Biomass Pellets Market 2022 | Expand at a CAGR of 6.6% over the forecast period of 2022-2032
Future Market Insights’ new market research report titled “Biomass Pellets Market: 2017-2021 Global Industry Analysis and 2022-2032 Opportunity Assessment’studies the Biomass Pellets market and provides essential information for the forecast period 2022 to 2032.
According to the findings of the report, the global biomass pellet market is expected to witness significant growth over the forecast period, owing to multiple driving factors such as the increasing use of biomass pellets in coal-fired boilers in industries. , as well as in the commercial and domestic sectors. heating applications.
The global Biomass Pellets Market was valued at around US$9 billion in 2021 and is projected to expand at a CAGR of 6.6% over the forecast period, 2022-2032.
Several government policies are being implemented across geographies that promote the use of efficient biofuels such as biomass pellets as a replacement for fossil fuels. This has significantly created a demand for biomass pellets, and this demand is expected to grow at a very high rate over the forecast period.
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East Asia should offer significant growth opportunities
In recent years, Europe has been one of the leading regions in terms of production and consumption of biomass pellets. However, other regions such as East Asia have emerged as lucrative growth regions in the global biomass pellet market. This resulted from significant market growth in East Asian countries such as China, South Korea and Japan.
China is one of the main industrial centers and uses coal-fired boilers. This creates many demand opportunities for biomass pellets that can be used as a replacement or co-fuel with coal in these industries.
Additionally, the demand in South Korea and Japan for biomass pellets has seen a significant increase in recent years. Accordingly, East Asia, as a whole, projects significant growth opportunities for the global biomass pellet market during the forecast period.
Sales of biomass pellets derived from sawdust will remain predominant
The market has been segmented on the basis of different sources of biomass pellet production and on the basis of their multiple end uses, in addition to the seven major regions of the world.
- Globally, sawdust is the main source of biomass pellet production. The biomass pellet sales growth of this segment is expected to be significant during the forecast period. However, other sources are expected to gain market share over the forecast period.
- Industries with coal-fired boilers installed consume a fair share of the global biomass pellet market volume. This consumption is expected to increase further during the forecast period.
- Government policies regarding carbon emissions from industries change from region to region in order to meet their sustainability goals and targets. They have become stricter on the amount of carbon emitted by industries. As a result, manufacturers are required to use biomass pellets in co-firing applications to reduce their carbon content as well as fuel costs. As a result, a large demand for biomass pellets is observed from industries globally.
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Biomass Pellets Market by Category
- Agricultural residues
By end use:
- energy production
- Industrial heating
- Commercial and domestic heating
Biomass Pellets Market: Vendor Insights
The report highlights some of the market players who are significant and have established themselves as leaders in the global Biomass Pellets market. Some of the examples of key players in this market are Drax Biomass Inc., Enviva Partners, LP, German Pellets GmbH, AS Graanul Inves, Pinnacle Renewable Energy Inc., and Abellon CleanEnergy Limited, among others.
These players provide a diverse set of biomass pellet offerings for industrial, commercial and domestic applications. These players are also actively involved in the biomass pellet trade to reach international markets and are growing by acquiring a diverse customer base across geographies.
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About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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