Biomass Pellets Market Forecasted to reach US$ 20,409.2 million by 2033, Fueled by Rising Demand for Clean Energy

Biomass Pellets Market

Biomass pellets are an eco-friendly energy source created from organic materials like wood, agricultural residues, and even dedicated energy crops. These small, compressed pellets are a renewable alternative to fossil fuels, utilized in residential heating, power generation, and industrial applications. Biomass pellets offer benefits such as reduced greenhouse gas emissions, sustainable sourcing, and efficient combustion. They contribute to a greener energy landscape by converting waste into a valuable resource, making them a crucial component of the renewable energy transition.

Rising from US$ 9,739.1 million in 2021, the target market reached a valuation of US$ 10,270.9 million in 2022. This growth can be attributed to a surge in demand for biomass pellets for heating purposes in commercial, residential, and industrial sectors. It is projected that the global biomass pellets market will amass revenue of US$ 20,409.2 million by 2033, with sales growing at a favorable CAGR of 6.7% from 2023 to 2033. As per FMI, the entire biomass pellet market is driven by a market shift towards biodegradable products. Increasing use of the wood biomass pellet also contributes to this growth of the market

Historically, the biomass pellet market witnessed a poor CAGR of 2.5% from 2017 to 2021 but it is predicted that the market will overcome this slump and record steady growth during the forecast period. An upsurge in public awareness about sustainability and environmental preservation has resulted in a spike in the demand for biofuels and other renewable energy sources like solar and wind energies. Thus, escalating demand for clean energy all over the world will aid the expansion of the biomass pellets market in the upcoming years. North America and Europe will contribute considerably to the market due to elevated demand for clean energy while East and South Asia will emerge as the fastest growing region in this market owing to rapid development in countries like India, China, Japan, and others.

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Depleting resources has resulted in incredibly high prices of conventional energy with the potential for a further spike in prices. Owing to this, the demand for crude oil has exceeded its supply rate. The cost of natural gas, diesel, and petrol is also increasing. These factors make it a necessity for economies to diversify their energy resources and increase their use of biofuels rather than traditional fuels. This aspect acts as a key driver for the market for biomass pellets during the projection period. However, high competition and lack of availability of good quality woods- the most preferred type of biomass pellets by industrialists- are certain factors that will stunt the growth of the biomass pellets market.

Key Takeaways in Biomass Pellets Market Research Report:

  • Favorable government initiatives across the globe will strengthen the prospects for the biomass pellets market.
  • Increasing demand for renewable energy will drive the growth of the biomass pellets market in the US.
  • Stringent environmental regulations will aid the market expansion of biomass pellets in the U.K.
  • Based on end-use, the industrial heating segment will prove to be a significant revenue stream for the biomass pellets market.
  • By source, the agricultural residue segment will gain rapid traction during this period.

Competitive Landscape in Biomass Pellets Market

In a competitive environment, significant market players are concentrating on increasing research and development efforts to enhance their product portfolio. These companies employ various organic and inorganic strategies to gain a competitive advantage. In a recent development, in November 2021, Enviva, Inc., signed a long-term collaboration with J-Power, a Tokyo-based utility enterprise, for a large-scale supply of sustainable wood biomass from Enviva’s facilities in the US to J-Power’s coal-fired plants in Japan.

Drax, Enviva Inc., AS Graanul Invest, Zilkha Biomass Energy, LLC, Subham Industries, Premium Pellets Ltd, Fram Renewable Pellets, Rentech, Inc., and MVM Bio Green Energy, among others, are some of the important players in the biomass pellets market profiled in the full version of the report.

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Biomass Pellets Market by Category

By Source:

  • Agriculture Residue
  • Wood Sawdust
  • Others

By End Use:

  • Power Generation
  • Industrial Heating
  • Commercial and Domestic Heating
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • MEA

More Insights Into the Biomass Pellets Market 

FMI’s most recent report presents an impartial assessment of the worldwide biomass pellets market, incorporating historical data from YY to YY and projected figures from XX to XX. The report provides a comprehensive analysis of the market’s sales forecast for the next ten years, as well as an overview of market drivers, restraints, trends, and opportunities. The report divides the market into several segments based on source, end-use, and region, in order to comprehend the global market potential, growth, and scope.

According to the latest FMI reports, based on segmentation, the industrial heating segment will dominate the global marketplace on the basis of end-use. As biomass pellets can effectively replace coal in industrial boilers, they gain extensive use in industrial heating purposes. In terms of source, agricultural residue will remain a preferred choice during the assessment period. Based on the country, the biomass pellets market in the US will exhibit impressive growth between YY and YY. In 2022, the target market expanded by 5.1% in this country. High energy consumption and growing demand for renewable energy will drive the growth of the biomass pellets market in the US. The U.K, India, China, and Japan will also aid the growth of the global biomass pellets market.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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