Dallas/ Texas, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The rising global food demand and agricultural operations are key factors contributing to the growth of the global PEAT market. Likewise, PEAT is used to heat homes with fire, and whiskey distilleries are helping this market expand. Electricity is produced by electric power plants using PEAT, and the usage of PEAT in these power plants has increased as a result of the growing population. The PEAT market may have growth restrictions as a result of air pollution brought on by PEAT burning. During the projection period, the market will be driven by a rising acceptance rate of bio-based fuels as a result of an increase in general environmental degradation from the usage of dangerous non-renewable energy sources like fossil fuels and its awareness. Since bio-based PEAT products are rapidly developing, PEAT, which is categorized as a slow renewable energy source, has even more room to grow. Consequently, there is an overall rising need for natural and organic energy sources across a range of businesses. By 2031, the size of the global PEAT market is projected to reach US$ 2,221.11 million, up from US$ 2,092.09 million, with a CAGR of 0.60%.
Top Players operating in the market
- Dutch Plantin
- CoCo Green (Pvt) Ltd
- Bord na Mona
- and Vapo Oy.
- Klasmann-Deilmann GmbH
- Bord na Mona PLC
- SMS Exports
- Vapo Oy
- Premier Tech
- Sun Gro Horticulture
- Lambert
- Jiffy Products
- REkyVA
- Dutch Plantin
- Turveruukki Oy
- and Coco Green.
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Wetland vegetation, which includes different bog plants including mosses, sedges, and shrubs, makes up PEAT, an organic substance. Turf or PEAT is a deposit of organic materials or decomposed vegetation that can be found in natural settings like mires or peatlands. Due to its rich organic qualities, which provide great aeration and moisture when combined with soil, PEAT finds applications in the horticultural and agricultural sectors. In various parts of the world, PEAT is gathered as an essential source of fuel. It can store water in incredible amounts. When there is a substantial amount of PEAT in the soil, the word "histosol" is employed.
Market Segmentation
By End-Use, 2022 to 2031
- Agriculture
- Fuel & Energy
- Domestic
- Medicine
- Others
By Type, 2022 to 2031
- Sod Peat
- Coco Peat
- Others
By Application, 2022 to 2031
- Agriculture and Horticulture
- Fuel and Energy
- Domestic
- Medicine
- Water Filtration
- Other Application
Materials Covered, 2022 to 2031
- Hemic
- Sepric
- Fabric
- Other Materials
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The PEAT market share will increase dramatically in the fuel and energy segment. PEAT was used in place of fuel for heating and cooking. Since the invention of gas and oil, PEAT household uses have started to decrease. The need for electricity has kept PEAT in use, though, as it is used to fuel enormous power plants. PEAT has remained in demand due to worries about the depletion of fossil fuels like oil and natural gas. In the global PEAT industry, utilizing PEAT as fuel is one of the most significant uses. Growth in PEAT market share will occur during the forecast period as a result of rising fuel and energy demand.
Regional analysis
- North America (United States, Canada and Mexico)
- Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
- Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
- South America (Brazil, Argentina, Colombia, and Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
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A high rate of market expansion is anticipated in the Asia Pacific area because of the region's rapid urbanization and growing population, which have increased demand for the Type across several nations. Due to a rising need for PEAT in heavy sectors, North America is anticipated to expand more quickly than the rest of the world. The increased demand for the Type in agriculture, water filtration, freshwater aquariums, and other end uses, as well as the rising usage of PEAT as an alternative fuel are contributed to growth of this region.
Manufacturer Landscape
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