Wood pellets market projected to reach $20.5 billion by 2032, driven by demand for renewable energy.

From GlobeNewswire: 2024-12-20 09:00:00

The Wood Pellets Market is projected to reach USD 20.5 billion by 2032 with a CAGR of 7.5%, driven by rising demand for carbon-neutral, high-energy wood pellets in power generation and heating. Increasing interest in sustainable fuels and government policies promoting biomass use are key factors in market growth. Europe led the market in 2023, with the industrial heating segment dominating. Innovations in production processes and raw material sourcing are enhancing wood pellet quality and efficiency, accelerating adoption in industrial and commercial applications globally. Specialized industrial fuel pellets with higher energy density are gaining traction, especially in regions like Europe, North America, and Asia-Pacific, supporting the transition to more sustainable energy systems. The wood pellets market is thriving, with Enviva Partners expanding production capacity in the US and Drax Group completing a new biomass-fired power plant in the UK. These developments are set to meet the increasing demand from global markets and help countries achieve renewable energy targets. Learn more about this market trend at SNS Insider.



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