Global wood pellet demand to reach 50 million tonnes by 2024
Global wood pellet demand could more than double in the next 10 years, growing from around 23 million tonnes in 2014 to 50 million tonnes in 2024. This is according to a new study carried out by RISI, an 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,' comment Seth Walker, author and bioenergy economist at RISI.
'Additionally,' Walker continues, '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.'
The Global Pellet Demand Outlook Study provides forecasts for:
· European industrial markets:
Belgium, Denmark, the Netherlands, Sweden and the UK
· European heating markets:
Austria, Denmark, France, Germany, Italy and Sweden
· Asian industrial markets:
Korea and Japan
· North American markets:
The US and Canada
Industrial users analysed in this study include: Dong Energy, Drax, E.ON, GDF Suez, KEPCO subsidiaries, Ontario Power Generation, RWE and Showa Shell.