Wood chips market to grow on the back of rising need for alternative energy sources and increasing focus towards green energy; global market to generate over $15500m by 2028, witnessing a CAGR of 5.1% during 2021-2028
Key Companies Covered in the Wood Chips Market Research Report Are American Wood Resources, LLC, Cogent Forest Products Inc., Wood Chips Supply Ltd., Swiss Timber International, New Forests, Midway Limited, Mitsui & Co., Ltd., Marubeni Corporation, and others key market players.
According to the statistics by the International Energy Agency (IEA), the total final consumption (TFC) of energy in the industrial sector around the world increased from 110621914.0 TJ in the year 2010 to 120978863.0 TJ in the year 2019. Moreover, in the transport and residential sectors, the TFC of energy increased from 101756471.0 TJ and 81748433.0 TJ in the year 2010 respectively to 120972204.0 TJ and 87779996.0 TJ respectively in the year 2019.
Kenneth Research has recently released a report on “Global Wood Chips Market” which includes a detailed analysis of the key market players and the key market dynamics throughout the forecast period, i.e., 2021-2028. The report also portrays a brief analysis of the latest market trends, along with the trade outlook, regulatory landscape, and supplier analysis. Additionally, for its readers, the report covers insights on the market segmentation, along with the growth drivers and challenges that are associated with the growth of the market during the forecast period.
Backed by the rising demand for energy and the growing concern for the depletion of conventional energy sources, the focus on generating energy from alternative as well as green energy sources is increasing at a significant pace. Wood chips, which are also available in the form of wood pellets, was estimated to register a production volume of 38.9 Million Tonnes in the year 2019 up from 18.1 Million Tonnes in the year 2012, according to the statistics by the World Bioenergy Association. The global wood chips market registered a revenue of USD 12000 Million in the year 2019 and is further anticipated to touch USD 15500 Million by the end of 2028, by growing with a CAGR of 5.1% during the forecast period.
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The global wood chips market is projected to grow on account of the growing need for alternative energy generation sources, as well as the rising use of wood chips as wood pulp in the pulp & paper industry. Besides this, the increasing use of wood chips as a substrate for mushroom cultivation, backed by the surge in sales of mushrooms, is also expected to generate numerous opportunities for market growth. According to the statistics by the United States Department of Agriculture (USDA), the value of sales of Agaricus and specialty mushrooms in the United States increased from USD 1114710 Thousand in the year 2018-2019 to USD 1153296 Thousand in the year 2019-2020. On the other hand, the growing use of wood chips in bioreactors for denitrification, especially in the process of sewage wastewater treatment, is also expected to drive market growth in the coming years. Additionally, the increasing use of wood chips as an organic mulch in gardening, landscaping, and ecosystem restoration, backed by the rising sales of gardening consumables is also expected to contribute to the market growth in the coming years. The value of gardening sales globally is expected to touch close to USD 130 Billion by the end of 2025.
The global wood chips market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst the market in these regions, the market in the Asia Pacific region generated the largest revenue of USD 3900 Million in the year 2019 and is further expected to touch USD 5500 Million by the end of 2028. The market in the region is segmented by country into China, Vietnam, Japan, Thailand, Indonesia, Malaysia, Australia, and the Rest of Asia Pacific, out of which, the market in China generated the largest revenue of USD 2300 Million in the year 2019 and is further expected to touch USD 3500 Million by the end of 2028. Additionally, the market in Thailand is projected to grow with the highest CAGR of 7% during the forecast period.
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On the other hand, the market in Europe generated the second-largest revenue of 5400 Million by the end of 2028, up from a revenue of USD 4400 Million in the year 2019. The market in the region is segmented by country into Sweden, Germany, Russia, Finland, and the Rest of Europe. Amongst the market in these countries, the market in Sweden is expected to generate the second-largest revenue of USD 1000 Million by the end of 2028, up from a revenue of USD 800 Million in the year 2019. Further, the market in Russia is projected to grow with the highest CAGR of 4% during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global wood chips market is segmented by forest type into temperate forest, tropical forest, and boreal forest. Amongst these segments, the temperate forest segment generated the largest revenue of USD 4500 Million in the year 2019 and is further expected to touch USD 5800 Million by the end of 2028. In the Asia Pacific, the tropical forest segment generated the largest revenue of USD 2500 Million in the year 2018 and is further expected to touch USD 3600 Million by the end of 2028. Additionally, in China, the tropical forest segment registered the largest revenue of USD 1700 Million in the year 2019 and is further projected to touch USD 2400 Million by the end of 2028. Moreover, in Thailand, the segment is projected to garner the largest revenue of USD 25 Million by the end of 2028, up from a revenue of USD 15 Million in the year 2019.
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On the other hand, in Europe, the temperate forest segment is projected to display the largest revenue of USD 2500 Million by the end of 2028, up from a revenue of USD 2000 Million in the year 2019. In Sweden, the boreal forest segment generated the largest revenue of USD 590 Million in the year 2019 and is further expected to touch USD 700 Million by the end of 2028. Additionally, in Russia, the boreal forest segment is projected to display the largest revenue of USD 600 Million by the end of 2028, up from a revenue of USD 480 Million in the year 2019.
The global wood chips market is further segmented by product type into softwood, hardwood, and others. Amongst these segments, the softwood segment generated the largest revenue of USD 6500 Million in the year 2019 and is further expected to touch USD 8600 Million by the end of 2028. In the Asia Pacific, the segment generated the largest revenue of USD 2600 Million by the end of 2019 and is further expected to touch USD 3800 Million by the end of 2028. In China, the segment is projected to display the largest revenue of USD 2700 Million by the end of 2028, up from a revenue of USD 1800 Million in the year 2019. Moreover, in Japan, the softwood segment registered the largest revenue of USD 500 Million in the year 2019 and is further expected to touch USD 700 Million by the end of 2028.
In Europe, the hardwood segment is anticipated to display the largest revenue of USD 2700 Million by the end of 2028, up from a revenue of USD 2200 Million in the year 2019. In Sweden, the softwood segment registered the largest revenue of USD 650 Million in the year 2019 and is further expected to generate a revenue of USD 780 Million by the end of 2028. Further, in Russia, the softwood segment is projected to display the largest revenue of USD 570 Million by the end of 2028, up from a revenue of USD 440 Million in the year 2019.
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The global wood chips market is also segmented on the basis of raw material, variety, application w.r.t. tree species, and by end-use industry.
Global Wood Chips Market, Segmentation by Raw Material
- Pulp Wood
- Residue Wood
Global Wood Chips Market, Segmentation by Variety
- Forest Chips
- Recycled Chips
- Wood-Residue Chips
- Sawing Residue Chips
Global Wood Chips Market, Segmentation by Application w.r.t. Tree Species
- Pulp Manufacturing
- Eucalyptus
- Acacia
- Poplar
- Others
- Combined Heat & Power
- Oak
- Maple
- Willow
- Others
- Household Furnishing
- Acacia
- Teak
- Mahogany
- Others
- Residential Heating
- Birch
- Willow
- Pine
- Others
- Others
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Global Wood Chips Market, Segmentation by End-Use Industry
- Building & Construction
- Energy & Power
- Paper & Pulp
- Others
Some of the prominent industry leaders in the global wood chips market that are included in our report are American Wood Resources, LLC, Cogent Forest Products Inc., Wood Chips Supply Ltd., Swiss Timber International, New Forests, Midway Limited, Mitsui & Co., Ltd., Marubeni Corporation, and others.
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