According to the research report titled ‘Wood Pellet Market Size By Grade (Premium, Standard, Utility), By Application (Residential, Commercial, Industrial, Animal Bedding), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report, global wood pellet market is expected to reach a valuation of USD 15 billion by the year 2025.
 

Increasing inclination towards renewable energy, governmental initiatives to achieve low carbon emission standards, and growing concerns over carbon footprint are catalyzing the growth of global wood pellet market.
 

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Additionally, superior product characteristics compared to fossil fuels, and current trends related to outdoor kitchens in emerging nations are augmenting the industry outlook.
 

Despite the positive outlook, trade challenges related to product in developing nations, dearth of product awareness, and difficulty in implementing sustainable standards are hampering the market expansion.
 

In terms of grade, the utility segment of wood pellet industry is slated to register 13.4% CAGR over the ensuing years, attributable to rising consumption in industrial sector as it is widely used in electricity generation and combined heat and power plant in European countries.
 

Speaking of application terrain, the animal bedding segment is slated to capture 3% market share by 2025, as wood pellets, irrespective of their durability or ask content, can be used for this application as long as they are cheaper.
 

As per expert verbatim, Asia Pacific industry is poised to register considerable CAGR through 2025, with South Korea and Japan at the forefront, accredited to product utility in industrial heating applications at large and medium scale power plants, and increasing energy demand & consumption.
 

Leading companies in global wood pellet market include Svenska Cellulosa AB, Enviva, Pinnacle Renewable Energy, Lignetics Inc., The Westervelt Company Inc., Graanul Invest AS, German Pellets GmbH, Pacific BioEnergy, Drax Group PLC, Ecochipp Ltd., InstantHeat Wood Pellets Inc., Ecowood Pellets Ltd., Mallard Creek Inc., AMP Clean Energy, and Stora Enso Oyj among others.