Report Code: A08981 | Pages: NA | Mar 2023 | 1345 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Wood Pellets Market
Request Now !Wood pellet, a solid eco-friendly fuel, is produced by densifying and crushing waste wood. Wood pellet, a type of biofuel, is made from compressed organic matter or biomass. Wood pellets can be burned with high combustion efficiency pellets, which are extremely dense and can be produced with a low moisture content (below 10%) that allows them to be burned with high combustion efficiency.
They exhibit several benefits such as water preservation, weed control, reducing * preventing soil erosion, supporting growth of natural seeds, preservation of soil moisture, and improving fertility & health of the soil. Furthermore, they are renewable, clean-burning, and cost-effective for home heating. Apart from heating and power generation, wood pellets are used for the horse bedding purpose.Â
COVID-19 scenario analysisÂ
Increase in demand for recyclable and eco-friendly energy sources for generating power is projected to support revenue growth of the market. This is attributed to the fact that these pellets emit lower carbon as compared to other fossil fuels. The demand for wood pellets in fueling power plants for electricity generation is projected to offer significant growth opportunities, owing to rise in number of power plants across the globe. Â Wood ash is used as a fertilizer for soil. Moreover, surge in demand for renewable energy generation and increase in preference for wood pellets as an energy generation source and for heating purpose in residential sector across the globe boost the growth of the wood pellets market.
However, direct exposure to wood dust, which is generated during the process of manufacturing can cause severe health issues, including allergic reactions and skin irritations, thereby hampering the growth of the target market. Moreover, lack of awareness related to product in developing nations and price instability due to fluctuations in raw material cost, influenced by weather conditions and changing regulatory norms governing wood cultivation are likely to hamper the growth of market. In addition, high cost of a wood pellet stove acts as a challenge for the wood pellets market growth.
The global wood pellets market, by region, is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Rise in demand for these pellets in the commercial energy generation industry in economies of Asia Pacific, including China and Japan, is providing a push to the regional market. Wood pellets have several applications in chemical industry, where it is used as a biomass solid fuel. North America market for wood pellets is expected to have substantial revenue share of the global market, owing to establishments of new production plants of the wood pellet by manufacturers. Residential heating is one of the prominent applications of the product. Easy availability of wood pellet fuel feedstock and low cost of production have led to its higher consumption in the industrial sector. Rise in prices of fossil fuels and natural gas further fuels the market growth.
Pinnacle Renewable Holdings signed an agreement with Tolko Industries Ltd. to construct a wood pallets manufacturing facility in Alberta, Canada. The wood pellet facility is anticipated to commence operation in the fourth quarter of 2020. The new facility is expected to diversify the company’s fiber supply using high-quality wood fiber sourced primarily from Tolko’s existing sawmill in Canada.
Enviva Partners LP, one of the manufacturers of wood pellet in the U.S., announced to invest worth $175 million in a new wood pellet manufacturing facility at the Port of Epes Industrial Park in Epes, Alabama, U.S. The operations of the new manufacturing facility are anticipated to expand the company’s presence in the U.S.
Key benefits of the report
Wood Pellets Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Wood Pellet Energy (UK) LTD, Energex, Rentech, Inc., Pinnacle Renewable Energy Group, The Westervelt Company, Allance Pellet Machinery, Georgia Biomass, LLC, German Pellets GmbH, F.E. Wood & Sons, Enviva LP, EnitoSingpellet Pte Ltd, Drax Group Plc, AndritzAG |
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