Press release
Wood Pellets Market Valued at USD 16.85 Billion by 2034, Driven by a 6.0% CAGR
Wood Pellets Market
The wood pellets market was estimated to be worth USD 9.42 billion in 2024. With a CAGR of 6.0% from 2025 to 2034, the market is expected to reach USD 16.85 billion by 2034 from USD 9.97 billion in 2025.
Market Explanation
Wood pellets are small, cylindrical pieces of densified wood biomass used primarily as a fuel source. They are made by grinding wood and compressing it into pellets, often using natural binders like wood flour. Wood pellets are a popular alternative to traditional firewood, offering advantages like low moisture content, clean burning, and ease of storage and handling. Wood pellets are created by compressing finely ground wood material under high pressure, typically in a pellet mill. This process densifies the material, resulting in a compact, cylindrical shape. They are a popular alternative to firewood for heating homes and industrial applications. Pellets are also used in larger industrial boilers for heat and power generation.
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Competitive Landscape
The competitive environment of the wood pellets market features strategic alliances, mergers and acquisitions, increases in capacity, and innovations in production technologies. Key players in the market include:
• Drax Group Plc
• Energex
• Enviva LP
• Galaxy wood pellet company
• Georgia Biomass, LLC
• Groupe Savoie Inc.
• Hanwha Corporation
• Pinnacle Renewable Energy Inc.
• SINGPELLET Pte. Ltd.
• The Westervelt Company, Inc.
• United Company
• Wood Pellet Energy Ltd.
Growth Drivers
• The growing utilization of biomass heating systems in residential and commercial settings is boosting market demand.
• An increasing number of individuals are recognizing environmental concerns, resulting in a greater demand for sustainable biomass, which in turn promotes market expansion.
• Increasing focus on diminishing dependence on fossil fuels is speeding up the growth of the wood pellets market.
• Government initiatives and incentives, including tax advantages, subsidies, and carbon reduction initiatives, are boosting the demand for wood pellets.
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Wood Pellets Market Report Highlights
• By Application: The heating segment held the largest share of the wood pellets market in 2024, driven by growing demand for biomass-based heating solutions across residential, commercial, and industrial sectors.
• By End User: The industrial segment led the market in 2024, fueled by the extensive use of wood pellets for heat and power generation in manufacturing, food processing, and other heavy industries.
• Regional Insights: Europe emerged as the leading region in 2024, supported by stringent carbon emission reduction targets, widespread adoption of biomass heating systems, and robust government incentives for renewable energy adoption.
• Future Outlook - Asia Pacific: The Asia Pacific region is projected to experience the fastest growth during the forecast period, attributed to rising energy security concerns, increasing investment in renewable energy infrastructure, and favorable government policies.
Regional Overview
• In 2024, Europe held the largest market share thanks to strict carbon reduction regulations, widespread use of biomass heating systems, and significant government incentives encouraging renewable energy.
• The market in Asia Pacific is projected to experience the highest CAGR during the forecast period, driven by heightened energy security issues, growing investments in renewable energy production, and favorable government regulations.
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Segmental Assessment
• The wood pellets market is primarily segmented primarily based on end user, application, and region.
• By application, the heat segment held the largest market share in 2024, owing to the increased demand for biomass-based heating options in residential, commercial, and industrial uses.
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