Wood Pellets Global Market Report 2023

NEW YORK, March 28, 2023 /PRNewswire/ -- Major players in the wood pellets market are Enviva Inc., Energex American Inc., Graanul Invest, Pinnacle Renewable Energy, Fram Fuels, Segezha-Group, Lignetics Inc., Asia Biomass Public Company Limited, Sinclar Group Forest Products, Lauzon, Wood Pellet Energy UK (LTD), United Company, Highland Pellets, LLC, Savoie, and I.C.S. (Lacroix) Lumber Inc.

Read the full report: https://www.reportlinker.com/p06433541/?utm_source=PRN

The global wood pellets market grew from $9.55 billion in 2022 to $10.7 billion in 2023 at a compound annual growth rate (CAGR) of 12.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wood pellets market is expected to grow to $15.99 billion in 2027 at a CAGR of 10.6%.

The wood pellets market consists of sales of premium wood pellets, standard wood pellets, food-grade wood pellets, traeger signature wood pellets, applewood pellets, cherry wood pellets, pecan wood pellets, mesquite wood pellets, and hickory wood pellets.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Wood pellets are finely powdered dried biofuel processed through a pellet dye process at high temperatures and pressure.It is typically burned to generate heat or process steam and electricity.

These wood pellets are made from compressed sawdust, a by-product of other industries.

Europe was the largest region in the wood pellets market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecast period.

The regions covered in the wood pellets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of feedstocks used in wood pellets are forest and wood waste resources, agricultural residue and waste, food waste, virgin lumber, and energy crops.Forest and wood waste resources are a mixture of trees, including leaves, bark, trunk pieces, and branches.

Forest residues and wood waste are converted into wood pellets, a significant biomass source for energy production.The wood pellets production process involves sawdust preparation, screening, hammering, pelletizing, cooling, and packaging.

It is applied in heating, power generation, and combined heat and power (CHP) and is used for residential, commercial, and industrial purposes.

Increasing global demand for renewable energy is expected to propel the growth of the wood pellets market going forward.Renewable energy is defined as energy derived from natural sources and are replenished at a faster rate than it is consumed.

Wood pellets are a renewable energy source made from a variety of wood waste products.For instance, in 2021, according to a report published by International Energy Agency, a France-based intergovernmental organization, renewable energy use increased by 3% in 2020.

Also, renewable energy accounted for 29% of global electricity generation in 2020, up from 27% in 2019. Therefore, increasing global demand for renewable energy is driving the growth of the wood pellets market.

Technological advancements have emerged as the key trend gaining popularity in the wood pellets market.Major companies operating in the market are developing innovative wood pellet boilers such as the boilers that that produce minimum emissions of particulate matter to sustain their position.

For instance, in September 2020, ÖkoFEN Forschungs- und Entwicklungs Ges.m.b.H., an Austria-based manufacturer of wood pellet boilers, launched wood pellet boilers with ZeroFlame combustion technology. With the help of the filter-free ZeroFlame combustion technology, particulate matter (PM) emissions are reduced to an absolute minimum. This technology combines special-guided airflow and air enrichment with a unique combustion chamber design to produce a unique effect. The flame almost wholly disappears during combustion, reducing particulate matter (PM) to a bare minimum. Compared to conventional pellet boiler systems currently available, PM emissions are reduced by up to 95%, potentially significantly improving local air quality.

In April 2021, Drax Group PLC, a UK-based renewable energy company, acquired Pinnacle Renewable Energy Inc. for an undisclosed amount. With the acquisition, Drax Group delivered bioenergy with carbon capture and storage (BECCS), which permanently removes millions of tonnes of carbon dioxide from the atmosphere yearly. The acquisition would raise Drax's current 1.6 metric tonnes (Mt) annual operational capacity to 4.9 Mt of sustainable biomass pellets by 2022 at 17 plants located throughout Western Canada and the US South. Pinnacle Renewable Energy Inc. is a Canada-based manufacturer and distributor of industrial wood pellets.

The countries covered in the wood pellets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The wood pellets market research report is one of a series of new reports that provides wood pellets market statistics, including wood pellets industry global market size, regional shares, competitors with a wood pellets market share, detailed wood pellets market segments, market trends and opportunities, and any further data you may need to thrive in the wood pellets industry. This wood pellets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06433541/?utm_source=PRN

About Reportlinker

ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

Contact Clare: [email protected]

US: (339)-368-6001

Intl: +1 339-368-6001

SOURCE Reportlinker