Study #: 3907 | Published: 12/2020 | Pages: 67 | Individual User License: US$ 2,900

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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