North America Oriented Strand Board Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Oriented Strand Board Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Oriented Strand Board Market is expected to register a CAGR of over 4% during the forecast period.

Due to the impact of COVID-19, the supply decreased in the first half of 2020, while the demand for Oriented Strand Board (OSB) from home construction and renovations increased rapidly in the second half of 2020. This has led to the significant price increase of OSB, and thus manufacturers made substantial profits in 2021.

• The rapidly expanding construction industry and the rise in imports and exports, leading to increased packaging, benefits market growth.
• Increasing application of OSB in structural insulated panels is likely to act as an opportunity in the future for the oriented strand board market in North America.
• On the other hand, fluctuations in the prices of raw materials are hindering market expansion.
• United States is expected to dominate the oriented strand board market in North America and is also likely to witness the highest CAGR during the forecast period.

• OSB is majorly used for traditional construction applications, such as sheathing for roofs and walls, subfloors, and single-layer flooring. Owing to its high performance, it also finds applications in structural insulated panels.
• OSB panels manufactured in North America are typically 4*8 feet in size. Panels for use as exterior siding are also available in narrow lap widths of 6 inches (152mm) or 8 inches (203mm) and 16 feet (4.88m). Most OSB manufacturers produce oversized panels, up to 8*24 feet, typically used for panelized roof and wall systems, facers for structural insulated panels (SIPs), or modular floors.
• In North America, APA-rated OSB sheathing is used for subflooring, wall sheathing, and roof sheathing. APA-rated oriented strand board (OSB) is also used for ceiling deck applications. Common thicknesses for sheathing panels are 3/8 inch (9.5 mm), 7/16 inch (11.1 mm), 15/32 inch (11.9 mm), ½ inch (12.7 mm), 19/32 inch (15.1mm), 5/8 inch (15.9 mm), 23/32 inch (18.2 mm), and ¾ inch (19 mm).
• According to the US Census Bureau, an estimated 1,737,100 new privately owned housing units were authorized by building permits in United States in 2021, registering a growth rate of around 18%, compared to the 2020 figure of about 1,471,100 privately owned housing units. This increases the demand for oriented strand boards in the Construction Industry.
• According to the US Census Bureau, in 2021, the overall value of new construction in United States exceeded USD 1.59 trillion in 2021, an increase of around 8.3% over the previous year's value of USD 1.469 trillion. This fact sheet is information regarding the consumption of Oriented strand boards (OSB) in the construction industry.
• Therefore, considering the factors mentioned above, the demand for the oriented strand boards (OSB) market is expected to rise significantly in the construction industry in the near future.

• United States is expected to dominate the market for oriented strand boards (OSB) in North America during the forecast period, owing to the demand from major end-user industries such as furniture, construction, packaging, and others.
• United States furniture market is the largest in the world, consisting of over 39,644 domestic and international furniture businesses. The growth in disposable income enabled more consumers to purchase new household furniture rather than readily available second-hand items.
• Ashley Furniture Industries, HNI Corporation, and Herman Miller are some of the major furniture manufacturing companies with production facilities in the country. The transition toward smart homes and increased attention and attractiveness for high-end furniture created the market potential for oriented strand board (OSB).
• The growing retail market in United States is driving the packaging industry, which, in turn, is expected to increase the consumption of oriented strand board (OSB) during the forecast period. According to the US Department of Commerce, total retail sales in United States are expected to amount to USD 5.35 trillion in 2025, which will create substantial demand for Oriented strand boards (OSB) in near future.
• According to the Bureau of Labor Statistics (United States), the average annual expenditure on furniture per consumer was around USD 715.6, increased as compared USD 534.17 in previous year. This trend is expected to support the demand for oriented strand boards in the furniture Industry.
• All aforementioned factors are likely to fuel the growth of the Oriented strand boards (OSB) in United States market over the forecast period.

North American Oriented Strand Board Market is consolidated in nature. Some of the major players in the market include West Fraser, Louisiana-Pacific Corporation, Georgia-Pacific, Weyerhaeuser, and J M Huber Corporation, among others.

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