Biomass Pellets Market to Reach a Size of US$ 19.4 Bn by 2032 end expanding at a CAGR of 6.6%, Says Future Market Insights

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DUBAI, UAE, March 11, 2022 /PRNewswire/ -- Biomass Pellets Market to reach a size of US$ 19.4 Bn by 2032 end, expanding at a CAGR of 6.6% during 2022-2032 period.

As per the findings of the report, the global biomass pellets market is projected to experience significant growth over the forecast period, because of multiple driving factors such as increasing utilization of biomass pellets in coal-fired boilers in industries, and also in commercial and domestic heating applications.

The global biomass pellets market was valued at around US$ 9 Bn in the year 2021, and is expected to expand at a CAGR above 6.6% over the forecast period of 2022-2032.

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Several government policies are being implemented across geographies that are favouring the utilization of efficient bio-fuels such as biomass pellets as a replacement for fossil-based fuels. This has significantly created demand for biomass pellets, and this demand is expected to grow at a very high rate over the forecast period.

East Asia Projected for Significant Growth Opportunities

Over the past years, Europe has been one of the key prominent regions in terms of the production and consumption of biomass pellets. However, other regions such as East Asia have emerged as lucratively growing regions in the global biomass pellets market. This has resulted from the significant growth of the markets in East Asia countries such as China, South Korea, and Japan.

China is one of the prominent hubs of industries and that use coal-based boilers. This creates ample opportunities of demand for biomass pellets that can be used as a replacement or co-fired with coal in these industries.

Furthermore, the demand in South Korea and Japan for biomass pellets has witnessed a significant hike over the past years. As a consequence, East Asia, as a whole, projects significant growth opportunities for the global biomass pellets market over the forecast period.

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Sales of Wood Sawdust-Derived Biomass Pellets to Remain Prominent

The market has been segmented on the basis of different sources of biomass pellet production and on the basis of their multiple end uses, besides the seven prominent regions of the world.

• On a global level, wood sawdust is the prominent source of biomass pellet production. The growth in the sales of biomass pellets from this segment is projected to be significant over the forecast period. However, other sources are expected to gain market share over the forecast period.
• Industries with installed coal-based boilers consume a fair share of the global biomass pellets market volume. This consumption is expected to increase further over the forecast period.
• Government policies regarding carbon emissions from industries are changing across geographies in order to achieve their goals and targets of sustainable development. They have become stricter towards the quantity of carbon emitted from industries. As a consequence, industrialists are bound to use biomass pellets in co-firing applications in order to reduce their carbon content and also the cost expenditure over fuels. As a consequence, prominent demand for biomass pellets is being witnessed from industries on a global level.

Biomass Pellets Market: Vendor Insights

The report highlights some of the market players that are prominent and have established themselves as leaders in the global biomass pellets market. Some of the examples of the 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 have a diverse set of biomass pellet offerings for industrial, commercial, as well as domestic applications. These players also participate actively in the trade of biomass pellets to reach international markets, and develop by acquiring a diverse clientele across geographies.

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SOURCE Future Market Insights