Selbyville, Delaware, Dec. 07, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Wood Pellets Market was estimated at USD 11 bn in 2022 and is expected to surpass a valuation of $52 bn by 2032, progressing at a CAGR of 17.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Rising energy consumption in the Asia Pacific is expected to drive product demand throughout the forecast timeframe. The main reason for this is the region's expanding population and increasing urbanization rate. Additionally, growing industrial and transportation sectors across the region has necessitated energy use in recent years which is positively contributing to the revenue expansion. Furthermore, recent trends for outdoor cooking and outdoor kitchens in developed North American and European countries are projected to proliferate the adoption of wood pellets, functioning as a significant driving force for revenue growth.
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Lack of product awareness in undeveloped countries may hinder industry expansion
Although the wood pellets market is gaining traction among end-user industries for heating applications, a lack of product knowledge in emerging economies may impede the business. However, with the growing shift towards clean energy, there is a significant potential in emerging countries of Asia, Africa, and Latin America to produce biomass pellets from accessible agro and forest leftovers for use in heating, power, and cooking, which will promote product demand in the coming years.
Lower ash level to bolster the adoption of standard-grade wood pellets
Based on grade, wood pellets industry share from the standard-grade segment is expected to expand at over 15.5% CAGR through 2032, suggests the report. Standard-grade wood pellets typically have an ash level of less than 3%, making them ideal for heating purposes. However, the standard grade's bulk density is relatively lower than that of the premium grade, which lowers its substantial utilization in end-user industries. The product's widespread use in heating applications for residential and commercial sectors will promote segment growth during the forecast period.
Escalating environmental concerns to drive product demand in residential applications
Speaking of the application spectrum, wood pellets market value from residential application is anticipated to surpass USD 25 billion by 2032. The primary factor driving the segment's growth is the expanding use of wood pellets for heating applications such as pellet stoves, kitchen appliances, small boilers, etc. in several developed nations. Moreover, the product is gaining traction owing to its lower ash content. The demand for products in this segment will be further fueled by the increasing use of high-quality heating fuel and rising concerns about carbon impact.
Rising focus on renewable energy sources across Europe to propel regional revenue share
Europe wood pellets market is estimated to grow at more than 18% growth rate and be worth over USD 43 billion by the end of 2032. The increasing product demand in the utilities and energy sectors has contributed to the regional growth in recent years. Furthermore, the growing emphasis on renewable energy source installations across the region is likely to offer significant growth potential for industry participants operating in the wood pellets business during the projected timeline.
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Strategic partnerships to define the competitive landscape of the industry
Stora Enso Oyj, LP, Pacific BioEnergy, Drax Group plc, Ecowood Pellets, AS Graanul Invest, Svenska Cellulosa Aktiebolaget (SCA), Enviva Partners, InstantHeat Wood Pellets Inc., German Pellets GmbH are the leading companies engaged in the global wood pellets market. These firms typically engage in strategic activities such as partnerships and service portfolio expansions to consolidate their business dominance.
Partial chapters of report table of contents (TOC):
Chapter 5 Wood Pellets Market, By Grade by Application
5.1 Global market by grade by application
5.2 Premium grade
5.3 Standard grade
5.4 Premium grade
Chapter 6 By Application
6.1 market, material by end-user, 2021 & 2032
6.2 Residential
6.3 Commercial
6.4 Industrial
6.5 Animal bedding
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
