LONDON--(BUSINESS WIRE)--The global wood recycling market is expected to post a CAGR of more than 4% during the forecast period 2019-2023, according to the latest market research report by Technavio.
The declining investments in the coal industry is one of the major global wood recycling market trends influencing growth. Implementation of stringent government regulations pertaining to the use of coal across countries in Asia and Europe has considerably reduced the production and consumption of coal at the global level. Several key investors in the market are hesitant to invest in the coal industry, which has negatively impacted the production level of coal. For instance, Allianz SE recently announced that it would be completely out from the coal sector by 2040. The declining investments in the coal industry will increase the demand for alternative sources such as wood fuels in power and heat generation applications. This will subsequently fuel the expansion of the global wood recycling market.
As per Technavio, the increasing use of biomass fuels will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global wood recycling market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global wood recycling market: Increasing use of biomass
There is an increase in the adoption of renewable and sustainable energy sources such as biomass to mitigate carbon emissions. Several governments across the world are framing favorable policies and providing subsidies to encourage biomass energy production. Depleting non-renewable energy sources such as fossil fuels have further increased the need for renewable energy sources such as biomass. The rising adoption of biomass will increase the demand for raw materials such as wood pellets, unused thinned wood, and palm kernel shells. These factors are expected to drive the growth of the global wood recycling market over the forecast period.
“Factors such as rapid urbanization and increasing literacy rate has fueled the demand for paper, including recycled paper in APAC. The region is expected to provide significant growth opportunities for wood recycling industries owing to its large population base and increasing purchasing power of consumers in China and India. In Europe, the demand for waste wood products such as wood pellets and wood briquettes is primarily driven by the increased consumption of renewables in the energy sectors. Several European countries are increasing their focus on the production of energy from renewable sources such as biomass. These factors are expected to fuel the growth of the global wood recycling market,” says an analyst at Technavio.
Global wood recycling market: Segmentation analysis
This market report segments the global recycling market by material (paper and cardboard, and waste wood) and geography (the America, APAC, and EMEA).
APAC led the market in 2018 with a market share of around 38%, followed by EMEA and the Americas. The dominance of APAC can be attributed to the growth of the pulp industry in China.
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