The latest report by IMARC Group, titled “Wood Chips Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global wood chips market size reached US$ 9.13 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.41 Billion by 2028, exhibiting a growth rate (CAGR) of 6.30% during 2023-2028.
Wood chips are small, thin pieces of wood that result from the chipping or shredding of wood logs or scraps. They are commonly used for various purposes across different industries due to their versatility and availability. They can be produced from a variety of wood types, including hardwoods and softwoods, depending on the intended use. In landscaping and gardening, wood chips are often used as mulch. They offer several benefits, such as retaining soil moisture, suppressing weed growth, and regulating soil temperature. Additionally, as wood chips decompose, they contribute organic matter to the soil. In the woodworking and manufacturing industries, wood chips are used as a raw material to produce wood pulp, which is essential for making paper and paper products. The pulp-making process involves breaking down the wood chips into fibers, which are then processed into paper. At present, wood chips are gaining immense traction across the globe owing to their widespread use as a sustainable biomass fuel source for renewable energy generation.
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Wood Chips Market Trends and Drivers:
The global wood chips market is primarily driven by the rising product utilization as a biomass feedstock for power generation due to the growing demand for renewable and sustainable energy sources, particularly in Europe and North America, with stringent environmental regulations promoting cleaner energy options. Moreover, the rapid growth in the construction industry, particularly in Asia-Pacific, has strengthened the need for wood chips in the production of wood-based panels, such as particleboard and MDF, used extensively in interior furnishings and construction materials. Apart from this, the increasing reliance of the pulp and paper industry on wood chips as a primary raw material for paper and packaging production is propelling market growth. Additionally, the escalating use of wood chips in landscaping, mulching, and as a raw material for wood pellet production is another major growth-inducing factor. Furthermore, the rising sustainable forestry practices and certifications, such as FSC, ensure a consistent supply of quality wood chips while addressing environmental concerns, thus contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Product Insights:
- Softwood
- Hardwood
Variety Type Insights:
- Forest Chips
- Recycled Chips
- Wood Residue Chips
- Others
Application Insights:
- Combined Heat and Power (CHP)
- Household Furnishing
- Residential Heating
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- American Wood Resources LLC
- Axpo Holding AG
- Bio Eneco Sdn Bhd
- Cogent Forest Products Inc.
- Great Northern Timber Inc.
- LA.SO.LE. EST S.P.A.
- Mitsui & Co. Ltd.
- Verdo Holding A/S
Explore full report with table of contents: https://www.imarcgroup.com/wood-chips-market
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