23 September 2019
Wood Chips Market Report 2019-2029: Forecasts by Product (Softwood, Hardwood), by Application (Combined Heat and Power (CHP), Household Furnishing, Residential Heating and Others), by Region and Analysis of Leading Companies indicates that the Global Wood Chips Market was valued at $6.7 billion by 2029.
Due to the rising demand for renewable energy sources, the worldwide wood chips market is projected to record a substantial CAGR during the forecast period. Furthermore, increasing use of the product for residential heating solutions is anticipated to boost market growth, mainly in Europe and North America. Increasing demand for generating thermal energy using renewable and green feedstock products is likely to operate for the benefit of the industry. Wood chips display a superior coefficient of energy that is capable of maintaining high demand during the forecast period.
It is estimated that the abundance of raw materials for chip production across Europe, North America, and Asia Pacific will result in a reduction in general production costs. Furthermore, the increasing prominence of sustainable wood cultivation and processing procedures is projected to boost market growth. The presence of a strict regulatory structure is anticipated to boost the demand for wood chips in Europe and North America. Increasing consumer awareness of the use of these products in home heating alternatives is likely to stimulate the industry's development.
The global market for wood chips can be segmented into the following; combined heat and power (CHP), household furniture, residential heating, and others based on application. In CHP applications, demand for the product as fuel is expected to experience remarkable development over the coming years. Residential heating is one of the product's prominent applications, although it is estimated that the penetration is restricted by the comprehensive use of internal heating pellets. The use of wooden chips as garden mulch is anticipated to encourage superior water absorbing features combined with low product cost.
Key players on the global market for wood chips focus on capacity expansions to fulfill the product's spiraling demand. For instance, Oji Holdings announced plans to set up a Japanese woodchip processing business to supply the raw materials needed for the biomass power plant of the business. Orsted, Mitsui & Company, and Sojitz are some of the leading businesses operating in the market.
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