Asia Pacific Wood Pellet Market Growth and Forecast by 2028
Asia Pacific Wood Pellet Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application [Residential Heating, Commercial Heating, CHP (Combined Heat and Power), and Power Generation]
- Status : Published
- Report Code : TIPRE00025890
- Category : Chemicals and Materials
- No. of Pages : 55
- Available Report Formats :
- Last update date : November 14, 2021
2021 Market Size
US$ 1,375.04 Mn
Base year value
2028 Forecast
US$ 3,344.99 Mn
Projected by 2028
CAGR 2022-2028
13.5 %
Growth rate
Addressable Market
US$ 16,490.49 Mn
(2022-2028)
The wood pellet market in APAC is expected to grow from US$ 1,375.04 million in 2021 to US$ 3,344.99 million by 2028; it is estimated to grow at a CAGR of 13.5% from 2021 to 2028.
China, India, and South Korea are major economies in APAC. Rising demand for wood pellets from power generation industry is the major factor driving the growth of the APAC wood pellet market. With the growing focus on sustainability, the demand for biomass pellets such as wood pellets has increased considerably. Wood pellets can be significantly used to produce power in a similar way to using coal as a base material, which helps to transform the existing coal power stations into renewable bioenergy sources. Further, such pellets possess the required density and are in uniform shape, which eases their transportation and storage. The demand for wood pellets has substantially risen for power generation applications across several countries. In Asian countries such as China, Japan, and South Korea, wood pellets are primarily used for co-firing at coal-fired power plants. Also, India’s Intended Nationally Determined Contributions (INDC), provided to the United Nations Framework Convention on Climate Change (UNFCCC), highlights that it is imperative to increase biomass installed production capacity to 10 GW by 2022 from the present capacity of 4.4 GW, including expansion of production capacity of wood pellets. This would work in line with the overall objective of increasing the dependency upon non-fossil fuel-based electricity generation capacity to 40% in India’s electricity mix by 2030. Electricity generation using wood pellets and/or co-firing of wood pellets with coal is aimed at meeting the Renewable Purchase Obligation (RPO) targets stated by State Electricity Regulatory Commissions (SERCs) in states where there are limited solar and wind facilities and possess extensive availability of agricultural and forestry residues. Hence, the demand for wood pellets is expected to rise in India considering the objectives and strategies framed by the state and central policies. Similarly, the demand for wood pellets is expected to expand with the growing focus on renewable energy sources.
The COVID-19 pandemic is anticipated to cause a significant economic loss to APAC. The Asian economies have been hit hard due to the pandemic. India has recorded the highest number of cases (31,855,783 cases with 426,785 deaths as of August 2021). The emergence of new COVID-19 waves in India, Thailand, and other Asian economies have prolonged the effect of pandemic upon GDP. The pandemic has been disrupting the growth of various industries in APAC. Furthermore, uncertainty regarding the future outbreak, especially in India and few other Asian countries, has seriously affected the performance of the industrial sector. These conditions have resulted in reduced demand for wood pellet. However, the market is expected to witness a surge in investments by existing players along with the entry of new players to cater to escalating demand in post-pandemic period.
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
APAC Wood Pellet Market Segmentation
APAC Wood Pellet Market – By Application
- Residential Heating
- Commercial Heating
- CHP (Combined Heat and Power)
- Power Generation
APAC Wood Pellet Market– By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Wood Pellet Market-Companies Mentioned
- ANDRITZ
- Enviva Lp
- Pinnacle Renewable Energy Inc
- TANAC
Asia Pacific Wood Pellet Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,375.04 Million |
| Market Size by 2028 | US$ 3,344.99 Million |
| CAGR (2021 - 2028) | 13.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
- Comprehensive Market Sizing and Forecast Analysis
- Detailed Segmentation Analysis
- In-Depth Market Dynamics Assessment
- Regional and Country-Level Insights
- Competitive Landscape and Company Benchmarking
- Strategic Business Intelligence
Recent Reports
Testimonials
The Insight Partners provided valuable market intelligence that supported our global go-to-market strategy. Their team was professional, responsive, and attentive to our feedback, providing thoughtful analysis and helpful methodological clarifications throughout the project.
Junmo Kim Chief Financial Officer (CFO), Enertech Co., Ltd.
The Insight Partners' SCADA System Market report is comprehensive, with valuable insights on current trends and future forecasts. The team was highly professional, responsive, and supportive throughout. We are very satisfied and highly recommend their services.
RAN KEDEM Partner, Reali Technologies LTDs
I requested a report on a very specific software market and the team produced the report in a few days. The information was very relevant and well presented. I then requested some changes and additions to the report. The team was again very responsive and I got the final report in less than a week.
JEAN-HERVE JENN Chairman, Future Analytica
We worked with The Insight Partners for an important market study and forecast. They gave us clear insights into opportunities and risks, which helped shape our plans. Their research was easy to use and based on solid data. It helped us make smart, confident decisions. We highly recommend them.
PIYUSH NAGPAL Sr. Vice President, High Beam Global
The Insight Partners delivered insightful, well-structured market research with strong domain expertise. Their team was professional and responsive throughout. The user-friendly website made accessing industry reports seamless. We highly recommend them for reliable, high-quality research services
YUKIHIKO ADACHI CEO, Deep Blue, LLC.
This is the first time I have purchased a market report from The Insight Partners.While I was unsure at first, I visited their web site and felt more comfortable to take the risk and purchase a market report.I am completely satisfied with the quality of the report and customer service. I had several questions and comments with the initial report, but after a couple of dialogs over email with their analyst I believe I have a report that I can use as input to our strategic planning process.Thank you so much for taking the extra time and making this a positive experience.I will definitely recommend your service to others and you will be my first call when we need further market data.
JOHN SUZUKI President and Chief Executive Officer, Board Director, BK Technologies
I wish to appreciate your support and the professionalism you displayed in the course of attending to my request for information regarding to infectious disease IVD market in Nigeria. I appreciate your patience, your guidance, and the fact that you were willing to offer a discount, which eventually made it possible for us to close a deal. I look forward to engaging The Insight Partners in the future, all thanks to the impression you have created in me as a result of this first encounter.
DR CHIJIOKE ONYIA MANAGING DIRECTOR, PineCrest Healthcare Ltd.Reason to Buy
- Informed Decision-Making
- Understanding Market Dynamics
- Competitive Analysis
- Identifying Emerging Markets
- Customer Insights
- Market Forecasts
- Risk Mitigation
- Boosting Operational Efficiency
- Strategic Planning
- Investment Justification
- Tracking Industry Innovations
- Aligning with Regulatory Trends
Get Free Sample for