Wood Chips Market is Estimated to Surpass USD 24.99 Billion by 2032

Market Summary:

The global wood chips market size was USD 16.11 Billion in 2022 and is expected to reach USD 24.99 Billion in 2032, and register a revenue CAGR of 5% during the forecast period.

The rising need for Renewable Energy sources is one of the major factors driving revenue growth of the wood chips market. To produce bioenergy, which is growing in popularity due to its advantages for the environment and the need to lessen reliance on fossil fuels, wood chips are frequently utilized as a feedstock. A clean and sustainable energy source that does not release dangerous pollutants such as greenhouse gases is bioenergy, which includes biomass energy. In addition to lowering carbon emissions, the use of wood chips in the production of bioenergy also aids in the global fight against climate change.

Rapid industrialization, particularly in developing countries, is another factor driving the wood chips market revenue growth. With a rise in industrial activity, there is a greater need for wood chips for a variety of purposes, including the manufacturing of pulp and paper, particleboard, and electricity. In addition, the market revenue growth is being fueled by the usage of wood chips as a feedstock for energy generation in sectors such as cement, Steel, and textile.

Another important aspect influencing the wood chips market revenue growth is the rise in awareness of sustainable development techniques. Sustainable forestry methods, which incorporate ethical tree harvesting and replanting, guarantee a steady stream of wood chips without harming forests. With its reputation as a greener alternative to fossil fuels, wood chips are being used in power production at an increasing rate.

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