Study #: 3857 | Published: 12/2020 | Pages: 214 | Individual User License: US$ 5,000

Demand for wood panels is forecast to increase nearly 1.0% annually through 2024 to 50.2 million square feet, as measured on a 3/8-inch basis. Wood panel demand is expected to drop significantly in 2020 due to the impact of the COVID-19 pandemic, which is forecast to cause:

  • a sizable 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
  • a fall in the production of wood furniture, engineered wood products, and other manufacturing goods

Demand will return to growth beginning in 2021 and continue to expand through 2024, driven by growth in new single-family home construction and rising spending on home renovation projects. However, losses in 2020 will not be recovered, lowering the average rate of expansion over the forecast period.

Construction Market to Drive Demand Gains

The large construction market is expected to account for two-thirds of wood panel demand gains through 2024. Wood panels will find increased use in such applications as finish flooring, subflooring, and wall sheathing. For finish flooring, rising consumer preferences for hard surface flooring over alternatives such as carpet will support wood panel demand. Demand for wood panels used as subflooring will be supported by their ease of installation and compatibility in a variety of building types. The durability and consistency of wood panels will support demand as wall sheathing.

Oriented Strand Board to Gain Share in Siding, Engineered Wood, & Flooring

Oriented strand board (OSB) accounted for the largest share of wood panel demand in 2019 and is expected to continue making inroads through 2024. Use of OB in roofing – the material’s largest application – will rise as it is gains share from softwood plywood because of its greater durability and lower price.

OSB is also expected to record strong growth in smaller applications such as engineered wood, siding, and finish flooring. In engineered wood, OSB will see greater use because of its versatility and durability. OSB demand gains in siding will be supported by its cost and growing consumer acceptance of newer OSB siding products. In finish flooring, OSB will gain share because it provides a aesthetic favorable in hard surface flooring trends while being less expensive than competing materials like hardwood plywood. 

Demand in Industrial Applications Expected to Grow Despite Industry Weakness

Demand for wood panels in industrial applications is expected to increase through 2024 – despite stagnating shipments of finished goods – as product improvements allow engineered wood to better compete in a variety of applications. Increased use of wood panels in such applications as materials handling and engineered wood will offset losses in the large furniture manufacturing market, where weakness in the shipment of finished goods will cause wood panel demand to drop.


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Table of Contents

1. Executive Summary

2. Supply & Demand

Study Scope

Historical Trends

Impact of COVID-19

Market Value

Demand by Market & Product Function

Area Demand Trends

Structural Panels

Nonstructural Panels

Trade Balance & Production Outlook

Supply & Demand

Imports

Exports

3. Factors Impacting Wood Panel Demand

Building Construction Outlook

Pricing Patterns

Sustainability Trends

New Product Development

Competitive Building Material Trends

4. Oriented Strand Board (OSB)

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Capacity & Leading Producers

5. Softwood Plywood

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Capacity & Leading Producers

6. Particleboard

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Capacity & Leading Producers

7. Medium Density Fiberboard (MDF)

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Capacity & Leading Producers

8. Hardwood Plywood

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Capacity & Leading Producers

9. Hardboard (HDF)

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Leading Producers

10. Insulation Board

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Leading Producers

11. Low Density Fiberboard (Softboard)

Product Description

Supply & Demand

Trade

Demand by Market

Competitive Products

Leading Producers

12. Construction Markets

Market Scope

Demand by Market Sector & Application

Residential Buildings

Residential Wood Panel Demand

New Construction

Improvement & Repair

Commercial Buildings

Commercial Wood Panel Demand

New Construction

Improvement & Repair

13. Roofing Applications

Scope

Demand by Product

Demand by Building Type (Residential & Commercial)

14. Flooring Applications

Scope

Demand by Product

Demand by Building Type (Residential & Commercial)

Demand by Application

Subflooring

Finish Flooring

15. Wall Sheathing Applications

Scope

Demand by Product

Demand by Building Type (Residential & Commercial)

16. Cabinet Applications

Scope

Demand by Product

Demand by Building Type (Residential & Commercial)

17. Other Construction Applications

Siding

Scope

Demand by Product

Demand by Building Type (Residential & Commercial)

Doors & Windows

Scope

Demand by Product

Demand by Building Type (Residential & Commercial)

Interior Paneling

Scope

Demand by Product

Demand by Building Type (Residential & Commercial)

All Other Construction Applications

18. Industrial Markets

Market Scope

Demand by Application

Furniture & Fixtures

Engineered Wood Products

Material Handling Products

Transportation Equipment

Other Industrial Applications

19. Regional Trends

Demand by Region

Northeast

Midwest

South

West

20. Industry Structure

Industry Composition & Key Findings

Market Share

Mergers & Acquisitions

List of Industry Participants

21. Appendix

Scope

Definitions

Abbreviations

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

2. Supply & Demand

Table 2-1 | Wood Panel Demand, 2009 - 2019 (million square feet - 3/8-inch basis)

Table 2-2 | Wood Panel Demand by Product, 2009 - 2029 (million dollars)

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

Table 2-4 | Structural Wood Panel Supply & Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 2-5 | Nonstructural Wood Panel Supply & Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 2-6 | Wood Panel Supply & Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

3. Factors Impacting Wood Panel Demand

Table 3-1 | Average Wood Panel Prices by Product, 2009 - 2029 (dollars per thousand square feet)

Table 3-2 | Sustainability Strategies by Wood Panel Suppliers

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

4. Oriented Strand Board (OSB)

Table 4-1 | Oriented Strand Board (OSB) Supply & Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 4-2 | Oriented Strand Board (OSB) Demand by Market, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

Table 4-3 | US OSB Production Capacity, 2019 (million square feet)

5. Softwood Plywood

Table 5-1 | Softwood Plywood Supply & Demand, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 5-2 | Softwood Plywood Demand by Market, 2009 - 2029 (million square feet - 3/8-inch basis & million dollars)

Table 5-3 | US Softwood Plywood Production Capacity, 2019 (million square feet)

6. Particleboard

Table 6-1 | Particleboard Supply & Demand, 2009 - 2029 (million square feet - 3/4-inch basis)

Table 6-2 | Particleboard Demand by Market, 2009 - 2029 (million square feet - 3/4-inch basis & million dollars)

Table 6-3 | US Particleboard Production Capacity, 2019 (million square feet)

7. Medium Density Fiberboard (MDF)

Table 7-1 | Medium Density Fiberboard (MDF) Supply & Demand, 2009 - 2029 (million square feet - 3/4-inch basis)

Table 7-2 | Medium Density Fiberboard (MDF) Demand by Market, 2009 - 2029 (million square feet - 3/4-inch basis & million dollars)

Table 7-3 | US Medium Density Fiberboard Production Capacity, 2019 (million square feet)

8. Hardwood Plywood

Table 8-1 | Hardwood Plywood Supply & Demand, 2009 - 2029 (million square feet - 3/4-inch basis)

Table 8-2 | Hardwood Plywood Demand by Market, 2009 - 2029 (million square feet - 3/4-inch basis & million dollars)

Table 8-3 | US Hardwood Plywood Capacity & Leading Producers, 2019 (million square feet)

9. Hardboard (HDF)

Table 9-1 | Hardboard Supply & Demand, 2009 - 2029 (million square feet - 1/8-inch basis)

Table 9-2 | Hardboard Demand by Market, 2009 - 2029 (million square feet - 1/8-inch basis & million dollars)

10. Insulation Board

Table 10-1 | Insulation Board Supply & Demand, 2009 - 2029 (million square feet - 1/2-inch basis)

Table 10-2 | Insulation Board Demand by Market, 2009 - 2029 (million square feet - 1/2-inch basis & million dollars)

11. Low Density Fiberboard (Softboard)

Table 11-1 | Low Density Fiberboard Board Supply & Demand, 2009 - 2029 (million square feet - 1/2-inch basis)

Table 11-2 | Low Density Fiberboard Demand by Market, 2009 - 2029 (million square feet - 1/2-inch basis & million dollars)

12. Construction Markets

Table 12-1 | Construction Wood Panel Demand by Market Sector & Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 12-2 | Residential Construction Wood Panel Demand by Segment, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 12-3 | Wood Panel Demand in New Residential Construction by Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 12-4 | Wood Panel Demand in Residential Improvement & Repair Construction by Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 12-5 | Commercial Construction Wood Panel Demand by Segment, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 12-6 | Wood Panel Demand in New Commercial Construction by Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 12-7 | Wood Panel Demand in Commercial Improvement & Repair Construction by Application, 2009 - 2029 (million square feet - 3/8-inch basis)

13. Roofing Applications

Table 13-1 | Roofing Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 13-2 | Roofing Wood Panel Demand by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

14. Flooring Applications

Table 14-1 | Flooring Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 14-2 | Flooring Wood Panel Demand by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 14-3 | Subflooring Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 14-4 | Finish Flooring Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

15. Wall Sheathing Applications

Table 15-1 | Wall Sheathing Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 15-2 | Wall Sheathing Wood Panel Demand by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

16. Cabinet Applications

Table 16-1 | Cabinet Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 16-2 | Cabinet Wood Panel Demand by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

17. Other Construction Applications

Table 17-1 | Siding Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 17-2 | Siding Wood Panel Demand by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 17-3 | Door & Window Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 17-4 | Door & Window Wood Panel Demand by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 17-5 | Interior Paneling Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 17-6 | Interior Paneling Wood Panel Demand by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 17-7 | Wood Panel Demand in All Other Construction Applications by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 17-8 | Wood Panel Demand in All Other Construction Applications by Type of Building Construction, 2009 - 2029 (million square feet - 3/8-inch basis)

18. Industrial Markets

Table 18-1 | Industrial Wood Panel Demand by Application, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 18-2 | Furniture & Fixture Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 18-3 | Wood Panel Demand in Engineered Wood Products, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 18-4 | Material Handling Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 18-5 | Transportation Equipment Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 18-6 | Other Industrial Wood Panel Demand by Product, 2009 - 2029 (million square feet - 3/8-inch basis)

19. Regional Trends

Table 19-1 | Wood Panel Demand by Region, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 19-2 | Northeast Wood Panel Demand by Market & Subregion, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 19-3 | Midwest Wood Panel Demand by Market & Subregion, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 19-4 | South Wood Panel Demand by Market & Subregion, 2009 - 2029 (million square feet - 3/8-inch basis)

Table 19-5 | West Wood Panel Demand by Market & Subregion, 2009 - 2029 (million square feet - 3/8-inch basis)

20. Industry Structure

Table 20-1 | Wood Panel Sales by Company, 2019 (million dollars)

Table 20-2 | Selected Mergers & Acquisitions

Table 20-3 | Selected Industry Participants

21. Appendix

Table 21-1 | Study Scope: US Geographic Regions & Subregions

Table 21-2 | Relevant Industry Codes

Table 21-3 | Relevant HS Codes

Table 21-4 | Abbreviations & Acronyms Used in Study

Table 21-5 | Macroeconomic Indicators, 2009 - 2029 (billion 2012 dollars)

Table 21-6 | Population & Households, 2009 - 2029 (million persons)

Table 21-7 | Residential Building Construction Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 21-8 | Residential Improvement & Repair Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 21-9 | Commercial Building Construction Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 21-10 | Commercial Building Improvement & Repair Expenditures, 2009 - 2029 (billion 2012 dollars & billion dollars)

Table 21-11 | Manufacturers' Shipments, 2009 - 2029 (billion 2012 dollars & billion dollars)


List of Figures

1. Executive Summary

Figure 1-1 | US Wood Panels Market

2. Supply & Demand

Figure 2-1 | Wood Panel Demand, 2009 - 2019 (million square feet - 3/8-inch basis)

Figure 2-2 | Wood Panel Demand by Product, 2009 - 2029 (million dollars)

3. Factors Impacting Wood Panel Demand

Figure 3-1 | Residential & Commercial Building Construction Expenditures, 2009 - 2029 (% CAGR)

Figure 3-2 | Wood Panel Average Prices, 2009 - 2029 (dollars per thousand square feet)

4. Oriented Strand Board (OSB)

Figure 4-1 | Oriented Strand Board (OSB): Product Examples

Figure 4-2 | OSB Trade, 2009 - 2019 (million square feet - 3/8-inch basis)

Figure 4-3 | Oriented Strand Board Competitive Products

5. Softwood Plywood

Figure 5-1 | Softwood Plywood: Product Examples

Figure 5-2 | Softwood Plywood Trade, 2009 - 2019 (million square feet - 3/8-inch basis)

Figure 5-3 | Softwood Plywood Competitive Products

6. Particleboard

Figure 6-1 | Particleboard: Product Examples

Figure 6-2 | Particleboard Trade, 2009 - 2019 (million square feet - 3/4-inch basis)

Figure 6-3 | Particleboard Competitive Products

7. Medium Density Fiberboard (MDF)

Figure 7-1 | Medium Density Fiberboard (MDF): Product Examples

Figure 7-2 | MDF Trade, 2009 - 2019 (million square feet - 3/4-inch basis)

Figure 7-3 | Medium Density Fiberboard Competitive Products

8. Hardwood Plywood

Figure 8-1 | Hardwood Plywood: Product Examples

Figure 8-2 | Hardwood Plywood Trade, 2009 - 2019 (million square feet - 3/4-inch basis)

Figure 8-3 | Hardwood Plywood Competitive Products

9. Hardboard (HDF)

Figure 9-1 | Hardboard: Product Examples

Figure 9-2 | Hardboard Trade, 2009 - 2019 (million square feet - 1/8-inch basis)

Figure 9-3 | Hardboard Competitive Products

10. Insulation Board

Figure 10-1 | Insulation Board: Product Examples

Figure 10-2 | Insulation Board Trade, 2009 - 2019 (million square feet - 1/2-inch basis)

Figure 10-3 | Insulation Board Competitive Products

11. Low Density Fiberboard (Softboard)

Figure 11-1 | Low Density Fiberboard (Softboard): Product Examples

Figure 11-2 | Low Density Fiberboard Trade, 2009 - 2019 (million square feet - 1/2-inch basis)

Figure 11-3 | Low Density Fiberboard Competitive Products

13. Roofing Applications

Figure 13-1 | Wood Panels in Roofing Applications

14. Flooring Applications

Figure 14-1 | Wood Panels in Flooring Applications

15. Wall Sheathing Applications

Figure 15-1 | Wood Panels in Sheathing Applications

16. Cabinet Applications

Figure 16-1 | Wood Panels in Cabinet Applications

20. Industry Structure

Figure 20-1 | US Wood Panel Market Share by Company, 2019 (billion dollars)

Figure 20-2 | US Wood Panels Market: Leading Supplier, 2019

Figure 20-3 | US Wood Panels Market: Second Leading Supplier, 2019

Figure 20-4 | US Wood Panels Market: Third Leading Supplier, 2019

Figure 20-5 | US Wood Panels Market: Fourth Leading Supplier, 2019

Figure 20-6 | US Wood Panels Market: Fifth Leading Supplier, 2019

21. Appendix

Figure 21-1 | Annual Growth in Real GDP, 2000 - 2019, Compared to 1980 - 2005 Average (percent)

Figure 21-2 | Annual Population Growth, 2004 - 2019 (percent)


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