Market Overview
Global Biomass Pellet Market accounted for USD 8.7 billion in 2021, registering a CAGR of over 8.1% during the forecast period.
Biomass pellets are compressed organic matter or biomass that are used to make biofuels. Biomass pellets can be made from a variety of materials, including industrial waste, agricultural residue, virgin lumber, food waste, and so on. Wood pellets, agri-pellets, and torrefied pellets are all types of biomass pellets, with wood pellets having the biggest demand across various end-use sectors.
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Market Trends
Many countries have shifted to biomass pellets market for heat and electricity generation in recent years as part of an endeavour to enhance renewable energy sources while decreasing fossil fuel consumption. The worldwide biomass pellets market is growing as a result of the current trend of using a renewable and clean source of energy. The energy and electricity sectors have been influenced by the low availability and high prices of fossil fuels to look for alternative energy substitutes. Biomass pellets are a good option for energy production because they are a renewable and clean source of energy. Biomass pellets have a low moisture content, which means they burn more efficiently and have a lower density than biomass briquettes, which is predicted to increase demand in a variety of industries. Due to rigorous environmental rules in Europe and the Americas regarding CO2 emissions, manufacturers are gravitating toward clean energy generation, which is likely to provide a strong growth impetus to worldwide market players over the forecast period.
The market expansion is likely to be hampered by a demand-supply gap over the forecast period, as pellets must be kept, which raises considerable worries for both manufacturers and suppliers, as bio-pellets have a low moisture content.
Market Segmentation
Source, type, application, and geography have all been used to segment the worldwide biomass pellets market.
Industrial waste, agricultural waste, energy crops, food waste, virgin lumber, and other sources make up the worldwide biomass pellets industry. Agriculture and industrial waste were the two segments with the biggest market shares in 2019.
Wood pellets, agri-pellets, torrified pellets, and other biomass pellets are included in the scope of the report.
The global biomass pellets market is examining applications such as power generation, industrial heating, home heating, and others. In 2018, the power industry had the greatest market share, and it is likely to continue to do so during the forecast period.
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Region Overview
The forecast for the worldwide biomass pellets market has been examined for five regions: Asia-Pacific, the Middle East and Africa, North America, Europe, and Latin America.
Europe is expected to remain the leading market for biomass pellets, with a large increase in demand for wood pellets. The region's desire for biomass pellets is growing as a result of rigorous government rules aimed at reducing greenhouse gas (GHG) emissions.
Due to the rising usage of biomass pellets in the industrial heating sector, where biomass is co-fired with coal to produce heat, the biomass pellets market in Asia-Pacific is predicted to grow at the quickest rate. Because these fuels can be made from garbage, governments are compelled to invest more in the area. Wood pellets are primarily exported from China and Thailand throughout the region. India and Japan, both of which are transitioning their energy production to renewable sources, are expected to contribute to market growth in Asia Pacific.
The high consumption of wood pellets in residential and commercial heating is the primary driver of the biomass pellets market in North America. For example, in 2016, Canada consumed 300,000 tonnes of wood pellets for domestic heating.
During the review period, the markets in Latin America and the Middle East and Africa are expected to grow slowly, with United Company leading the market in the Middle East and Africa region, with an annual production capacity of 70000 tonnes for wood pellets and a market share of more than 30% in the regional biomass pellets market.
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Competitive Dynamics
Drax Group plc (UK), Enviva (US), German Pellets GmbH (Germany), AS Graanul Invest (Estonia), Pinnacle Renewable Energy Inc (Canada), Lignetics (US), Zilkha Biomass Energy (US), Premium Pellets Ltd (Canada), Fram Fuels (US), Abellon CleanEnergy Limited (India), Ecostan (India), JP Green Fuels (India), The Westervelt Company, Inc (US), Forest Energy Corporation (US), and New England Wood Pellet (US).
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