Oriented Strand Board (OSB) Market to Reach USD 42.89 Billion By 2027 | CAGR of 14.1% Reports and Data
- Market Size – USD 14.84 Billion in 2019, Market Growth - CAGR of 14.1%, Market Trends – High demand in the packaging sector
- Increasing demand from the construction sector for high strength components is driving the demand for the market.
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.