Biomass Briquette Fuel Market to Reach $1.8 Billion, Globally, by 2033 at 7.1% CAGR: Allied Market Research

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Aug 08, 2024, 01:36 ET

The global biomass briquette fuel market is propelled by climate change mitigation. One of the most significant drivers of the biomass briquette fuel market is the global effort to mitigate climate change. Biomass briquettes are considered a renewable and carbon-neutral energy source. When biomass is burned, the carbon dioxide released is roughly equal to the amount absorbed by the plants during their growth, making the net carbon emissions much lower than those from fossil fuels.

Wilmington, Del., Aug. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Biomass Briquette Fuel Market by Raw Material (Saw Dust, Wood, Rice Husk, Groundnut Shells, Bagasse and Others), Application (Brick Kilns, Dyeing Plants, Oil Extraction Units, Cooking and Baking and Others), and End-Use Industry (FMCG and Beverage, Pharmaceuticals, Cement Manufacturing, Power Generation, Leather, Rubber and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the biomass briquette fuel market was valued at $0.9 billion in 2023, and is estimated to reach $1.8 billion by 2033, growing at a CAGR of 7.1% from 2024 to 2033.

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Prime determinants of growth

The global biomass briquette fuel market is driven by rise in technological advancements, which have significantly improved the efficiency and quality of biomass briquettes. Modern briquetting machines can process a wide variety of biomass types and produce briquettes with high calorific value and low moisture content. Innovations in pre-treatment processes, such as torrefaction and palletization, enhance the energy density and combustion efficiency of briquettes, making them more competitive with conventional fuels. This factor is expected to act as one of the key drivers responsible for the growth of the biomass briquette fuel market during the forecast period. However, high initial investments in setting up biomass briquette manufacturing units is anticipated to restrain the investors with less investment potential to enter in the biomass briquette fuel market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$0.9 billion
Market Size in 2033	$1.8 billion
CAGR	7.1 %
No. of Pages in Report	550
Segments covered	Raw Material, Application, End-Use Industry, and Region.
Drivers	Public policies and regulatory support Growing preference for sustainable activities Rapid shift towards renewable energy sources Climate Change Mitigation
Opportunities	Government incentives and subsidies Technological Advancements in Briquetting Techniques
Restraints	High initial costs

The rice husk segment to maintain its lead position during the forecast period.

Rice is one of the most widely cultivated crops worldwide, especially in Asia-Pacific countries like China, India, Indonesia, Vietnam, and Thailand. The large-scale production of rice results in a significant quantity of rice husks as a by-product. Furthermore, the continuous cultivation and harvesting of rice ensure a steady and reliable supply of rice husks, making them a dependable raw material for briquette production.

Also, rice husks are a by-product of rice milling. Traditionally, they have little economic value and are often considered waste. This makes them a low-cost raw material for briquette manufacturers. Utilizing rice husks for briquette production can reduce waste disposal costs for rice mills, further contributing to cost savings.

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The oil extraction units segment is expected to be the most lucrative segment during the forecast period.

Biomass briquette fuel is predominantly used in oil extraction units due to its cost-effectiveness, high calorific value, and environmental benefits. These briquettes provide a steady, reliable, and sustainable source of heat required for the oil extraction process, ensuring efficient and consistent operation. Unlike fossil fuels, biomass briquettes produce lower emissions, helping oil extraction units comply with environmental regulations and reduce their carbon footprint. Additionally, using locally sourced biomass briquettes can reduce dependency on imported fuels, enhance energy security, and support local economies. This combination of economic, operational, and environmental advantages makes biomass briquettes an attractive fuel option for oil extraction units.

The power generation segment to maintain its lead position during the forecast period.

Biomass briquette fuel is predominantly used in power generation due to its suitability for large-scale energy production, high energy density, and environmental benefits. Biomass briquettes offer a renewable and carbon-neutral alternative to fossil fuels, aligning with global efforts to mitigate climate change. Power generation plants can easily integrate biomass briquettes into existing infrastructure, such as boilers and turbines, enabling efficient conversion of biomass energy into electricity. Additionally, biomass briquettes provide a reliable and stable energy supply, reducing dependency on volatile fossil fuel markets. The environmental advantages, coupled with the scalability and compatibility with power generation systems, make biomass briquettes an attractive choice for meeting electricity demand sustainably.

Asia-Pacific to maintain its dominance by 2033

The biomass briquette fuel market in the Asia-Pacific region continues to expand due to a combination of environmental concerns, economic factors, and policy initiatives. With the region facing severe air pollution and striving to reduce carbon emissions, biomass briquettes offer a cleaner alternative to traditional fossil fuels, aligning with sustainability goals and climate targets. Additionally, the abundance of agricultural and forestry residues in the region provides a readily available and cost-effective raw material for briquette production. Supportive government policies, including subsidies and incentives for renewable energy, further drive the adoption of biomass briquettes, promoting energy security and rural development. These factors collectively contribute to the rising demand for biomass briquette fuel in the Asia-Pacific region.

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Leading Market Players: -

KKR Bio Fuels
Yashhraj Group of Companies
Ecostan
Gattuwala.
Energy Plus India
Sree Amman Briquettes
NIRMALA & SIDDAGANGA BIOFUEL INDUSTRIES
Neerpati Biofuels Private Limited
NARSIHMA AGRO INDUSTRIES
Buyo India Pvt Ltd
Vidhyut Power & Systems

The report provides a detailed analysis of these key players in the global biomass briquette fuel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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