Global Wood Chips Market to Grow with a CAGR of 5.1% During 2021-2028; Market to Grow on Account of Growing Demand for Energy Worldwide
Kenneth Research published a report titled “Wood Chips Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global wood chips market in terms of market segmentation by forest type, raw material, product type, variety, application, end-use industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global wood chips market is anticipated to grow with a CAGR of 5.1% over the forecast period, i.e., 2021 – 2028. The market is segmented by forest type into temperate forest, tropical forest, and boreal forest, out of which, the temperate forest segment is anticipated to garner the largest revenue of USD 5800 Million by the end of 2028. Moreover, in the year 2019, the segment generated a revenue of USD 4500 Million.
The global wood chips market is estimated to garner a revenue of USD 15500 Million by the end of 2028, up from a revenue of USD 12000 Million in the year 2019. Growing demand for wood pulp in the paper industry, followed by the growing utilization of burnt wood chips (biochar) as fertilizers in agriculture, are some of the major factors anticipated to drive the growth of the market in the coming years.
By region, the global wood chips market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in the Asia Pacific region is anticipated to garner the largest revenue of USD 5500 Million by the end of 2028. Moreover, in the year 2019, the market in the region generated a revenue of USD 3900 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, 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). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Need for Different Energy Generation Sources to Drive the Market Growth
In one of the statistics by the International Energy Agency (IEA), the total final consumption (TFC) of energy across industries, transport, and residential sectors increased from 100763501.0 TJ, 97400377.0 TJ, and 79732329.0 TJ respectively in the year 2009 to 120978863.0 TJ, 120972204.0 TJ, and 87779996.0 TJ respectively.
The demand for energy around the world is increasing at a significant pace around the world. As a result, there is a rising need for finding different energy generating sources, such as wood chips, which are used widely in industries for generating energy. These chips can be directly fed into the boiler and hence are more cost effective. Moreover, the wood chips are derived from residual woods and as a result helps in lowering the need to cut new trees for different end-use purposes. Such factors are therefore anticipated to drive the market growth.
However, the availability of low-cost substitutes is expected to operate as key restraint to the growth of global wood chips market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global wood chips market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wood chips market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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