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LONDON, GREATER LONDON, UK, August 12, 2024 /EINPresswire.com/ -- The global oriented strand board (OSB) market has experienced rapid growth, rising from $23.94 billion in 2023 to $27.54 billion in 2024, with a compound annual growth rate (CAGR) of 15.1%. The market’s expansion has been driven by factors such as the housing construction boom, the cost-effectiveness of OSB, and increasing trends in environmental sustainability, renovation, urbanization, and infrastructure development. Looking ahead, the market is projected to reach $46.09 billion by 2028, growing at a CAGR of 13.7%.
Rising Home Remodeling Drives Market Growth
The increasing trend in home remodeling is significantly propelling the growth of the OSB market. OSB's affordability, strength, and versatility make it a popular choice for sheathing, subflooring, and structural applications in residential renovation projects. According to RubyHome, the U.S. home remodeling market generated $369 billion in revenue in 2021, reflecting a 9% growth from the previous year. This surge in remodeling activities highlights the growing demand for OSB in the residential sector.
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Key Players and Market Trends
Major players in the OSB market include EGGER Holzwerkstoffe Brilon GmbH & Co. KG, Kronospan Ltd., and Louisiana Pacific Corporation. These companies are focusing on product innovation to stay competitive. For example, in February 2022, Medite Smartply launched the ‘Smartply Sure Step,’ an OSB panel featuring a durable coating for slip resistance and enhanced durability.
Trends Shaping the Market
Key trends influencing the OSB market include digital transformation in construction, technological advancements in manufacturing, and innovations in product design. Noteworthy advancements include the development of specialty OSB products and a focus on energy-efficient construction. The integration of teleophthalmology and biosimilars in related fields also reflects the broader trend of technological integration and innovation.
Market Segmentation
• By Grade: Oriented Strand Board/1, Oriented Strand Board/2, Oriented Strand Board/3, Oriented Strand Board/4
• By Application: Construction, Furniture, Flooring, Packaging, Other Applications
• By Distribution Channel: Online, Offline
• By End User: Residential, Non-Residential
Geographical Insights: North America Leading the Market
North America was the largest market for OSB in 2023, driven by significant construction and renovation activities. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, thanks to rapid urbanization and infrastructure development in the region.
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Oriented Strand Board Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Oriented Strand Board Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on oriented strand board market size, oriented strand board market drivers and trends, oriented strand board market major players, competitors' revenues, market positioning, and market growth across geographies. The oriented strand board market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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