4 Trends Outlining Wood Pellet Market Outlook Worldwide
For example, in the year 2019, the U.K. parliament passed a legislation requiring the government to control the net emissions of greenhouse gases across the U.K by nearly 100%, related to 1990 levels, by 2050. Wood pellets are regarded as sustainable or low-carbon footprint sources of energy that are obtained from sawdust, dry chips, wood shaving and others.
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According to study, the global wood pellet market is expected to surpass USD 15 billion in total valuation through 2025. Mentioned below are some of the integral factors likely to influence the industry size in the near future.
Robust animal bedding application
Based on application spectrum, the market is classified into residential, industrial, commercial as well as animal bedding applications. Animal bedding segment has created considerable demand over the years for wood pellets as it can use any type of grade that is available at low cost, as durability and ash content have no implications on the application.
Asia Pacific witnesses high demand
Regionally speaking, Asia Pacific wood pellet market has showcased tremendous growth potential led by countries like South Korea and Japan due to the wide acceptance of the product. These nations use the product for industrial heating at both medium and large-scale power plants. South Korea is a major importer of energy sources across the globe owing to the lack of domestic facilities.
Surging concerns over rising carbon dioxide levels along with the rising energy consumption in South Korea has supplemented the adoption of wood pellet. Reportedly, the total consumption of energy recorded across South Korea stood at 507.60 billion kWh annually.
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Utility grade to record substantial use
With regards to the type of grade, the industry is segmented into standard, premium and utility grade products. Utility grade wood pellet market share is expected to be rising at a compounded annual growth rate of 13.4% due to the growing consumption in the industrial sector. Wood pellets are used to generate electricity and in combined heat and power plants in European countries.
Demand for renewable energy in Europe
There is a high demand for renewable energy across European nations. This is mainly because the governments are striving to achieve low carbon emission. In the UK, the biofuels accounted for second largest share followed by nuclear power in 2018. The share of biofuels in U.K. increased by 11% from the year 2017 which comprises of wood pellets, anaerobic digestion form and wastages. Increasing concerns over carbon footprint coupled with rising focus towards renewable energy will support the demand for biomass pellets.
Leading wood pellet providers include Pinnacle Renewable Energy, AMP Clean Energy, Enviva Partners, German Pellets GmbH and Pacific BioEnergy, among various others.
The rise in awareness among the people regarding the use of green alternatives, changing lifestyles and growing global warming levels is expected to positively influence the demand for the product in the coming times. They carry a bulk density of more than 650 kg/m3 and ash content of below 10%.
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