Global Wood Pellets Market expected to reach $34.53 billion by 2033, driven by renewable energy demand.

From GlobeNewswire: 2024-07-18 13:00:00

The Global Wood Pellets Market Size is expected to reach USD 34.53 Billion by 2033, with a 6.70% CAGR from 2023. Wood pellets, made from wood waste, are used for cooking, heating, and power generation as a renewable energy source. Virgin trees are ideal for production, with the forest waste segment leading in revenue share.

The power generation segment is projected to grow the fastest in the wood pellets market due to increasing demand for localized power generation. Industrial applications, such as food processing and manufacturing, dominate the market in terms of end-users. North America is the largest market for wood pellets, driven by regional price competitiveness and a shift towards renewable energy.

Asia Pacific is forecasted to grow rapidly in the wood pellets market, driven by initiatives to reduce greenhouse gas emissions and promote renewable energy. Major vendors in the market include Pinnacle Renewable Energy and Ørsted. The industry faces challenges in developing supply chains and ensuring raw material sustainability.

Recent developments include Pinnacle Renewable Energy’s long-term supply agreement with Ørsted for 1.2 million metric tons of wood pellets annually. The market is segmented based on feedstock, application, and end-user, with North America and Asia Pacific leading the growth. Competitive analysis focuses on product offerings, market presence, and strategic alliances among key companies in the market.



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