The global wood pellet market size reached US$ 11.42 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 17.33 Billion by 2027, exhibiting a CAGR of 6.85% during 2022-2027.
Wood pellet refers to a compressed and small cylindrical particle primarily obtained from wood residues, compacted sawdust, and agricultural by-products, including straw. It offers various benefits, such as low moisture and ash content, high energy content, cost-effectiveness, less maintenance, etc., when compared to unprocessed biomass. As a result, wood pellets are extensively utilized across the residential, industrial, and commercial sectors for cooking, grilling, supplying heat, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wood Pellet Market Trends and Drivers:
The widespread product adoption as biofuels in power generation is among the key factors driving the wood pellet market. Additionally, the increasing environmental concerns among individuals towards global warming and climate change, on account of the growing greenhouse gas (GHG) levels in the atmosphere, are further catalyzing the market growth.
In line with this, the rising utilization of wood pellets for heating public administration buildings, federal and municipal establishments, offices, educational facilities, etc., owing to its lower GHG emissions when compared to coal, is acting as another significant growth-inducing factor.
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Moreover, government bodies across countries are offering incentives and subsidies to encourage the adoption of renewable sources of energy that aid in reducing the carbon footprint, which, in turn, is also propelling the product demand. Apart from this, the rising investments in R&D activities aimed at sourcing waste wood materials and sawdust to enhance production volumes are anticipated to fuel the wood pellet market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Andritz AG, Asia Biomass Public Company Limited, Drax Group PLC, Energex, Enviva LP, Fram Renewable Fuels LLC, Land Energy Limited, Lignetics Inc., Mallard Creek Inc., Pacific BioEnergy Corporation, Stora Enso Oyj, Svenska Cellulosa Aktiebolaget and Tanac S.A.
The report has segmented the market on the basis of region, feedstock type, application and end use industry.
Breakup by Feedstock Type:
- Forest Wood and Waste
- Agriculture Residue
Breakup by Application:
- Power Plants
- Residential Heating
- Commercial Heating
- Combined Heat and Power (CHP)
Breakup by End Use Industry:
- Animal Bedding
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Market Size Value in 2021: US$ 11.42 Billion
Growth Rate: CAGR of 6.85% from 2022 to 2027
Market Outlook: 2022-2027
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