Wood Pellet Fuel Market to Reach $25.5 Billion, Globally, by 2032 at 7.6% CAGR: Allied Market Research

The global wood pellet fuel market is driven by several factors such as growing demand from the forest waste and the properties such as high energy content due to their dense composition.

PORTLAND, Ore, Aug. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Wood Pellet Fuel Market by Feedstock (Forest Waste, Agriculture Waste, Others), by Application (Heating, Power Generation, Combined Heat and Power (CHP), Others), By End-Use (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global wood pellet fuel market was valued for $12.3 billion in 2022 and is estimated to reach $25.5 million by 2032, exhibiting a CAGR of 7.6% from 2023 to 2032.

Wood pellets are a type of modernized fuel for heating. The production of wood pellets does not require the use of fossil fuels.These are a renewable source of energy, made up of compressed sawdust or other forms of biomass such as recycled paper.

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Prime determinants of growth

The global wood pellet fuel market is experiencing growth due to several factors such as growing demand from the forest waste feedstock and the properties of forest waste such as extremely dense and the low humidity content (below 10%) allows them to be burned with very high-combustion efficiency. However, seasonal demand for wood pellet hinders the market growth to some extent. Moreover, advancements in technology with respect to wood pellet offers remunerative opportunities for the expansion of the wood pellet fuel market.

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The other segment including sawdust and wood shavings, wood chips, biomass crops, and others is expected to grow faster throughout the forecast period.

Based on feedstock, the forest waste segment held the highest market share in 2022, accounting for nearly half of the global wood pellet fuel market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to forest waste wood pellet such as branches, tops, and other residues from logging operations, can be collected and processed into wood pellets. However, the other segment including sawdust and wood shavings, wood chips, biomass crops, and others is projected to manifest the highest CAGR of 7.9% from 2023 to 2032, as it is commonly used for heating, power generation, and as a renewable energy source. Wood chips are used as a renewable source of biomass energy.

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The heating segment is expected to lead the trail by 2032

Based on the application, the heating segment held the highest market share in 2022, accounting for nearly two-fifths of the global wood pellet fuel market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that wood pellet stoves and boilers are increasingly popular for residential heating applications. Pellet stoves are efficient space heaters, providing warmth to individual rooms, while pellet boilers can supply central heating and hot water for entire homes. However, the Combined Heat and Power (CHP) segment is projected to manifest the highest CAGR of 8.1% from 2023 to 2032, as combined heat and power systems is part of the broader shift towards cleaner and greener energy solutions, aiming to reduce greenhouse gas emissions and combat climate change.

The commercial segment is expected to grow faster throughout the forecast period.

Based on the end-use, the residential segment held the highest market share in 2022, accounting for around two-fifths of the global wood pellet fuel market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that wood pellet stoves and boilers offer convenience as they can be automated to regulate temperature and fuel feed. This makes them user-friendly and suitable for both full-time residents and those who use their homes seasonally. However, the commercial segment is projected to manifest the highest CAGR of 8.0% from 2023 to 2032. The growth is attributed to the fact that commercial establishments that use wood pellet fuel require storage space for the pellets.

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Europe to maintain its dominance by 2032.

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global wood pellet fuel market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The segment is driven by factors such as utilization of wood pellets serve as the backbone for European supply chains, enabling the smooth flow of goods from manufacturers to retailers and consumers. However, Asia-Pacific is expected to witness the fastest CAGR of 7.9% % from 2023 to 2032. The growth is attributed to the rapid growth of e-commerce and the retail sector in the Asia-Pacific region has fueled the demand for wood pellets. Infrastructure development projects in several Asia-Pacific countries have further stimulated the demand for wood pellets.

Leading Market Players: -

• DRAX GROUP PLC
• ENERGEX AMERICAN INC.
• ENVIVA LLP
• F.E. WOOD AND SONS
• FRAM RENEWABLE FUELS LLC
• GRANULES LG INC.
• LIGNETICS GROUP
• RENTECH INC.
• SNOW TIMBER PELLETS, LLC
• WOOD PELLET ENERGY LTD.

The report provides a detailed analysis of these key players in the global wood pellet fuel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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