北米の配向性ストランドボード (OSB) 市場 : 2029年までの予測

Report Overview

The North American OSB market was valued at US$13.88 billion in 2023. The market value is expected to reach US$19.92 billion by 2029. Oriented Strand Board (OSB) is a type of engineered wood product commonly used in construction and other applications. OSB is known for its versatility, cost-effectiveness, and structural integrity. It is often used as sheathing material in residential and commercial construction, as well as for subflooring, roof decking, wall panels, and furniture manufacturing.

Looking ahead, the North American OSB market is projected to continue its upward trajectory, driven by factors such as ongoing urbanization, infrastructure development initiatives, rise in new residential construction, and the growing trend towards sustainable construction practices. Moreover, as manufacturers continue to innovate and expand their product offerings, the appeal and versatility of OSB are expected to attract an even broader consumer base, further solidifying its position as a cornerstone of the construction industry in the region. The market is expected to grow at a CAGR of approx. 6% during the forecasted period of 2024-2029.

Market Segmentation Analysis:

By Production: The report analyses the North American OSB market based on production. In 2022, OSB production in North America faced challenges due to uncertainties in the global economy, and fluctuations in housing market conditions contributed to a temporary downturn in construction activities, leading to reduced demand for OSB. Despite these setbacks, the long-term outlook for OSB production in the North American region remains positive, driven by factors such as population growth, urbanization, infrastructure development initiatives, and the growing trend toward sustainable construction practices.

By Consumption: The report also provides an analysis of the North American OSB market based on consumption. The affordability of OSB compared to alternative materials like plywood and solid wood products is a key factor in its consumption growth. Especially in the wake of economic downturns or periods of financial uncertainty, builders and homeowners prioritize cost-effective solutions without compromising quality or performance. OSB’s competitive pricing, coupled with its structural integrity and durability, positions it as a preferred choice in both residential and commercial construction projects, contributing to its increasing consumption.

By Application: The report provides the bifurcation of the market into three segments based on the application: Construction, Furniture, Flooring, Packaging, and Others. In 2023, the construction segment held the highest share in the market and is expected to be the fastest growing segment in the forecasted period. In construction, OSB is primarily employed as sheathing material for walls, roofs, and floors. Its dimensional stability and resistance to moisture make it an ideal choice for providing structural support and protection against the elements. As the construction industry continues to grow, driven by factors such as population growth, urbanization, and infrastructure development, the demand for OSB in construction applications is expected to rise.

By Grade: The report further provided the segmentation based on the grade: OSB/1, OSB/2, OSB/3, and OSB/4. OSB/3 is expected to be the fastest growing segment in the forecasted period. OSB/3 is a higher grade of OSB designed for use in structural applications requiring enhanced strength and durability. This grade is commonly used in load-bearing applications such as wall sheathing, flooring, and roof decking in both residential and commercial construction. As building codes and regulations become more stringent, the demand for OSB/3 is growing as builders and architects specify high-performance structural panels that meet or exceed industry standards.

By End-User: The report provides an analysis of the market based on end-users: New Residential, Repair & Remodel, Industrial, and Non-Residential. New residential held the highest share in the market, whereas repair & remodel is expected to be the fastest growing segment in the forecasted period. It is expected that repair & remodel demand would benefit from the increasing age of the US housing stock. According to the US Census Bureau’s American Community Survey, the median age of owner-occupied housing has risen to 40 years as of 2021 from 27 years in 1993. On the other hand, changes in home values tend to be a strong leading indicator of future repair & remodel spending.

By Region: The report provides insight into the North American OSB market value, production, and consumption based on the regions namely the US and Canada. North American OSB demand is mostly driven by the US. In the US, as housing starts and building permits increase, driven by factors such as population growth, urbanization, and low mortgage rates, the demand for OSB as a primary building material for sheathing, subflooring, and roof decking surged. However, in the previous years, there were headwinds to new home construction, owing in large part to the upward reset in interest rates and the impact on housing affordability. In the medium, it is expected that unemployment would remain relatively low in the US and central bankers across North America have indicated that the current rate hiking cycle may be nearing an end. This would lead to an increase in home affordability in the coming years which would further support the demand for OSB in the US. The US and Canadian OSB market consumption has been further analyzed based on the following end-users: New Residential, Repair & Remodel, Industrial, and Non-Residential.

Market Dynamics:

Growth Drivers: The North American OSB market has been growing over the past few years, due to factors such as rising new residential construction, growing home improvement spending, growing industrial activities, advantages of OSB over traditional plywood, and many other factors. Housing starts in the US have been increasing due to low mortgage rates, changing lifestyle preferences, population growth, and government stimulus. As housing starts rise, so does the demand for building materials like OSB, which is widely used in residential construction for structural applications such as sheathing, subflooring, and roofing. OSB’s affordability, structural strength, and versatility make it a popular choice among builders for framing and sheathing projects. Therefore, as the construction of new housing units increases, the demand for OSB also rises proportionally.

Challenges: However, the market growth would be negatively impacted by various challenges such as declining average home size, volatile prices, market volatility, etc.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as favorable government initiatives, emergence of terahertz (THz) technology, technological advancements, growing sustainable construction practices and green buildings, increasing application in structural insulated panels, etc. The US government has implemented various initiatives to address housing affordability issues, including programs to increase access to affordable housing and incentivize home construction. These initiatives aim to stimulate demand for residential construction and support the housing market, thereby expected to drive the demand for OSB in residential applications such as sheathing, subflooring, and roofing in the coming years.

Impact Analysis of COVID-19 and Way Forward:

In 2020, the OSB market in North America experienced fluctuations in market value due to the economic uncertainties and disruptions caused by the pandemic. Initially, as lockdown measures were implemented and construction activity slowed down, the demand for OSB declined, leading to a decrease in market value. However, as construction activities gradually resumed and demand for housing remained resilient, especially in the residential sector, the OSB market started to recover. Factors such as increased housing demand, government stimulus, manufacturing resilience, product innovation, and sustainability initiatives have contributed to the market’s expansion in the post-COVID era.

Competitive Landscape:

The North American OSB market is characterized by a relatively high level of consolidation among the major producers, driven in part by mergers and acquisitions. The key players in the North American OSB market are:

West Fraser Timber Co. Ltd.
Louisiana-Pacific Corporation
The Weyerhaeuser Company
Boise Cascade Company
Kronospan
J.M. Huber Corporation (Huber Engineered Woods LLC)
Georgia-Pacific LLC (Georgia-Pacific Building Products)
Roseburg Forest Products
EGGER Group
Tolko Industries Ltd.

OSB producers can grow revenue by increasing shipment volumes. In North America, West Fraser has seen the largest increase in shipments, due to a combination of higher utilization rates, Norbord’s 2015 acquisition of Ainsworth Lumber Co. Ltd. and its four mills in Canada, and West Fraser’s subsequent acquisition of Norbord in early 2021. On the other hand, Georgia-Pacific is expected to increase capacity at its Clarendon, South Carolina facility (+150 mmsf) in 2023 with the addition of a third strander. The top five players in the market held almost 80% of the share.

Table of Contents

1. Executive Summary

2. Introduction

2.1 Oriented Strand Board (OSB): An Overview
2.1.1 Introduction to Oriented Strand Board (OSB)
2.1.2 Typical Uses of OSB Products
2.1.3 Manufacturing Process of OSB
2.1.4 OSB Application by Thickness

2.2 Oriented Strand Board (OSB) Segmentation: An Overview

3. North American Market Analysis

3.1 North American OSB Market: An Analysis

3.1.1 North American OSB Market: An Overview
3.1.2 North American OSB Market by Value
3.1.3 North American OSB Market by Application (Construction, Furniture, Flooring, Packaging, and Others)
3.1.4 North American OSB Market by Grade (OSB/1, OSB/2, OSB/3, and OSB/4)
3.1.5 North American OSB Market by End-User (New Residential, Repair & Remodel, Industrial, and Non-Residential)
3.1.6 North American OSB Market by Region (The US and Canada)

3.2 North American OSB Market: Production Analysis

3.2.1 North American OSB Market by Production: An Overview
3.2.2 North American OSB Market by Production
3.2.3 North American OSB Market Production Capacity by Region (The US and Canada)

3.3 North American OSB Market: Consumption Analysis

3.3.1 North American OSB Market by Consumption: An Overview
3.3.2 North American OSB Market by Consumption
3.3.3 North American OSB Market Consumption by End-User (New Residential, Repair & Remodel, Industrial, and Non-Residential)
3.3.4 North American OSB Market Consumption by Region (The US and Canada)

3.4 North American OSB Market: Application Analysis

3.4.1 North American OSB Market by Application: An Overview
3.4.2 North American OSB Construction Market by Value
3.4.3 North American OSB Furniture Market by Value
3.4.4 North American OSB Flooring Market by Value
3.4.5 North American OSB Packaging Market by Value
3.4.6 North American OSB Others Market by Value

3.5 North American OSB Market: Grade Analysis

3.5.1 North American OSB Market by Grade: An Overview
3.5.2 North American OSB/3 Grade Market by Value
3.5.3 North American OSB/2 Grade Market by Value
3.5.4 North American OSB/4 Grade Market by Value
3.5.5 North American OSB/1 Grade Market by Value

3.6 North American OSB Market: End-User Analysis

3.6.1 North American OSB Market by End-User: An Overview
3.6.2 North American New Residential OSB Market by Value
3.6.3 North American New Residential OSB Market by Consumption
3.6.4 North American Repair & Remodel OSB Market by Value
3.6.5 North American Repair & Remodel OSB Market by Consumption
3.6.6 North American Industrial OSB Market by Value
3.6.7 North American Industrial OSB Market by Consumption
3.6.8 North American Non-Residential OSB Market by Value
3.6.9 North American Non-Residential OSB Market by Consumption

4. Regional Market Analysis

4.1 The US OSB Market: An Analysis

4.1.1 The US OSB Market: An Overview
4.1.2 The US OSB Market by Value
4.1.3 The US OSB Market by Consumption
4.1.4 The US OSB Market Consumption by End-Users

4.2 Canada OSB Market: An Analysis

4.2.1 Canada OSB Market: An Overview
4.2.2 Canada OSB Market by Value
4.2.3 Canada OSB Market by Consumption
4.2.4 Canada OSB Market Consumption by End-Users

5. Impact of COVID-19

5.1 Impact of COVID-19 on North American OSB Market
5.2 Post COVID-19 Impact on North American OSB Market

6. Market Dynamics

6.1 Growth Drivers
6.1.1 Rising New Residential Construction
6.1.2 Growing Home Improvement Spending
6.1.3 Growing Industrial Activities
6.1.4 Growing E-Commerce Sector
6.1.5 Rapid Urbanization
6.1.6 Advantages of OSB over Traditional Plywood

6.2 Challenges
6.2.1 Declining Average Home Size
6.2.2 Volatile Prices
6.2.3 Market Volatility

6.3 Market Trends
6.3.1 Favorable Government Initiatives
6.3.2 Emergence of Terahertz (THz) Technology
6.3.3 Technological Advancements
6.3.4 Growing Sustainable Construction Practices and Green Buildings
6.3.5 Increasing Application in Structural Insulated Panels

7. Competitive Landscape

7.1 North American OSB Players by Market Share
7.2 North American OSB Players by Shipment Volumes
7.3 North American OSB Players by Pricing Realizations
7.4 North American OSB Players by Acquisitions
7.5 North American OSB Players by Operational Mills

8. Company Profiles

8.1 West Fraser Timber Co. Ltd.
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy

8.2 Louisiana-Pacific Corporation
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy

8.3 The Weyerhaeuser Company
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy

8.4 Boise Cascade Company
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy

8.5 Kronospan
8.5.1 Business Overview
8.5.2 Business Strategy

8.6 J.M. Huber Corporation (Huber Engineered Woods LLC)
8.6.1 Business Overview
8.6.2 Business Strategy

8.7 Georgia-Pacific LLC (Georgia-Pacific Building Products)
8.7.1 Business Overview
8.7.2 Business Strategy

8.8 Roseburg Forest Products
8.8.1 Business Overview
8.8.2 Business Strategy

8.9 EGGER Group
8.9.1 Business Overview
8.9.2 Business Strategy

8.10 Tolko Industries Ltd.
8.10.1 Business Overview

List of Figures

Figure 1: Typical Uses of OSB Products
Figure 2: Manufacturing Process of OSB
Figure 3: OSB Segmentation
Figure 4: North American OSB Market by Value; 2022-2023 (US$ Billion)
Figure 5: North American OSB Market by Value; 2024-2029 (US$ Billion)
Figure 6: North American OSB Market by Application; 2023 (Percentage, %)
Figure 7: North American OSB Market by Grade; 2023 (Percentage, %)
Figure 8: North American OSB Market by End-User; 2023 (Percentage, %)
Figure 9: North American OSB Market by Region; 2023 (Percentage, %)
Figure 10: North American OSB Market by Production; 2019-2023 (Billion Square Feet)
Figure 11: North American OSB Market by Production; 2024-2029 (Billion Square Feet)
Figure 12: North American OSB Market Production Capacity by Region; 2023 (Percentage, %)
Figure 13: North American OSB Market by Consumption; 2019-2023 (Billion Square Feet)
Figure 14: North American OSB Market by Consumption; 2024-2029 (Billion Square Feet)
Figure 15: North American OSB Market Consumption by End-User; 2023 (Percentage, %)
Figure 16: North American OSB Market Consumption by Region; 2023 (Percentage, %)
Figure 17: North American OSB Construction Market by Value; 2022-2023 (US$ Billion)
Figure 18: North American OSB Construction Market by Value; 2024-2029 (US$ Billion)
Figure 19: North American OSB Furniture Market by Value; 2022-2023 (US$ Billion)
Figure 20: North American OSB Furniture Market by Value; 2024-2029 (US$ Billion)
Figure 21: North American OSB Flooring Market by Value; 2022-2023 (US$ Billion)
Figure 22: North American OSB Flooring Market by Value; 2024-2029 (US$ Billion)
Figure 23: North American OSB Packaging Market by Value; 2022-2023 (US$ Billion)
Figure 24: North American OSB Packaging Market by Value; 2024-2029 (US$ Billion)
Figure 25: North American OSB Others Market by Value; 2022-2023 (US$ Billion)
Figure 26: North American OSB Others Market by Value; 2024-2029 (US$ Billion)
Figure 27: North American OSB/3 Grade Market by Value; 2022-2023 (US$ Billion)
Figure 28: North American OSB/3 Grade Market by Value; 2024-2029 (US$ Billion)
Figure 29: North American OSB/2 Grade Market by Value; 2022-2023 (US$ Billion)
Figure 30: North American OSB/2 Grade Market by Value; 2024-2029 (US$ Billion)
Figure 31: North American OSB/4 Grade Market by Value; 2022-2023 (US$ Billion)
Figure 32: North American OSB/4 Grade Market by Value; 2024-2029 (US$ Billion)
Figure 33: North American OSB/1 Grade Market by Value; 2022-2023 (US$ Billion)
Figure 34: North American OSB/1 Grade Market by Value; 2024-2029 (US$ Billion)
Figure 35: North American New Residential OSB Market by Value; 2022-2023 (US$ Billion)
Figure 36: North American New Residential OSB Market by Value; 2024-2029 (US$ Billion)
Figure 37: North American New Residential OSB Market by Consumption; 2019-2023 (Billion Square Feet)
Figure 38: North American New Residential OSB Market by Consumption; 2024-2029 (Billion Square Feet)
Figure 39: North American Repair & Remodel OSB Market by Value; 2022-2023 (US$ Billion)
Figure 40: North American Repair & Remodel OSB Market by Value; 2024-2029 (US$ Billion)
Figure 41: North American Repair & Remodel OSB Market by Consumption; 2019-2023 (Billion Square Feet)
Figure 42: North American Repair & Remodel OSB Market by Consumption; 2024-2029 (Billion Square Feet)
Figure 43: North American Industrial OSB Market by Value; 2022-2023 (US$ Billion)
Figure 44: North American Industrial OSB Market by Value; 2024-2029 (US$ Billion)
Figure 45: North American Industrial OSB Market by Consumption; 2019-2023 (Billion Square Feet)
Figure 46: North American Industrial OSB Market by Consumption; 2024-2029 (Billion Square Feet)
Figure 47: North American Non-Residential OSB Market by Value; 2022-2023 (US$ Billion)
Figure 48: North American Non-Residential OSB Market by Value; 2024-2029 (US$ Billion)
Figure 49: North American Non-Residential OSB Market by Consumption; 2019-2023 (Billion Square Feet)
Figure 50: North American Non-Residential OSB Market by Consumption; 2024-2029 (Billion Square Feet)
Figure 51: The US OSB Market by Value; 2022-2023 (US$ Billion)
Figure 52: The US OSB Market by Value; 2024-2029 (US$ Billion)
Figure 53: The US OSB Market by Consumption; 2019-2023 (Billion Square Feet)
Figure 54: The US OSB Market by Consumption; 2024-2029 (Billion Square Feet)
Figure 55: The US OSB Market Consumption by End-Users; 2023 (Percentage, %)
Figure 56: Canada OSB Market by Value; 2022-2023 (US$ Billion)
Figure 57: Canada OSB Market by Value; 2024-2029 (US$ Billion)
Figure 58: Canada OSB Market by Consumption; 2019-2023 (Billion Square Feet)
Figure 59: Canada OSB Market by Consumption; 2024-2029 (Billion Square Feet)
Figure 60: Canada OSB Market Consumption by End-Users; 2023 (Percentage, %)
Figure 61: The US Newly Privately-Owned Housing Units Started; 2018-2023 (Million Units)
Figure 62: The US Home Improvement and Maintenance Spending; 2019-2023 (US$ Billion)
Figure 63: The US Industrial Production Index; 2016- 2023 (Index)
Figure 64: The US Retail E-Commerce Sales; 2020-2027 (US$ Trillion)
Figure 65: North American Urbanization Rate; 2000-2022 (Percentage, %)
Figure 66: The US Average Square Feet of Floor Area for Single-Family; 2018-2023 (Square Feet)
Figure 67: North America OSB Composite Price; 2023 (US$ per Thousand Square Feet)
Figure 68: North American OSB Players by Market Share; 2023 (Percentage, %)
Figure 69: North American OSB Players by Shipments; 2019-2022 (Billion Square Feet, 7/16″ Basis)
Figure 70: North American OSB Players by Realized Pricing; 2022 (US$/msf, Percentage, %)
Figure 71: West Fraser Timber Co. Ltd. Sales by Segment; 2022 (Percentage, %)
Figure 72: Louisiana-Pacific Corporation Net Sales by Segment; 2022 (Percentage, %)
Figure 73: The Weyerhaeuser Company Net Sales by Segment; 2023 (Percentage, %)
Figure 74: Boise Cascade Company Sales by Segment; 2022 (Percentage, %)
Table 1: OSB Application by Thickness
Table 2: North American OSB Players by Acquisitions
Table 3: North American OSB Players by Operational Mills; 2023