Global Outlook for Engineered Lumber Products

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1 Global Outlook for Engineered Lumber Products Metropol Parasol, Sevilla Spain, Kerto LVL

2 2 FEA GLOBAL OUTLOOK ON LVL, PSL, LSL, I-JOISTS, GLULAM & CLT, Why Subscribe? Offshore Production & Markets Will Affect Your Business LVL Some may think that offshore manufacturing and markets do not have relevance to their operations but we believe that manufacturers and distributors of engineered lumber products throughout the world are today operating in a global context even if they don t have a presence overseas. Imbalances Exist in Supply & Demand Glulam China is the wood-working shop of the world but has little in the way of its own timber resources. Russia has the world s largest timber basket but much of it is not accessible. North America has 80% of the world market for engineered lumber but it lacks the high-grade veneer necessary to keep pace with its recovering markets. Europe has ample wood resources and excess capacity but its weak domestic markets will turn Euro manufacturers into exporters. PSL The Global Outlook Study Will Enable you to : Identify and assess new market opportunities Analyze and understand competitive threats Develop and/or refine export market strategies Mitigate cyclicality through market diversification CLT Acquire data on capacities by manufacturer and plant Acquire accurate supply, demand, cost & price histories and forecasts by product and region Identify potential customers and partners in offshore markets Get up to speed on new engineered lumber products and manufacturing technologies LSL I-joists The Most Comprehensive Report of Its Kind The best way to navigate these unchartered waters and remain competitive is through information. That is what this report will deliver. It will contain detailed data on engineered lumber products from around the world, along with realistic forecasts. It will contain a wealth of never-beforepublished information including the first ever impartial CLT forecast and insightful analysis of manufacturing, distribution, markets and competition. Our mission? To help you make better, more informed business decisions.

3 3 Highlights Over 500 pages charts, tables, maps Geographic Coverage Europe s Installed LVL Capacity will Grow by 80% within 2 Years By 2018, Europe's installed capacity will grow to a level that is 3 times greater than current domestic consumption. What will the major players do with all that excess capacity? Why do they keep investing? The Eastern US is Fertile Ground for European LVL Exporters How do European variable costs compare with those of North America? To what extent will US eastern markets rely on Western US LVL supply? What is the delivered cost of European LVL vs. the delivered cost of US LVL to representative Eastern markets? Why Aren t North American LVL Manufacturers Expanding Capacity? Is the primary concern market demand or raw material supply? Will we see more greenfield LVL plants in North America? How will North American EWP companies meet forecast demand? North America s Architectural CLT Consumption is only 7% of Europe s Why is CLT consumption growing more quickly? How quickly will CLT be adopted in North America? The realizable market potential is vast but how much of that will be realized? North America Europe (including Russia) Australasia Japan China Product Coverage Laminated Veneer Lumber (LVL) Structural & Non-Structural Parallel Strand Lumber (PSL) Laminated Strand Lumber (LSL) Glued Laminated Timber (glulam) I-joists Cross Laminated Timber (CLT) New Product Technologies Japan Aims to Expand CLT Capacity Tenfold over 10 Years The government announced its plan to increase production capacity to 500,000 M³ How is the government attempting to make this happen? Will government policy also play a role in North America, Europe or Australasia? Are any of the New Products/Technologies Game Changers? Are there any new mass timber panel technologies that could significantly elevate the growth trajectory of CLT consumption around the world? Could CLT be made obsolete by newer mass timber panel products and hybrids? How is CLT evolving to become more cost competitive with steel and concrete? Analytical Coverage For Each Product & Region: Macroeconomic Forecasts 5-Yr Histories of Supply, Demand, Costs, Prices 5-Yr Forecast of Supply, Demand, Costs, Prices Imports & Exports Manufacturing Capacities by Manufacturer & Plant

4 4 FEA GLOBAL OUTLOOK ON LVL, PSL, LSL, I-JOISTS, GLULAM & CLT, Data & Analysis A Unique Data Base and In-depth Analysis FEA has created a uniquely extensive and accurate global data base of manufacturing capacity, production, costs and prices for LVL, PSL, LSL, Glulam, I-joists and CLT. In addition, FEA will provide macro-economic forecast summaries, as well as 5 year supply, demand, cost and price forecasts, by geographic/market region. The Authors of This Study Know the Business Collectively, the authors of this report have over 100 years of experience, including 40 years of handson ELP industry experience, managing operations in North America, Europe and Asia. We know the business. Our experience, combined with FEA s superior analytics and extensive data base, will combine to make this study the most comprehensive of its kind ever written.

5 5 Table of Contents 1. Executive Summary 2. Background 3. Product Descriptions Laminated veneer lumber (LVL) Parallel strand lumber (PSL) Laminated strand lumber (LSL) I-joists / I-beams Glued laminated timber (Glulam) Cross laminated timber (CLT) 4. Introduction Industry Update Report Objectives Methodology Organization of Report 5. North America (US & Canada) Macroeconomic Forecast Building Industry/Timber Frame Outlook End Use Markets & Applications Laminated Veneer Lumber (LVL) Market Segments (B&H, Flange Stock, Scaffold Plank, Form Beams) Wood Supply (NW, South) Manufacturers Production Facilities Exports & Imports Forecast I-joists Flange Stock (LVL vs MSR) Exports & Imports Historic & Glulam Exports/Imports Historic & Forecast Cross Laminated Timber (CLT) Market Segments Market Opportunity by Building Type Wood Supply Issues Challenges in the N.A. Market Competitive Position Imports Historic & Forecast Variable Manufacturing Costs

6 6 FEA GLOBAL OUTLOOK ON LVL, PSL, LSL, I-JOISTS, GLULAM & CLT, Laminated Strand Lumber (LSL) Exports Historic & Forecast Parallel Strand Lumber (Parallam PSL) Exports Historic & Forecast New SCL Technology (Scrimtec SPSL) Product Description Manufacturing Process Potential Sustainable Competitive Advantage Realizable Market Potential Commercialization Status 6. Europe (Including Russia) Macroeconomic Forecast Building Industry Timber Frame Outlook End Use Markets & Applications Laminated Veneer Lumber (LVL) Market Segments (B&H, Flange Stock, Scaffold Plank, Form Beams Wood Supply Manufacturers Production Facilities Exports & Imports Forecast Glulam, Capabilities Principal Manufacturers and Production Capacities Demand Drivers Exports & Imports Historic & Forecast Cross Laminated Timber (CLT) Manufacturers Production Capacities Demand Drivers Competitive Position vs. Concrete & steel

7 7 Exports Historic & Forecast Variable Costs Historic & Forecast I-joists Flange Stock (LVL vs MSR) Exports & Imports Historic & 7. Australasia (New Zealand & Australia) Macroeconomic Forecast Building Industry/Timber Frame Outlook End Use Markets & Applications Laminated Veneer Lumber (LVL) Market Segments Wood Supply Manufacturers Production Capacities Exports & Imports Historic & Forecast Variable Costs Historic & Forecast I-joists Demand Drivers Exports & Imports Historic & Forecast Variable manufacturing) Historic & Forecast Glulam Principal Manufacturers and Production Exports & Imports Historic & Forecast Cross Laminated Timber (CLT) Principal Manufacturers Competitive Position vs Concrete & Steel Imports Historic & Forecast

8 8 FEA GLOBAL OUTLOOK ON LVL, PSL, LSL, I-JOISTS, GLULAM & CLT, Japan Macroeconomic Forecast End Use Markets Laminated Veneer Lumber Glulam Production Facilities Demand Drivers Variable Cost Estimates Prices Glulam Production Facilities Demand Drivers Variable Cost Estimates Prices 9. China Macroeconomic Forecast End Use Markets Laminated Veneer Lumber Wood City, Helsinki Finland, SRV & Stora Enso

9 9 Scope The report will cover all commercially available engineered lumber products in North America, Europe (including Russia), Australasia, China, and Japan. The products will include laminated veneer lumber (LVL), parallel strand lumber (PSL), laminated strand lumber (LSL), glued laminated timber (glulam), I-joists, cross laminated timber (CLT) and promising new technologies. For each geographic area, FEA will provide macroeconomic and end use forecasts, followed by comprehensive analysis and forecasts on each individual product - identification of the major players, plant capacities and locations, product demand, supply, variable costs and prices. Program Timing The report will lbe published in April, We are prepared to discuss the findings to meet your individual information needs. All subscribers are offered a private on-line presentation by the FEA project team with an open discussion about the report, and to address any company-specific issues. The consultation is included in the subscription price. Subscription Subscription price: US$18,500 To Subscribe Call or for subscription details about the Outlook for Engineered Lumber Products program. Direct: US lkelly@getfea.com Fax: US

10 Global Outlook for Engineered Lumber Products Subscription Agreement This agreement is between Forest Economic Advisors, LLC and (Client). Client agrees to subscribe to this multi-client study, Global Outlook for Engineered Lumber, Client agrees to maintain the report as company confidential from the signature date herein. Client will not reproduce in part or in whole the report by any means, will refrain from oral or written publication of any information presented in the report, and will take every precaution to prevent the disclosure of information in the report to any third party without FEA's written consent. Forest Economic Advisors, LLC, will not provide the information contained in this report, in whole or in part, to any party that is not a subscriber to the report except for limited use for marketing purposes. Client agrees to subscribe to this report for $18,500 (payable in US currency). Full payment of all invoices are due within 30 days of the invoice date. Forest Economic Advisors, LLC, will provide an electronic copy of the report for limited distribution upon completion and after the receipt of payment. Subscription Price USD $18,500 Total Price Exp. date / / Cardholder To confirm your acceptance of this proposal, please have an authorized employee fill in, sign and return a copy to Forest Economic Advisors, LLC. Once signed by both parties, this document shall constitute a legal binding agreement between both parties, as defined in the attached Standard Terms and Conditions. Credit card number VISA & MC Security # Signature Security Code For wire transfers, please contact Lisa Kelly: lkelly@getfea.com AGREED AND ACCEPTED Forest Economic Advisors, LLC Signature Name Title Date Company Signature Name Title Date BILL TO Name Title Company Address TO Name Title Phone City State ZIP Phone 298 Great Road, Littleton, MA

11 11 Study Team Partner, Engineered Wood Products Art Schmon Industry experience: 38 years MD, Trus Joist MacMillan Europe Manager Mktg, Parallam Division, MacMillan Bloedel Education: Princeton University. BA; Simon Fraser MBA ; Co-Founder & Principal, Macroeconomics and Housing Brendon Lowney Industry experience: 20 years VP RISI, Pulp and Paper Economic Analysis, Macroeconomics & Mill Intelligence Education: Union College: BA; Boston College: MA ; Co-Founder & Principal, Lumber Paul Lisa Jannke Kelly Industry experience: 20 years RISI, Housing, Benchmarking and News Education: UConn BA; Boston University MA ; Who We Are Over the past six years, FEA has grown to be the world s leading provider of third party forecasts and analysis for the solid wood products sector. Our team of eight economists - with over 200 years of combined experience - are the most experienced and respected analysts in the industry. This differentiates us from the competition. What We Do We provide information and analysis to help you make better business decisions. Our 150 client firms include most of the largest forest products companies in the world, as well as major banks, investment banks, government departments and ministries and industry associations. Our products include monthly and quarterly macroeconometric forecasts, as well as forecasts and analysis for lumber, engineered lumber, structural and non-structural panels, timber and biofuels. But we don t just provide reports. We are always available to our clients - by phone and - 7 days a week. Contact us If you would like to find out what we can do for your firm, please contact us at: or pjannke@getfea.com

12 Analysis You Trust Insights You Can Use Brendan Lowney Co-Founder & Principal, Macroeconomics and Housing Industry experience: 20 years VP RISI, Pulp and Paper Economic Analysis, Macroeconomics & Mill Intelligence Education: Union College: BA; Boston College: MA ; Paul Jannke Co-Founder & Principal, Lumber Industry experience: 20 years SVP RISI, Wood Products and Timber Economic Analysis, Benchmarking and News Education: UConn BA; Boston University MA ; Greg Lewis Vice President Wood Panels Industry experience: 15 years VP RISI Wood Products Structural and Non-Structural Wood Panel Forecasts Education: Oberlin College BA; University of Washington MA ; Rocky Goodnow Vice President, Timber Industry experience: 12 years Director RISI North American Timber Service Authored numerous studies on Timber-related topics Education: Virginia Tech BS; Virginia Tech MS ; Art Schmon Partner, Engineered Wood Products Industry experience: 38 years MD, Trus Joist MacMillan Europe Manager Mktg, Parallam Division, MacMillan Bloedel Education: Princeton U. BA; Simon Fraser MBA ; Henry Spelter Partner, Biomass & Lumber Professional experience: 40 years Economist, Forest Products Laboratory Manager, FORSIM Service, Data Resources, Inc Education: U of Illinois BS; U of California MS ; hspelter@getfea.com Partner, Housing & Wood Products Lynn Michaelis Industry experience: 39 years Chief Economist Weyerhaeuser VP, Marketing & Economic Research, Weyerhaeuser Education: U of Utah BA; Washington State U PhD in Economics ; lmichaelis@getfea.com Crystal Lisa Kelly Gauvin Senior Economist Professional experience: 7 years Senior Economist, RISI Education: B.S. Mathematics, Xavier; MS U of Rhode Island ; cgauvin@getfea.com