December 30, 2019
According to the research report titled ‘Wood Pellet Market Size by Grade (Premium, Standard, Utility), By Application (Residential, Commercial, Industrial, Animal Bedding), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global wood pellet market is expected to cross USD 15 billion by the year 2025.
Growing need for sustainable sources of energy in major European countries is the major driving wood pellet market growth. Favorable government initiatives which focus on adopting sustainable energy to reduce worldwide carbon footprint is also aiding the expansion of the market. According to the report, biofuels market comprises of anaerobic digestion form, wastage, and wood pellets segments, and the UK biofuels market grew by 11% from 2017. Moreover, biofuels went on to hold the second largest share after nuclear energy across UK in 2018.
Numerous developing countries import significant amounts of wood wastes since wood plays a major role for cooking purposes in residential sector. Moreover, although Africa has ample forest areas, biomass fuel production is relatively underutilized. Thus, various trade challenges associated with wood pellets, especially in developing regions, may hinder the growth of the market.
As per grade type, utility grade wood pellet market is expected to grow by 13.4% annually during the forecast period. The growth is attributed to rising adoption of utility grade wood pellets in industrial sector. The product is extensively used to generate electricity and heat in various European countries.
Based on application spectrum, animal bedding segment is estimated to hold 3% share of wood pellet market by the year 2025. Any wood pellet grade can be used at low cost as ash content and durability does not impact the animal bedding application.
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Considering geographical landscape, Asia-Pacific wood pellets market will register substantial growth during the estimated timeframe. Various countries like South Korea and Japan use wood pellets for industrial heating applications in large & medium scale power plants. Notably, South Korea is stated to be a leading importer of energy sources since it lacks proper domestic facilities. Thus, surging energy consumption in South Korea, coupled with rising adoption of wood pellets are stimulating the Asia-Pacific wood pellet industry outlook.
The prominent companies operating in wood pellet market are Enviva Partners LP, German Pellets GmbH, AMP Clean Energy, Ecochipp, Pinnacle Renewable Energy, Lignetics, Inc., Stora Enso, and Pacific BioEnergy among others.
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