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DUBLIN, Nov. 8, 2022 /PRNewswire/ — The “Global Oriented Strand Board Market By Grade, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2020-2030” report has been added to ResearchAndMarkets.com’s offering.
The global oriented strand board market was valued at $25,550.2 million in 2020, and is projected to reach $44,320.8 million by 2030, growing at a CAGR of 5.4% from 2020 to 2030.
Oriented strand board is a widely used, versatile engineered wood board made from waterproof, heat curing adhesives, and rectangular shaped strands of wood arranged in cross-oriented layers. It is a type engineered wood and is similar in strength and performance to plywood and resists deflection and warping. The oriented strand board market is primarily driven by increase in renovation and remodeling of older homes.
In addition, new housing projects are also responsible for growth of the oriented strand board market. Since, wood-based materials are also cost-effective and environment friendly alternative to other wood and cement products, use of these materials as a replacement for building materials is on the rise. In addition, wood-based materials release fewer harmful by-products during manufacture than emission-intensive materials such as concrete, steel, or aluminum.
Therefore, oriented strand board or wood-based materials are expected to minimize gas emissions. In addition, adhesive/resins used in strand board are environment friendly and stable and do not generate greenhouse gases.
This has led to increase in use of engineered wood and oriented strand boards by builders and architects. Moreover, rise in construction related activities globally is expected propel demand for oriented strand boards, which is expected to provide lucrative opportunities for growth of the global oriented strand board market.
The global oriented strand board market is segmented into grade, application, end user, and region. By grade, the market is categorized into OSB/1, OSB/2, OSB/3, and OSB/4. Currently, the OSB/3 segment dominates the global oriented strand board market.
On the basis of application, the market is categorized into construction, flooring, packaging, and others. The construction segment dominated the market in 2020 and the flooring segment. is anticipated to grow with the highest CAGR of 4.8% in 2020. On the basis of end user, the market is categorized into residential and non-residential. The residential segment dominated the market in 2020 and the non-residential segment is anticipated to grow with a highest revenue of CAGR 5.7% in 2020.
On the basis of region, the oriented strand board market is analyzed across North America, Europe, Asia-Pacificand LAMEA. North America dominates the market, followed by Europe. Asia-Pacific is predicted to grow faster than LAMEA with a CAGR of 4.5% during the forecast period. The Asia-Pacific segment is expected to dominate the oriented strand board market.
Key players operating in this market…
Full story available on Benzinga.com
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