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Wood Pellet Market Growth Analysis | 2023-2028
Wood Pellet Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
“The wood pellet market was estimated at USD 8.29 billion in 2022 and is likely to grow at a CAGR of 5.58% during 2023-2028 to reach USD 11.52 billion in 2028.”
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Biomass fuel manufactured from compressed particles of wood is also referred to as wood pellets. They are roughly cylindrical and range from 6-8 mm in diameter and between 10-30 mm in length. A popular type of biofuel is known as wood pellets. It is derived through the conversion of wood residues, for instance, sawdust or chips into cylindrical pellets through pressing with high pressure.
This process takes the moisture out and holds the particles collectively thus creating a compact and homogeneous fuel mass. The application of wooden pellets is more in heating appliances such as pellet stoves and industrial boilers. It is easy to use since it provides a convenient and efficient means of heating as compared to normal firewood and they give off very minimal smoke.
The key factors driving the growth of the wood pellet market are:
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The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.
The following are the key players in the wood pellet market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
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“The utility grade segment dominates the market during the forecast period.”
The wood pellet market is segmented as premium, standard, and utility based on the grade type. The utility grade segment held the largest share of the market and is expected to register the fastest growth during the forecast period. The utility grade segment is mainly driven by its low bulk density compared to that of premium-grade wood pellets. Utility-grade wood pellets provide benefits for space utilization in the industrial sector and due to this factor, the usage of utility-grade wood pellets has been growing for industrial heating applications.
“The residential segment dominates the market during the forecast period.”
The market is segmented as residential, commercial, industrial, and animal bedding. The residential segment held the largest share of the market. Increasing consumption of wood pellets in North America and major European countries, owing to the growing initiatives to increase dependency on renewable energy sources for reducing carbon emission is the major factor behind the growth of the segment.
“Europe is estimated to be the largest market during the forecast period.”
France, Germany, Russia, and the United Kingdom are the major countries with promising growth opportunities. The growth of the region’s market is mainly driven by the growing initiatives towards the replacement of coal-fired power plants with pellet-based power plants, along with the growing focus on renewable energy sources in the region to reduce carbon emissions.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s wood pellet market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our wood pellet market report from the industry stakeholders, we have tried to further accentuate our research scope to the wood pellet market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The wood pellet market is segmented into the following categories:
By Grade Type
By Application Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
Biomass fuel manufactured from compressed particles of wood is also referred to as wood pellets. They are roughly cylindrical and range from 6-8 mm in diameter and between 10-30 mm in length. A popular type of biofuel is known as wood pellets. It is derived through the conversion of wood residues, for instance, sawdust or chips into cylindrical pellets through pressing with high pressure. This process takes the moisture out and holds the particles collectively thus creating a compact and homogeneous fuel mass. The application of wooden pellets is more in heating appliances such as pellet stoves and industrial boilers.
The wood pellet market was estimated at USD 8.29 billion in 2022.
The wood pellet market is likely to reach USD 11.52 billion in 2028.
The wood pellet market is likely to grow at a CAGR of 5.58% during 2023-2028.
Stora Enso Oyj, Enviva Partners, LP, Pacific Bioenergy Corporation, Drax Group plc, AS Graanul Invest, Lignetics, Inc., Ecochipp, Svenska Cellulosa AB, InstantHeat Wood Pellets, Inc., and Pinnacle Renewable Energy Inc are among the key players in the market.
The utility grade segment is expected to register the fastest growth in the market in the coming years.
Europe is estimated to be the largest market during the next five years.
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