NEW YORK, Sept. 17, 2020 /PRNewswire/ -- The Global Oriented Strand Board (OSB) Market is projected to reach USD 42.89 billion in 2027. The rising commodity penetration in residential and company construction is anticipated to propel industry development as a result of superior aesthetics. Due to the cyclical nature of residential construction, the industry has seen extreme fluctuations in supply and demand. Stock prices are highly influenced by manufacturers in the OSB industry because the raw materials account for a significant proportion of the overall manufacturing cost of directed panels.
Green building materials are expected to have a positive impact on product demand with an increased preference in the construction industry because of its low emission rates. The oriented strand board is exempt from formaldehyde regulation. Furthermore, less wood wastage would be one of the main driving factors for the sector over the projected timeframe in OSB manufacturing.
The construction industry is projected to continue rising at a substantial pace over the forecast period due to low mortgage rates and an increasing population and per capita revenue. The product has high demand as it is a more efficient alternative to plywood and traditional lumbar. The superior quality of the market product will propel its demand in the construction industry.
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Raw material price fluctuations may limit the market growth. Remarkable volatility in wood prices is expected to impede growth due to weather conditions. Furthermore, the price volatility of adhesive and resin products used for production is also expected to curb growth due to fluctuations in crude oil prices. The COVID-19 pandemic outbreak has added to the existing problems with the lack of skilled labor and is hindering the market's growth to a certain extent.
COVID-19 Impact Analysis
The COVID-19 pandemic is expected to affect the sector's growth to some extent in the coming years. Key players in the industry are skeptical about the future of the market and are trying to redesign their sustainability strategies to face this challenge. The pandemic had a severe impact on the construction sector, and most of the major manufacturers were forced to stop both production and other operations. Lack of resources in many parts of the world has been triggered by frequent lockdowns. The international commercial, export, and import were affected by COVID-19, which led to a significant reduction in demand for the industry. The leading enterprises operating in the market are attempting to clear their stocks and focus on keeping their cash balances. The real discretionary income of consumers will possibly decline, and manufacturers are seeking to find creative ways to satisfy consumer demands at considerably reduced prices.
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Further key findings from the report suggest
- The extensive product use in roofing, floor sheathing, and other construction applications is boosting the growth of the globally-oriented strand board market.
- Terahertz technology is expected to aid in the manufacture of advanced-grade products in terms of moisture and wood density calculation.
- Increased imports and exports worldwide are expected to create massive packaging demand.
- North America was the biggest regional market and is expected to dominate the industry over the projected years because of increased residential construction.
- In July 2019, Swiss Krono agreed to create the largest woodworking plant to manufacture a focused board in Sharya. The plant will be manufacturing more than 600K cubic meters of OSB and particle panels annually from 2021 to 2022.
- Key players in the market include Norbond Inc., Kronospan Ltd, Louisiana-Pacific Corporation, Weyerhaeuser Company, Georgia-Pacific, Huber Engineered Woods LLC, Sonae Arauco, Arbec Forest Products Inc., Ainsworth Lumber Co. Ltd., and Swiss Krono Group, among others.
For the purpose of this report, Reports and Data has segmented into the Global Oriented Strand Board Market on the basis of grade, distribution channel, application, and region:
Grade Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Distribution Channel Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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