Rapid demand growth largely driven by European industrial and heat markets, and Asian industrial markets
Global wood pellet demand is rapidly expanding as consumers, businesses and regulators look for alternatives to fossil fuels. Globally, wood pellet demand is projected to grow from an estimated 23 million tonnes in 2014 to 50 million tonnes in 2024. These and other key findings were released today in a new study by RISI, the leading information provider for the global forest products industry.
"It's a really exciting time to be looking at the wood pellet market. We're seeing strong demand in the European heating sector as high energy prices drive consumers to look for fuel alternatives. Also, policies that promote the generation of renewable energy are spurring the use of pellets as a substitution for coal in power plants," said Seth Walker, Author and Bioenergy Economist at RISI.
"Additionally, Korea and Japan are beginning to enter the market, creating a greater impact on global trade flows. Right now we're getting a small taste of what the market is going to look like in 10 years," continued Walker.
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