The latest report by IMARC Group, titled “Exterior Sheathing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the market size reached US$ 6.6 Billion in 2018. Exterior sheathing is used in roofs, walls and floor assemblies to give a layer of protection against outside elements and to prevent wind and water from entering. There are two types of exterior sheathing, namely, structural and non-structural sheathing. Structural sheathing joins wall studs together, providing shear strength and rigidity as well as forming a solid nailing base for siding materials. Whereas, non-structural sheathing, also known as insulating sheathing, is installed on an exterior wall to provide additional insulation and strength, and act as a radiant barrier. Nowadays, manufacturers are developing fiberglass gypsum sheathing since these materials are non-combustible, cost-efficient, easy to install and enhance the performance of exterior walls by resisting air and water infiltration, and noise transmission.
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Exterior sheathing generates a lesser amount of carbon emissions as compared to other building materials. For instance, wood products, such as plywood and oriented strand board (OSB), have a lower environmental impact as they are naturally produced and require less energy for manufacturing and processing. Owing to the rising environmental concerns, builders are shifting towards green building materials to ensure sustainability which, in turn, is propelling the growth of the market. Further, as exterior sheathing materials, such as foam and wood fiber panels, are cost-effective and fulfill energy code requirements, they are extensively being used in the construction industry for commercial as well as residential purposes. Moreover, the development of automated production and installation processes is expected to positively influence the market in the upcoming years. Looking forward, the market value is projected to reach US$ 8.8 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
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- On the basis of the sheathing type, the market has been categorized into structural and non-structural sheathing. Structural sheathing currently dominates the market, holding the largest market share. This segment is further classified as OSB, plywood, wafer board and gypsum. Whereas, the non-structural sheathing segment is divided into fiberboard, foam board, particle board and insulation board.
- The market has also been segmented based on the application into walls, roofs, windows and doors and others. Amongst these, walls represent the largest application segment, accounting for the majority of the market share.
- Based on the end use, the commercial sector enjoys the leading position in the global market. Other major end use segments are industrial and institutional sectors.
- Region-wise, North America exhibits a clear dominance in the market. Other major markets include Europe, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed in the report along with the profiles of the leading players in the industry.
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