Kenneth Research has released a report titled “Wood Chips Market: Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
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, according to the statistics by the International Energy Agency (IEA).
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The statistics portray the growing consumption of energy across different sectors, backed by the growing demand for energy worldwide. With the surge in demand for energy, there is a growing need for finding different energy generating sources, such as wood chips, which is anticipated to drive the growth of the global wood chips market. Wood chips, which are derived from residual woods, are used widely in industries to generate energy as these chips can be fed directly into the boiler. Moreover, the cost effectiveness of these chips, along with the fact that these chips helps to lower the need to cut new trees are some of the additional factors projected to contribute to the market growth.
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 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. The market is segmented by forest type into temperate forest, tropical forest, and boreal forest. The temperate forest segment, out of all the segments, 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 segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. By the end of 2028, the market in the Asia Pacific region is anticipated to garner the largest revenue of USD 5500 Million. 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.
However, the availability of low-cost substitutes is one of the major factors predicted to hinder the market growth in the coming years.
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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Wood Chips Market: Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall global wood chips industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global wood chips market in the near future.
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