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Wood Pellets Market Key Trends And Competitor Assessment 2024-2033
Wood Pellets Market Demand
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According to The Business Research Company's, The wood pellets market size has grown rapidly in recent years. It will grow from $10.73 billion in 2023 to $12.04 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to government incentives, expansion of biomass power plants, environmental awareness, fluctuations in fossil fuel prices, economic growth.
The wood pellets market size is expected to see rapid growth in the next few years. It will grow to $18.9 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to carbon pricing and emissions reduction, international trade and export opportunities, growing residential consumption, rise in demand for renewable energy, rising power generation sector. Major trends in the forecast period include advanced pellet production technology, sustainable sourcing, pellet certification and standards, r&d and innovation, partnership and collaboration.
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Market Drivers and Trends:
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 June 2023, according to the Energy Information Administration, a US-based government agency, renewable energy consumption has increased 13.2 quads in 2022 from 12.1 quads in 2021 in United States. Therefore, increasing global demand for renewable energy is driving the growth of the wood pellets market.
Major companies operating in the wood pellets market are innovating products to provide reliable services to customers. Innovative wood pellets are advanced, sustainable biomass fuel sources designed to enhance energy efficiency and reduce environmental impact. For instance, in April 2021, Kingsford, a US-based company that manufactures charcoal, launched Hardwood Pellets. Hardwood pellets are made with all-natural ingredients and no fillers, preservatives, or binders. They are available in five flavors, such as Classic Wood Pellets, Signature Wood Pellets, Hickory Wood Pellets, Cherry Wood Pellets, and Maple Wood Pellets.
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Major Key Players of the Market:
Enviva Inc., Energex American Inc., Graanul Invest AS, Pinnacle Renewable Energy, Fram Renewable Fuels LLC., Segezha-Group, Lignetics Inc., Asia Biomass Public Company Limited, Sinclar Group Forest Products, Lauzon Inc., Wood Pellet Energy UK Ltd., United Company, Highland Pellets LLC, Groupe Savoie Inc, I.C.S. (Lacroix) Lumber Inc., Drax Group plc, The Westervelt Company, Rentech Inc., German Pellets GmbH, Forest Energy Corporation, New England Wood Pellet, Pacific BioEnergy Corporation, Maine Woods Pellet Company, Bear Mountain Forest Products, Marth Wood Shavings Supply Inc., Michigan Wood Pellet Fuel LLC., Somerset Pellet Fuel, Trae Fuels Ltd., Vermont Wood Pellet Company, Appalachian Wood Pellets
Wood Pellets Market 2024 Key Insights:
• The wood pellets market size is expected to see rapid growth in the next few years. It will grow to $18.9 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Rising Global Demand For Renewable Energy Fuels Wood Pellets Market Growth
• Product Innovation For Enhanced Customer Satisfaction
• Europe was the largest region in the wood pellets market in 2023
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