The Wood Pellets Market size was valued at USD 9.12 billion in 2023 and is expected to grow to USD 14.35 billion by 2031 and grow at a CAGR of 5.7% over the forecast period of 2024-2031.
Wood bark is finely powdered to create wood pellets, which are tiny, cylindrical bits that range in diameter from 5 to 10 mm and are 10 to 20 mm long. Due of their compact and fixed structure, they are frequently employed as fuel by mechanically fed into burners. However, energy is used during the drying and grinding of wood barks to create wood pellets. As a result, wood pellets have a lower output-to-input energy ratio than wood chips, but they may still be utilised in residential buildings and burned effectively in relatively small stoves. In order to increase the usage of wood pellets as a major energy source, the energy efficiency of the systems used to produce them must be increased.
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Compressed wood particles are what make up wood pellets, which are utilised as fuel. rapidly certain regions of the nation, pellets are already widely utilised, although they are developing rapid popularity as main fuel prices rise and worries about climate change spread.
KEY DRIVERS:
Increasing demand for a sustainable fuel across the world
Demand for popularity of wood pellets
A solid biomass fuel made from wood waste and agricultural byproducts is known as wood pellets. The source of renewable energy is bioenergy fuels are also in high demand. These fuels include ethanol, biodiesel, wood, biogas, solid waste, and agricultural goods.
RESTRAIN:
Alternate Fuel Availability
The Scrap wood, grasses, straws, maize stalks, even paper and cardboard are crushed into wood pellets, a sustainable commodity, to generate compact, pellet-like shapes. There are still alternative sources for energy that might be categorized as renewable, despite the fact that these pellets are decided to be sustainable and produce less emissions than their fuels.
OPPORTUNITY:
Need of replacement of Fossil Fuel
The need for fossil fuels is growing along with the demand for energy. Around 85% of energy is utilised worldwide comes from fossil fuels, n on renewable sources like coal, natural gas, and petroleum that release their sorted energy by burning. Therefore, the substitution of fossil fuels may present a chance for market expansion.
CHALLENGES:
Availability of Alternative Energy sources in Market
The wood pellets 12–15% of the world's supply has come from Belarus and Russia in recent years. Even before Russia invaded Ukraine, there was a severe shortage of wood pellets on the world market. The price of wood pellets has increased dramatically over the past 12 months due to a number of variables, including recent severe weather, container shortages, and rising transportation expenses.
The EU has substituted woody biomass imports from the U.S. and Eastern Europe for Russian supply. Others, however, assert that trade data and paper trails show a breach of the EU embargo, with possible flows of cleaned Russian wood pellets through Turkey, Kazakhstan, and Kyrgyzstan to many EU countries.
A large portion of the recent rise in domestic wood pellet production started during the Great Recession and at a period when fossil fuel costs were high. In contrast to Europe, where wood pellets are most frequently burnt in furnaces, space heating with wood pellets most frequently takes place in stoves in American houses, usually as a backup to another major heating source. In addition to being utilised for energy, wood pellets may also be used as bedding for animals. We saw an increase in pellet production in the northeastern and midwestern United States to meet home demand as wood pellets have emerged in the United States as a cost-competitive alternative to traditional heating sources. Additionally, domestic expansion has happened due to technology advancements and economic
By Application
Heating
Power Generation
CHP
By End-use
Residential
Commercial
Industrial
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Europe is now leading the world wood pellet industry, due to the rising demand for wood pellets as an energy source.
North America brought in USD 0.19 billion in income in 2023 as a result of rising residential demand from the United States. The regional price competitiveness with propane and home heating oil as well as the growing replacement of traditional burners for enhancing automated feed.
The Canadian wood pellet market has expanded significantly in recent years, largely due to increased use in the domestic heating and power plant sectors. Europe and Asia are the two biggest markets for wood pellets produced in Canada. These pellets can be used in domestic heating in the U.S.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Energex, Enviva LP, Graanul Invest, Drax Biomass, Pinnacle, Sinclar Group Forest Products, Lauzon, Wood Pellet Energy (UK) Ltd., United Company, Highland Pellets LLC, and other players are listed in a final report.
Graanul Invest declared in January 2023 that its 50,042 tonnes of wood pellet exports to the United States were the greatest ever.
Drax Group plc announced in August 2022 that it has purchased a pellet factory in Princeton, British Columbia, Canada. The firm will be able to generate 90,000 tonnes of wood pellets annually thanks to this purchase.
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.12 Bn |
| Market Size by 2031 | US$ 14.35 Bn |
| CAGR | CAGR of 5.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application, (Heating, Power Generation, CHP) • By End-use (Residential, Commercial, Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Energex, Enviva LP, Graanul Invest, Drax Biomass, Pinnacle, Sinclar Group Forest Products, Lauzon, Wood Pellet Energy (UK) Ltd., United Company, Highland Pellets LLC |
| Key Drivers | • Increasing demand for a sustainable fuel across the world • Demand for popularity of wood pellets |
| Market Restraints | • Alternate Fuel Availability |
Ans: The wood pellets market is anticipated to expand by 5.7% from 2024 to 2031.
Ans: USD 14.35 billion is the expected market size of the Wood Pellets Market by 2031.
Ans: Wood pellets market size was valued at USD 9.12 billion in 2023.
Ans: Europe is now leading the world wood pellet industry.
Ans: Alternate Fuel Availability
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Wood pellets market Segmentation, By Application
8.1 Heating
8.2 Power Generation
8.3 CHP
9. Wood pellets market Segmentation, By End-use
9.1 Residential
9.2 Commercial
9.3 Industrial
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Wood pellets market by Country
10.2.2North America Wood pellets market by Application
10.2.3 North America Wood pellets market by End-use
10.2.4 USA
10.2.4.1 USA Wood pellets market by Application
10.2.4.2 USA Wood pellets market by End-use
10.2.5 Canada
10.2.5.1 Canada Wood pellets market by Application
10.2.5.2 Canada Wood pellets market by End-use
10.2.6 Mexico
10.2.6.1 Mexico Wood pellets market by Application
10.2.6.2 Mexico Wood pellets market by End-use
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Wood pellets market by Country
10.3.1.2 Eastern Europe Wood pellets market by Application
10.3.1.3 Eastern Europe Wood pellets market by End-use
10.3.1.4 Poland
10.3.1.4.1 Poland Wood pellets market by Application
10.3.1.4.2 Poland Wood pellets market by End-use
10.3.1.5 Romania
10.3.1.5.1 Romania Wood pellets market by Application
10.3.1.5.2 Romania Wood pellets market by End-use
10.3.1.6 Hungary
10.3.1.6.1 Hungary Wood pellets market by Application
10.3.1.6.2 Hungary Wood pellets market by End-use
10.3.1.7 Turkey
10.3.1.7.1 Turkey Wood pellets market by Application
10.3.1.7.2 Turkey Wood pellets market by End-use
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Wood pellets market by Application
10.3.1.8.2 Rest of Eastern Europe Wood pellets market by End-use
10.3.2 Western Europe
10.3.2.1 Western Europe Wood pellets market by Country
10.3.2.2 Western Europe Wood pellets market by Application
10.3.2.3 Western Europe Wood pellets market by End-use
10.3.2.4 Germany
10.3.2.4.1 Germany Wood pellets market by Application
10.3.2.4.2 Germany Wood pellets market by End-use
10.3.2.5 France
10.3.2.5.1 France Wood pellets market by Application
10.3.2.5.2 France Wood pellets market by End-use
10.3.2.6 UK
10.3.2.6.1 UK Wood pellets market by Application
10.3.2.6.2 UK Wood pellets market by End-use
10.3.2.7 Italy
10.3.2.7.1 Italy Wood pellets market by Application
10.3.2.7.2 Italy Wood pellets market by End-use
10.3.2.8 Spain
10.3.2.8.1 Spain Wood pellets market by Application
10.3.2.8.2 Spain Wood pellets market by End-use
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Wood pellets market by Application
10.3.2.9.2 Netherlands Wood pellets market by End-use
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Wood pellets market by Application
10.3.2.10.2 Switzerland Wood pellets market by End-use
10.3.2.11 Austria
10.3.2.11.1 Austria Wood pellets market by Application
10.3.2.11.2 Austria Wood pellets market by End-use
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Wood pellets market by Application
10.3.2.12.2 Rest of Western Europe Wood pellets market by End-use
10.4 Asia-Pacific
10.4.1 Asia Pacific Wood pellets market by Country
10.4.2 Asia Pacific Wood pellets market by Application
10.4.3 Asia Pacific Wood pellets market by End-use
10.4.4 China
10.4.4.1 China Wood pellets market by Application
10.4.4.2 China Wood pellets market by End-use
10.4.5 India
10.4.5.1 India Wood pellets market by Application
10.4.5.2 India Wood pellets market by End-use
10.4.6 Japan
10.4.6.1 Japan Wood pellets market by Application
10.4.6.2 Japan Wood pellets market by End-use
10.4.7 South Korea
10.4.7.1 South Korea Wood pellets market by Application
10.4.7.2 South Korea Wood pellets market by End-use
10.4.8 Vietnam
10.4.8.1 Vietnam Wood pellets market by Application
10.4.8.2 Vietnam Wood pellets market by End-use
10.4.9 Singapore
10.4.9.1 Singapore Wood pellets market by Application
10.4.9.2 Singapore Wood pellets market by End-use
10.4.10 Australia
10.4.10.1 Australia Wood pellets market by Application
10.4.10.2 Australia Wood pellets market by End-use
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Wood pellets market by Application
10.4.11.2 Rest of Asia-Pacific APAC Wood pellets market by End-use
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Wood pellets market by Country
10.5.1.2 Middle East Wood pellets market by Application
10.5.1.3 Middle East Wood pellets market by End-use
10.5.1.4 UAE
10.5.1.4.1 UAE Wood pellets market by Application
10.5.1.4.2 UAE Wood pellets market by End-use
10.5.1.5 Egypt
10.5.1.5.1 Egypt Wood pellets market by Application
10.5.1.5.2 Egypt Wood pellets market by End-use
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Wood pellets market by Application
10.5.1.6.2 Saudi Arabia Wood pellets market by End-use
10.5.1.7 Qatar
10.5.1.7.1 Qatar Wood pellets market by Application
10.5.1.7.2 Qatar Wood pellets market by End-use
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Wood pellets market by Application
10.5.1.8.2 Rest of Middle East Wood pellets market by End-use
10.5.2 Africa
10.5.2.1 Africa Wood pellets market by Country
10.5.2.2 Africa Wood pellets market by Application
10.5.2.3 Africa Wood pellets market by End-use
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Wood pellets market by Application
10.5.2.4.2 Nigeria Wood pellets market by End-use
10.5.2.5 South Africa
10.5.2.5.1 South Africa Wood pellets market by Application
10.5.2.5.2 South Africa Wood pellets market by End-use
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Wood pellets market by Application
10.5.2.6.2 Rest of Africa Wood pellets market by End-use
10.6 Latin America
10.6.1 Latin America Wood pellets market by Country
10.6.2 Latin America Wood pellets market by Application
10.6.3 Latin America Wood pellets market by End-use
10.6.4 Brazil
10.6.4.1 Brazil Wood pellets market by Application
10.6.4.2 Brazil Africa Wood pellets market by End-use
10.6.5 Argentina
10.6.5.1 Argentina Wood pellets market by Application
10.6.5.2 Argentina Wood pellets market by End-use
10.6.6 Colombia
10.6.6.1 Colombia Wood pellets market by Application
10.6.6.2 Colombia Wood pellets market by End-use
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Wood pellets market by Application
10.6.7.2 Rest of Latin America Wood pellets market by End-use
11 Company Profile
11.1 Energex
11.1.1 Company Overview
11.1.2 Financial
11.1.3 Products/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Enviva LP
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Graanul Invest
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Drax Biomass
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Pinnacle,
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Sinclar Group Forest Products
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Lauzon
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Wood Pellet Energy (UK) Ltd.,
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Highland Pellets LLC
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 United Company
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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