Study #: 3906 | Published: 12/2020 | Pages: 69 | Individual User License: US$ 2,900

Demand for wood panels in residential construction is forecast to increase 0.9% annually through 2024 to 28.3 million square feet, as measured on a 3/8 inch basis, despite a significant drop in 2020 due to the impact of the COVID-19 pandemic, which is expected to cause new home construction to fall.

However, demand will return to growth beginning in 2021 and continue to expand through 2024, driven by:

  • a rebound in new single-family home construction
  • rising spending on home renovation projects
  • increased specification of wood panels in a number of construction applications, including finish flooring installed in new homes and as wall sheathing

Roofing to Remain Leading Residential Wood Panel Application

Roofing accounted for nearly a third of residential wood panel demand in 2019 and is expected to remain the leading application through 2024. An increase in roofing renovation projects both to fix damaged roofs and to strengthen existing roofs will support demand gains. OSB is the dominant residential roofing wood panel product and is expected to increase its market share through 2024 at the expense of softwood plywood because of its superior durability and lower cost.

Rising OSB Use to Boost Residential Wood Panel Demand

OSB is the leading residential wood panel product, as it is used in a number of structurally essential applications, including subflooring, roofing, wall sheathing, and siding. OSB is expected to see increased use in many of these applications because of its:

  • high strength
  • durability
  • limited board imperfections
  • resistance to impact and fire
  • good thermal and acoustic properties

Subflooring is the only application where OSB products are maturing, as they have already taken much share from softwood plywood. In subflooring applications, softwood plywood retains share because it is less likely to retain water than OSB.

Though More Volatile than Renovation, New Construction Will Support Gains

New home construction fell off in the first half of 2020 as the COVID-19 pandemic exacerbated what was already a cyclical downturn in housing construction, leading to corresponding sharp drops in wood panel demand. Home renovation supported the wood panel market, as homeowners undertook home improvement projects they may not have had time to facilitate before. Following a strong rebound in 2021, the large new construction market is once again expected to sustain demand growth for wood panels used in residential construction.


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Table of Contents

1. Executive Summary

2. About This Report

Report Details

Study Scope & Product Description

Impact of COVID-19

3. Overview

Residential Market Trends Impacting Wood Panel Demand

Historical Residential Wood Panel Sales

Long-Term Forecast by Product

Structural Panels

Nonstructural Panels

Competitive Products

4. Market Segment Analysis

Demand by Market Sector

New Residential Construction

Improvement & Repair

5. Residential Wood Panel Suppliers

Key Findings & Industry Composition

Key Suppliers

Marketing & Distribution

Mergers & Acquisitions

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

Manufacturers' Shipments


List of Tables

3. Overview

Table 3-1 | Residential Wood Panel Demand, 2009 - 2019 (million square feet - 3/8-inch basis & million dollars)

Table 3-2 | Residential Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

Table 3-3 | Structural Wood Panel Demand in Residential Building Construction by Product, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

Table 3-4 | Nonstructural Wood Panel Demand in Residential Building Construction by Product, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

Table 3-5 | Competitive Building Materials: Advantages & Disadvantages

4. Market Segment Analysis

Table 4-1 | Residential Wood Panel Demand by Market Sector, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 4-2 | Wood Panel Demand in New Residential Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 4-3 | New Residential Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

Table 4-4 | Wood Panel Demand in Residential Improvement & Repair Markets, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 4-5 | Residential Improvement & Repair Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

5. Residential Wood Panel Suppliers

Table 5-1 | Selected Mergers & Acquisitions

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)

Table 6-9 | Manufacturers' Shipments, 2009 - 2029 (billion 2012 dollars & billion dollars)


List of Figures

1. Executive Summary

Figure 1-1 | Residential Wood Panel Market

3. Overview

Figure 3-1 | Residential Wood Panel Demand, 2009 - 2019 (million square feet - 3/8-inch basis)

Figure 3-2 | Residential Wood Panel Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

4. Market Segment Analysis

Figure 4-1 | Residential Wood Panel Demand by Market Sector, 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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