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Demand for wood panels used in flooring applications is forecast to increase 1.1% annually through 2024 to 9.3 million square feet, as measured on a 3/8 inch basis. Demand for wood panels used in flooring is expected to drop significantly in 2020 due to the impact of the COVID-19 pandemic, which will cause:
- a decline in new home construction
- a heavy drop in commercial construction spending as many businesses are forced to shut down or operate at reduced capacities
However, demand will rebound in 2021and continue to expand through 2024, driven by:
- a rebound in new single-family home construction
- rising spending on home renovation projects
- rising consumer preferences for engineered wood flooring over competing products like carpet and natural wood
Wood Panel Subflooring Demand to Drive Growth
Subflooring accounted for 85% of wood panels used in flooring applications in 2019 and will provide the majority of demand growth through 2024. New residential construction accounts for the vast majority of subflooring wood panel demand. However, an expected increase in residential renovation will drive demand gains through 2024 as consumers replace flooring or undergo more extensive projects like additions of rooms.
Shifts in flooring preferences will also support gains, as the increasing popularity of high-quality, hard surface flooring products will lead to greater use of multilayer flooring – and therefore to demand for the wood panels used as substrates in some of these products.
Demand for Engineered Wood Flooring Demand to Boost Finish Flooring Market
Finish flooring is expected to be among the fastest growing applications for wood panel products through 2024, despite the declining popularity laminates, due largely to quick gains in demand for engineered wood floors. Hardwood plywood, OSB, and other wood panels (including hardboard and particleboard) are all used in the production of engineered wood flooring and as substrates for laminate flooring products.
Consumers increasingly prefer hard surface flooring throughout their home, and engineered wood floors offer a favorable wood aesthetic at a lesser cost than natural wood. Additionally, engineered wood floors perform better because they are made of many pressed layers, which reduces expansion with moisture.
Though engineered wood floors in particular face strong competition from luxury vinyl tile (LVT) because of the product’s low cost, durability, and ability to be installed by DIYers, the product does not as convincingly mimic the aesthetic of natural wood, which provides engineered wood products with an advantage.
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Table of Contents
1. Executive Summary
2. About This Report
Report Details
Study Scope & Product Description
3. Overview
Flooring Industry Trends Impacting Wood Panel Demand
Historical Wood Panel Sales Trends
Impact of COVID-19 Pandemic
Long-Term Forecast
Demand by Application
Subflooring
Finish Flooring
Demand by Market Sector (Residential & Commercial)
Competitive Products
4. Wood Panel Products Used in Flooring
Demand by Product
Oriented Strand Board (OSB)
Softwood Plywood
Hardwood Plywood
Other Wood Panels
5. Wood Panel Suppliers
Industry Composition
Key Suppliers
6. Appendix
Scope
Definitions
Freedonia Methodology
Study-Specific Methodology
Sources
Associations & Agencies
Related Studies & Reports
Macroeconomic Assumptions
Economic Environment
Demographic Trends
Residential Building Construction
Residential Improvements & Repairs
Commercial Building Construction
Commercial Building Improvements & Repairs
List of Tables
3. Overview
Table 3-1 | Flooring Wood Panels Demand, 2009 - 2019 (million dollars & million square feet - 3/8-inch basis)
Table 3-2 | Flooring Wood Panel Demand by Application, 2009 - 2029 (million square feet - 3/8-inch basis)
Table 3-3 | Subflooring Demand for Wood Panels by Product, 2009 - 2029 (million square feet - 3/8-inch basis)
Table 3-4 | Finish Flooring Demand for Wood Panels by Product, 2009 - 2029 ((million square feet - 3/8-inch basis)
Table 3-5 | Flooring Wood Panels Demand by Market Sector, 2009 - 2029 (million square feet - 3/8-inch basis)
4. Wood Panel Products Used in Flooring
Table 4-1 | Flooring Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)
Table 4-2 | OSB Demand in Flooring by Application, 2009 - 2029 (million square feet - 3/8-inch basis)
Table 4-3 | Softwood Plywood Demand in Flooring by Application, 2009 - 2029 (million square feet - 3/8-inch basis)
Table 4-4 | Hardwood Plywood Demand in Flooring by Application, 2009 - 2029 (million square feet - 3/8-inch basis)
6. Appendix
Table 6-1 | Relevant Industry Codes
Table 6-2 | Relevant HS Codes
Table 6-3 | Macroeconomic Indicators, 2009 - 2029 (billion 2012 dollars)
Table 6-4 | Population & Households, 2009 - 2029 (million persons)
Table 6-5 | Residential Building Construction Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)
Table 6-6 | Residential Improvement & Repair Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)
Table 6-7 | Commercial Building Construction Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)
Table 6-8 | Commercial Building Improvement & Repair Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)
List of Figures
1. Executive Summary
Figure 1-1 | Flooring Wood Panel Overview
2. About This Report
Figure 2-1 | Wood Panels in Flooring Applications
3. Overview
Figure 3-1 | Flooring Industry Trends: Wood Flooring Demand by Type vs. Overall Industry, 2009 - 2029 (million square feet)
Figure 3-2 | Flooring Wood Panel Demand, 2009 - 2019 (million square feet - 3/8-inch basis)
Figure 3-3 | Flooring Wood Panel Demand by Application, 2009 - 2024 (million square feet - 3/8-inch basis)
Figure 3-4 | Competitive Products for Flooring Wood Panels
4. Wood Panel Products Used in Flooring
Figure 4-1 | Flooring Wood Panel Demand Share by Product, 2019 (million square feet - 3/8 inch basis)
Figure 4-2 | OSB Demand in Flooring by Application, 2009 - 2024 (million square feet - 3/8-inch basis)
Figure 4-3 | Softwood Plywood Demand in Flooring by Application, 2009 - 2024 (million square feet - 3/8-inch basis)
Figure 4-4 | Hardwood Plywood Demand in Flooring by Application, 2009 - 2024 (million square feet - 3/8-inch basis)
6. Appendix
Figure 6-1 | Annual Growth in Real GDP, 2000 - 2019, Compared to 1980 - 2005 Average (percent)
Figure 6-2 | Annual Population Growth, 2004 - 2019 (percent)
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