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Oriented Strand Board Market Archiving Market Forecast Report 2024-2033 | Share, Overview, Outlook
Oriented Strand Board Market Archiving Market Forecast
According to The Business Research Company's, The oriented strand board market size has grown rapidly in recent years. It will grow from $23.94 billion in 2023 to $27.54 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to housing construction boom, cost-effectiveness of osb, environmental sustainability, renovation and remodeling trends, urbanization and infrastructure development.
The oriented strand board market size is expected to see rapid growth in the next few years. It will grow to $46.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to global population growth, advancements in specialty osb products, resilience to economic fluctuations, focus on energy-efficient construction, innovation in construction design. Major trends in the forecast period include digital transformation in construction, technological advancements in manufacturing, teleophthalmology integration, focus on combination therapies, biosimilars in ophthalmology.
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Market Drivers and Trends:
The rise in the construction of green buildings is expected to propel the growth of the oriented strand board market going forward. Green building, also known as sustainable building or environmentally friendly building, refers to the practice of designing, constructing, operating, and maintaining buildings in an environmentally responsible and resource-efficient manner. The oriented strand board (OSB) is used in structural sheathing material, insulated panels, and roof planking for green buildings. For instance, in November 2022, according to the U.S. Green Building Council, a US-based non-profit organization, there was an increase of 19% in the number of green building certifications. Approximately 184 countries around the globe have buildings that have green building certification provided by various green building certification systems, such as the World Green Building Council and Leadership in Energy and Environmental Design. Therefore, the rise in the construction of green buildings is driving the growth of the oriented strand board market.
Product innovation is the key trend gaining popularity in the oriented strand board market. Companies operating in the oriented strand board market are innovating new products to sustain their position in the market. For instance, in February 2022, Medite Smartply, a UK-based manufacturer of sustainable timber panels, launched 'The Smartply Sure Step', an oriented strand board/3 panel with a durable coating. The Smartply Sure Step is manufactured with high-performance and innovative coating that enables slip resistance and improved durability.
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Major Key Players of the Market:
EGGER Holzwerkstoffe Brilon GmbH & Co. KG.; Kronospan Ltd.; Louisiana Pacific Corporation; West Fraser Timber Co. Ltd.; Swiss Krono Group; Sonae Industria SGPS SA; Norbord Inc.; Tolko Industries Ltd.; Weyerhaeuser Company; Ainsworth Lumber Co. Ltd.; Arbec Forest Products Inc.; Roy O. Martin Lumber Company LLC; Suncrest Plydecor; Hutchison Incorporated.; LP Building Solutions; Huber Engineered Woods LLC; Georgia-Pacific Wood Products LLC; PotlatchDeltic Corporation; Pinnacle Renewable Energy Inc.; Stora Enso Oyj; Metsä Group; Schweitzer-Mauduit International Inc.; Armstrong World Industries Inc.; Dongwha Enterprise Co. Ltd.; Hexion Inc.; Nippon Paper Industries Co. Ltd.; Ormet S.p.A.; Pfleiderer Group; Resolute Forest Products Inc.; Stimson Lumber Company
Oriented Strand Board Market 2024 Key Insights:
• The oriented strand board market size will grow to $46.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Green Building Boom Boosts Oriented Strand Board Market
• Innovative Products Drive Oriented Strand Board Market
• North America was the largest region in the oriented strand board market in 2023
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