The market for oriented strand board (OSB) is expected to register a CAGR of greater than 4%, during the forecast period. Factors such as desirable properties of OSB and growing prominence of OSB as a substitute to plywood are expected to drive the growth of the market studied. On the flipside, emissions of volatile organic compounds (VOCs), such as formaldehyde, are expected to hinder the growth of the market studied.
- The construction segment dominated the market with a share of more than 40%, and is expected to grow at the fastest rate during the forecast period, owing to the increasing applications, such as floor and roof, walls, etc. - Increasing application of OSB in structural insulated panels is likely to act as an opportunity in the future. - North America dominated the market across the world, with the largest consumption from the United States.
Key Market Trends Soaring Demand from the Construction Segment
- Wood-based panels are crucial in the construction industry, providing high structural durability to roofs and floors, walls, beams, doors, staircase, etc. In OSB panels, they produce a stronger and stiffer panel than other products used in similar types of construction projects. The material eliminates rings and knots, which makes it more uniform. Its structure provides OSB a great deal of strength, alowing it to be used in a broad range of applications, particularly for load-bearing applications. - The building & construction industry is currently a thriving industry in several emerging economies of the Asia-Pacific and the South American regions, which is expected to drive the use of OSB, thus minimizing infrastructure failures. - Oriented strand boards are a cost-effective alternative for home construction. As per the National Association of Certified Home Inspectors (NACHI), OSB costs USD 700 less than plywood for a typical 2400-square foot home. - Tiles, plywood, and wooden boards are considered as relatively more expensive than OSB, when it comes to flooring. OSB floors are more suitable than hardwood, as it adds a more natural and decorative effect to the home interior design. Furthermore, the total cost of flooring the entire area with hardwood is quite high. - Overall, the growing construction sector is expected to drive the OSB maket through the forecast period.
United States to Dominate the Global Market
- With expenditures reaching around USD 1.3 trillion, the United States is the one of the largest construction market worldwide. Construction in the commercial and housing markets seemed to be strong again in most parts of the country. - While apartment construction remained elevated in the recent past, total spending is no longer climbing quickly. Single-family home construction slumped due to higher mortgage rates. - Commercial construction, by contrast, was red hot in several segments, including hotels, warehouses and data centers. - According to the Engineered Wood Association (APA), the new home construction is the primary end use for the OSB industry in North America (especially the United States), accounting for more than 50% of the OSB consumption. Hence, the OSB demand from furniture and construction sector may be impacted by the aforementioned factors. - Such factors in turn are boosting the demand for OSB market in the country.
Competitive Landscape The global oriented strand board (OSB) market is consolidated in nature, with the top five players accounting for a significant portion in the global market. Some of the major players in the global oriented strand board (OSB) market are Norbond Inc., Louisiana-Pacific Corporation, Kronospan Ltd, Georgia-Pacific, and Weyerhaeuser Company, among others.
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