction projects are set to increase the demand for LVL in these countries. The concept of wood construction has been welcomed in Asia-Pacific, mainly due to the increasing need for new housing facilities to meet the growing population demand and quick construction requirements. In addition to this, the benefits of LVL products, such as easy installation, cost-effectiveness, and lightweight, are expected to increase their use in construction projects in developing countries. Thus, the increasing use of LVL in emerging economies is expected to create growth opportunities for players operating in the global laminated veneer lumber (LVL) market during the forecast period.
Market Restraints
The high number of construction projects across the globe creates a high demand for skilled workers. Globally, the demand has exceeded supply, leading to the reduced availability of workers. The lack of skilled labor leads to an increase in the risks of contractors as it increases the likelihood of a delay. Moreover, many developing countries, such as India and China, have witnessed a severe shortage of skilled labor because of the migration of skilled workers, an aging workforce, and the lack of training. According to a skill gap report commissioned by the National Skill Development Corporation, in India, the building, construction, and real estate sector is estimated to require around 31.13 million of additional skilled workforce by 2022. However, the gap between the required workforce and their employability is expected to hamper the wood construction industry, which would affect the growth of the market for laminated veneer lumber.
LVL products require highly skilled labor to ensure proper cutting, fixing, and finishing. Thus, the lack of skilled labor is expected to restrain the growth of the global laminated veneer lumber (LVL) market during the forecast period. However, the International Labour Organization (ILO) has been taking many initiatives to train the workforces. Programs such as Skills for Trade and Economic Diversification (STED) and Rural Economic Empowerment (TREE) programs are launched by the ILO for the development of the workforce worldwide. Moreover, the ILOs Skills and Employability Program for Asia and the Pacific (SKILLS-AP) was also launched with the objective of providing solutions to the skill development issues in Asia-Pacific
Strategic Outlook and Future Directions
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Companies
Key companies profiled in Laminated Veneer Lumber Market
Profiles of 108 companies operating in the Laminated Veneer Lumber Market market, including revenue, employee count, and market positioning where available.
Showing 108 of 108 companies
BRISCO MAN
BRISCO MANUFACTURING LTD.
Manufacturing & Construction
Company Headquarters: US Founded: 2002 Company Working: Brisco Manufacturing Ltd. (BML) is a leading producer of laminated wood products. The company offers alternative solutions for mass timber construction by producing quality engineered beams from LVL. It also provides columns, beams, wood panels, custom equine buildings/barns, and commercial and custom equine buildings from LVL. The company offers its products for commercial and residential applications. It offers a wide range of LVL products for most load-bearing applications that provide several advantages over traditional lumber
RevenueN/A
EmployeesN/A
Market CapN/A
Founded2001
US
MURPHY COM
MURPHY COMPANY
Manufacturing & Construction
Company Headquarters: US Founded:1909 Workforce: ~850 Company Working: Murphy Company is a leading producer of quality softwood plywood, beautiful veneered hardwood plywood and panels, and innovative engineered wood products. The company is recognized as a reputed vertically integrated manufacturer due to its straighter, stronger, and more uniform products compared to milled lumber. The company offers its products through three segments, namely, hardwood, softwood, and engineered wood. The hardwood segment covers veneer, cores, finishes, wall paneling, laminates, and custom-crafted hardwood. The engineered wood segment offers LVL structural lumber, flange, concrete form, beams, walls and shores, truss chords, crane mats, laminated veneer studs, scaffold plank, and manufactured home marriage beams. Its LVL products are more sustainable than milled lumber due to its production in controlled environments. The company has six manufacturing mills and offers its products for applications in the residential and commercial sectors
RevenueN/A
Employees850
Market CapN/A
Founded1908
US
NELSON PIN
NELSON PINE INDUSTRIES LIMITED
Manufacturing & Construction
Company Headquarters: New Zealand Founded:1907 Workforce: ~250 Company Working: Nelson Pine Industries Limited (Nelson Pine) is a leading manufacturer of medium-density fibreboard (MDF) and LVL. The company produces GoldenEdge MDF and NelsonPine LVL from radiata pine grown in its plantation forests in New Zealand. It produces LVL in its manufacturing plant where veneers are laminated by hot pressing them into a beam form. The company possesses 16% of the productive land area planted in production forests and has the capacity to process 40% of the forest region’s annual harvest. Nelson Pine is a wholly owned subsidiary of Sumitomo Forestry Company Ltd (Tokyo, Japan).
RevenueN/A
Employees250
Market CapN/A
Founded1906
New Zealand
MODERN LUM
MODERN LUMBER TECHNOLOGY
Manufacturing & Construction
Company Headquarters: Russia Founded: 1934 Company Working: Modern Lumber Technology is a leading manufacturer of high strength laminated veneer lumber— Ultralam LVL. The company offers high-quality raw materials to build green, energy-efficient prefabricated houses and agricultural and sporting facilities and to refurbish old buildings and construct garrets. It offers LVL, oriented strand board (OSB), home building products, and fuel pellets. The company has a manufacturing facility in Russia with an annual production capacity of 150.000 m3. Its LVL products are manufactured using a continuous pressing technique with microwave pre-heating, which enhances the resin penetration into the wood structure, forming a new homogenous high-strength material. The company also provides services such as planning, cold pressing, painting and drying, manufacturing frames for prefabricated houses, manufacturing structures and components, billet processing, and design engineering
RevenueN/A
EmployeesN/A
Market CapN/A
Founded1933
Russia
LOUISIANA-
LOUISIANA-PACIFIC CORPORATION
Manufacturing & Construction
Company Headquarters: US Founded: 1973 Workforce: ~4,900 Company Working: Louisiana-Pacific Corporation (Louisiana-Pacific) is engaged in designing, manufacturing, and marketing building products for the construction, repair, and remodeling and outdoor structures markets. The company offers panels, framing, outdoor building products, and furniture panels. It produces sub-flooring, I-joist, rim board, laminated strand lumber, LVL, sheathing, trim and siding, furniture panels molding, sheds, and radiant barriers. It operates through four segments, namely, siding, oriented strand board (OSB), engineered wood products, and South America. The siding segment offers wood-based sidings, trim, soffit, fascia, and pre-finished lap and trim products in a variety of patterns and textures. The OSB segment manufactures and distributes OSB structural panel products. The engineered wood products segment covers LVL, laminated strand lumber, I-joists, and other related products. The South America segment includes the distribution of OSB and siding products in South America and other export markets Louisiana-Pacific markets its products under its LP Legacy, LP SmartSlide, LP FlameBlock, LP TopNotch, LP TechShield, LP CanExcel, and LP Outdoor Building Solutions brands. The company offers its products to professional building products dealers, traditional distribution, third-party wholesale buying groups, home centers, and other retailers. It has a presence across the Americas.
Revenue$2.2B
Employees4,900
Market CapN/A
Founded1972
US
BOISE CASC
BOISE CASCADE
Manufacturing & Construction
Company Headquarters: US Founded: 1957 Workforce: ~6,210 Company Working: Boise Cascade is a leading manufacturer of wood-based products. The company manufactures engineered wood products, including LVL, I-joists, and laminated beams, which are used in applications, such as headers and beams. It also distributes a range of building materials, such as adhesive sealants, concrete products, framing accessories, flashing, vents, fasteners, locks, gypsum, roofing products, and insulating products. The company operates through two business segments, namely, building materials distribution and wood products. The building materials distribution segment covers a range of building materials, including engineered wood products (EWP), oriented strand board (OSB), plywood, lumber, and general line items such as siding, metal products, insulation, roofing, and composite decking. The wood products segment manufactures structural, appearance, and industrial plywood panels. It also manufactures EWP, including LVL, I-joists, and laminated beams, which are structural products used in applications such as headers and beams. The products offered by the company are used in residential repair-and-remodeling projects, new residential construction, industrial applications and light commercial construction applications. The company offers its products to home improvement centers, lumberyards, specialty distributors, wholesalers, and industrial converters. It has a business presence in the US and Canada.
Revenue$3.9B
Employees6,210
Market CapN/A
Founded1956
US
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I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Laminated Veneer Lumber Market
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