IMARC Group’s latest report, titled “Wood Pellet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global wood pellet market size reached US$ 11.42 Billion in 2021. Wood pellets refer to biofuel made from compressed wood fiber or dried biomass that has been finely powdered and passed through a pellet dye at high temperature and pressure. They are small, easy to handle, renewable, cost-effective, environment-friendly, and require less maintenance. They have a higher density and energy content and lower moisture and ash content than unprocessed biomass. As a result, they are widely used in the residential and commercial sectors for cooking, grilling, and supplying heat. Besides this, wood pellets also find extensive applications in large-scale biomass supply chains as they help cut costs throughout the supply chain in storing, handling, and transporting.
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:
The increasing applications of wood pellets in fueling the power plants for clean electricity generation represent the primary factor driving the market growth. Moreover, the shifting inclination toward renewable energy sources due to the surging concerns regarding global warming and climate change is another major growth-inducing factor. In addition, with the growing consumer awareness regarding the clean combustion of wood pellets, there has been widespread product adoption in pellet stoves and pellet fireplaces for space heating in residential and commercial establishments. Along with this, several favorable government initiatives, such as the introduction of tax benefits, incentives, and subsidies to promote the usage of renewable energy sources, have augmented the demand for wood pellets. Furthermore, the leading players are extensively investing in research and development (R&D) activities to improve the efficiency of the wood pellet manufacturing process and produce high calorific value wood pellets from the available feedstock. In line with this, the development of innovative designs for pellet mills to obtain a high yield with optimum fuel input has catalyzed market growth. Other factors, including the expanding renewable energy sector, escalating demand for clean energy, growing environmental consciousness, inflating oil prices, and stringent regulations regarding carbon emissions, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 17.33 Billion by 2027, growing at a CAGR of 6.85% during 2022-2027.
- Based on the feedstock type, the market has been divided into forest wood and waste, agriculture residue, and others.
- On the basis of the application, the market has been classified into power plants, residential heating, commercial heating, combined heat and power (CHP), and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800