The US office space market witnessed slight reduction in growth in 2017, as it experienced a slowdown in tenant expansions, while the overall supply growth remained at about the same level as in 2016
NEW YORK, Jan. 22, 2020 /PRNewswire/ --
Market Overview
The market for oriented strand board is expected to register a CAGR of 6.2%, during the forecast period of 2019-2024. One of the major factors driving the market studied is the growing prominence of OSB, as a substitute to plywood. Emissions of volatile organic compounds (VOCS), like formaldehyde, is expected to hinder the growth of the market studied.
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The construction industry dominated the market in 2017, 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 Industry
Wood-based panels are crucial to 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 to be used in a broad range of applications, particularly for load-bearing applications.
The building and 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.
The United States to Dominate the Market
The US office space market witnessed slight reduction in growth in 2017, as it experienced a slowdown in tenant expansions, while the overall supply growth remained at about the same level as in 2016. In 2017, an increase of 21 million square feet of office space has been witnessed. This level of "net absorption" is understood to be the lowest since 2012, and is down from 29 million square feet increase from 2016. The usage of OSB in packaging application is on the rise, owing to the growing number of millennial and increasing purchasing power among them. However, packaging application accounts for a small portion in the OSB market. Additionally, the United States is the largest exporter and importer of goods and services, and hugely relies on wood packaging for proper protection of these goods, which is increasing the demand for OSB for packaging in the country.
Competitive Landscape
The oriented strand board (OSB) market is consolidated in nature, with the top five players accounting for a significant portion in the global market. The major companies include Norbond Inc., Louisiana-Pacific Corporation, Kronospan Ltd, Georgia-Pacific, and Weyerhaeuser Company.
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