Europe Peat Market Estimated to Reach US$ 2.13Bn by 2024: Transparency Market Research

Transparency Market Research has released a new market report titled “Europe Peat Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the Europe Peat market was valued at US$ 2.05Bn in 2015 and is projected to reach US$ 2.13Bn by 2024 at a CAGR of 0.6% from 2016 to 2024.

Peat has found its application in the early 17th century and since then it is majorly used as energy fuel until few years back. Peat has also found its application in horticulture and agriculture industry due to its rich organic properties providing excellent aeration and moisture when used with soil. Growing environmental concerns and commercial rate of extraction of peat is proving environmentally unstable which shows sluggishness in peat market during forecast period. Furthermore countries relying on peat as an energy fuel for its national energy demand have cut down its consumption to more than 50% and is expected further cut downs.

Peat is significantly used in agriculture and horticulture industries, as it is much lighter and fluffier than mineral soil. In horticulture, peat provides an ideal solution for water retention and drainage, as a result of its fibrous and porous structure. In industry, peat is mainly used as a filter medium to remove toxic materials from industrial or process waste, pathogenic bacteria from waste or discharge water, and harmful substances in urban sewage. Due to high absorbency of peat, it’s also found its application in oil spill cleanups. Thus growth in horticulture and agriculture industry is expected to provide the necessary momentum to the Peat market in the next few years. However, factors such as environmental and governmental regulations hinder the Peat market during the forecast period.

In terms of applications, agriculture is the largest segment of the global Peat market, accounting for nearly 60% share in 2015. The segment is anticipated to continue its dominance during the forecast period due to numerous product range available in this segment catering every individual need. Household and district heating finds another key application segment of the Peat market. The segment is estimated to witness the moderate growth in the next few years due to various substitute products replacing the same.

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In terms of type, Hemic is a partially decomposed organic material. It often has the look and feel of mature compost. Hemic material has rubbed fiber content of 17% to 40%. Hemic Peat dominated the European Peat market in 2015, accounting for more than 45 % of market share. The Hemic Peat segment is anticipated to continue its dominance during the forecast period, as it finds its wide application in horticulture and agriculture which makes it suitable for usage in a wide range of applications. Fibric Peat can replace many natural fibres in sustainable manner without having to produce fibre corps on agricultural land. Peat as a fibre helps conserve wood as a fibre for other uses. Fibric Peat possess many anti-bacterial properties, excellent moisture and tolerance.

Finland dominates the Peat market followed by Ireland and Germany during the forecast period. Significant 3% of Finland’s energy demand are met through peat fired power plants.

The European Peat market is partially consolidated, with the major players dominating the global Peat market. Key players include Bord na Mona, Klassmann Dielmann, Vapo Oy, Oulun Energia, Neova Ab etc.

The global Peat market has been segmented as follows:

By Material Type

  • Sapric
  • Hemic
  • Fibric

By End-Use

  • Power Generation
  • Agriculture
  • Freshwater Aquaria
  • Water Filtration
  • Others

By Country

  • Germany
  • France
  • Ireland
  • Finland
  • Latvia
  • Lithuania
  • Estonia
  • Sweden
  • Rest of Europe

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