Oriented Strand Board Market Expected to Reach $44.3 Billion: Shaping the Future
oriented strand board market size was valued at $25.6 billion in 2020, and is estimated to reach $44.3 billion by 2030
PORTLAND, DELAWARE, UNITED STATES, October 25, 2023 /EINPresswire.com/ — In the ever-evolving landscape of construction and interior design, sustainability and innovation have become paramount. One such innovation is oriented strand board (OSB), a game-changing product in the engineered wood industry. As the world grapples with urbanization and the need for eco-friendly materials, the oriented strand board market is surging ahead. According to a report by Allied Market Research, the global oriented strand board market had a valuation of $25.6 billion in 2020, and it’s anticipated to reach a whopping $44.3 billion by 2030, growing at a steady Compound Annual Growth Rate (CAGR) of 5.4% from 2021 to 2030.
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The Engineered Wood Revolution
Urbanization in developing countries and the increasing demand for sustainable products are driving the growth of the oriented strand board market. OSB is making waves in the engineered wood industry, especially in the “others” segment, which took the lead in 2019. Among various applications, the furniture segment has dominated the market, closely followed by construction. This trend is expected to persist throughout the forecast period.
Challenges and Resilience
While OSB is making significant strides, there are challenges to overcome. Fluctuations in raw material prices and competition from plastic laminates are key hurdles in the industry. The outbreak of COVID-19 sent shockwaves through the construction and manufacturing sectors, resulting in a halt in logistics services and impacting the packaging industry. However, the oriented strand board industry is showing resilience, with recovery expected as restrictions ease and the vaccine rollout gains momentum.
A World of Applications
Oriented strand board finds its place in various applications, such as flooring, parting walls, and roofing, creating luxurious interiors for transport systems. For example, the Toyota Camry Hybrid was upgraded with OSB-based panels, enhancing design and safety features. OSB is also used to manufacture decorative items and artworks, thanks to its various thicknesses and colors, making it an easy material to work with. These diverse applications and innovative strategies by end-users are expected to boost OSB’s growth in the coming years.
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Construction and Repair Fuel Growth
The surge in non-residential construction activities and repairs is a key driver for the oriented strand board industry. India and China, in particular, are expected to witness substantial growth, thanks to their rapidly growing urban populations. The construction of new official buildings, non-residential complexes, and industrial spaces is set to further boost the oriented strand board market.
Key Segments and Players
The oriented strand board market is segmented by grade, application, end-user, and region. The grade segment includes OSB/1, OSB/2, OSB/3, and OSB/4, with OSB/3 currently holding the highest market share.
In terms of application, the industry spans construction, flooring, packaging, and others. Construction was the dominant segment in 2020, with the flooring segment expected to exhibit the highest CAGR of 4.8% during the forecast period.
End-users can be classified into residential and non-residential, with the residential segment leading in 2020. The non-residential segment is anticipated to grow at the highest CAGR of 5.7% during the forecast period.
The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with North America taking the lead in terms of revenue. Europe follows closely behind, while Asia-Pacific is predicted to grow faster than LAMEA during the forecast period. Asia-Pacific is expected to dominate the oriented strand board market.
Industry Players and Growth Strategies
Key players in the global oriented strand board market include Coillte, Egger Hozwerkstoffe GmbH, Koch Industries, Kronospan Ltd., Louisiana Pacific Corporation, West Fraser, Swiss Krono Group, Sonae Industria, Tolko Industries, and Weyerhaeuser. These major players have been focusing on product launches and acquisitions to enhance their product portfolios.
For instance, Egger Group expanded its operations by starting a new wood-based materials plant in Lexington, North Carolina, USA, in September 2020. This expansion created 400 new jobs and responded to the growing demand for wood-based materials in North America.
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A Roller Coaster Year and a Promising Future
While several manufacturers in the global oriented strand board industry faced challenges in 2020 due to the COVID-19 pandemic, the market is poised to recover. With reduced restrictions and the reopening of the global oriented strand board industry in the first quarter of 2023, the industry is set for a resurgence. The availability of COVID-19 vaccines has further accelerated the recovery.
In conclusion, the oriented strand board market is not just growing; it’s evolving. With innovation and sustainability at its core, OSB is set to play a pivotal role in construction and interior design for years to come.
David Correa
Allied Market Research
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