Wood Pellet Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Wood Pellet Market grew at a CAGR of 7.8% between 2017-2021 and is estimated to be US$ 7,742.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 8.9% and is expected to reach a valuation of US$ 18,161.4Mn by 2032 end.
The rising demand for wood pellets to create renewable energy is anticipated to boost the wood pallet market during the projected period. On the other hand, the termination of government support programs for wood pellets and fierce competition from cleaner alternative fuels will probably prevent the market for wood pellets from growing.
The production of wood pellets from food waste (bio-bean, dry waste), torrefaction (supercharging biomass pellets), and other emerging uses and technological developments are also expected to present the wood pellet industry with enormous prospects in the years to come.
ChemView Consulting has analyzed that the need for wood pellets in the industrial sector is increasing as pellet-based power plant becomes a preferred substitute for coal-based power plants. Additionally, governments all over the world are eager to promote the use of renewable energy in the transportation, industrial, and residential sectors. Consumers in industrialized nations like Europe are more environmentally conscious, which continues to explain why they are relying more and more on renewable energy sources. In underdeveloped countries, there is increasing interest in using bio-based energy sources to generate electricity. Rising energy consumption and accommodative government policies are cited as the cause.
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Residential generates $3.5 billion in revenue and is anticipated to expand significantly throughout the projected period. Due to qualities like being environmentally friendly, purifying, sustainable, etc., wood pellets are becoming increasingly popular among household users. In addition to being used as cat litter and horse bedding, wood pellets are frequently used for home heating and cooking.
Segments Covered in Report
- Power Generation
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Wood Pellet Market
- Based on the end-use, residential generates $3.5 billion in revenue and is anticipated to expand significantly throughout the projected period. Due to qualities like being environmentally friendly, purifying, sustainable, etc., wood pellets are becoming increasingly popular among household users. In addition to being used as cat litter and horse bedding, wood pellets are frequently used for home heating and cooking.
- Based on the application, the heating application is anticipated to increase at a CAGR of 5.9% over the projection period. Numerous nations have created regulations and initiatives regarding using wood pellets for heating purposes. One of the main causes affecting the inevitable increase in the growth rate is the growing demand for wood pellets in the commercial and residential heating sectors, compelling producers to create them in enormous quantities.
- Based on the region, the European wood pellets market is anticipated to hold close to 74.2% market share. Using wood pellets for heating homes and power boilers has become very common in Europe.
Key companies covered in the market study are Energex, Enviva LP, Graanul Invest, Drax Biomass, Pinnacle, Sinclar Group Forest Products, Lauzon, Wood Pellet Energy (UK) Ltd., United Company, Highland Pellets LLC, Groupe Savoie Inc., I.C.S. (Lacroix) Lumber Inc., Vermont Wood Pellet Company, AVPGroup, Farm Fuels.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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