The global biomass briquette market is experiencing growth due to compressed organic materials, which have gained significant attention in biomass briquette. Biomass briquettes, as a renewable and carbon-neutral energy source, offer a promising alternative to traditional fossil fuels. They help in reducing greenhouse gas emissions and dependence on non-renewable energy resources, making them an attractive option for both developed and developing countries aiming to meet their renewable energy targets and commitments under international agreements such as the Paris Agreement.
WILMINGTON, Del., Aug. 13, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Biomass Briquette Market by Type (Sawdust Briquettes, Agro waste Briquettes and Wood Briquettes), Application (Power Generation, Heating, Cooking and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the biomass briquette market was valued at $0.9 billion in 2023, and is estimated to reach $1.9 billion by 2033, growing at a CAGR of 7.9% from 2024 to 2033.
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Prime determinants of growth
The global biomass briquette market is experiencing growth due to growing awareness and regulations favoring sustainable energy sources drive demand for biomass briquettes. However, high initial costs associated with briquette production facilities are expected to hinder the growth of biomass briquette market. Moreover, growing emphasis on carbon-neutral fuels offers remunerative opportunities for the expansion of the global biomass briquette market.
Report coverage & details:
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Report Coverage |
Details |
|
Forecast Period |
2024–2033 |
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Base Year |
2023 |
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Market Size in 2023 |
$0.9 billion |
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Market Size in 2033 |
$1.9 billion |
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CAGR |
7.9 % |
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No. of Pages in Report |
300 |
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Segments Covered |
Type, Application, and Region |
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Region Covered |
North America, Europe, Asia-Pacific, LAMEA |
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Drivers |
Rapid urbanization and industrialization
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Opportunities |
Surge in the use of co-firing biomass briquettes with coal in power plants
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Restraint |
Competition from other renewable energy sources
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The wood briquettes segment is expected to remain the largest type throughout the forecast period.
By type, wood briquettes serve as a renewable energy source, helping to reduce dependence on fossil fuels and decrease greenhouse gas emissions. Unlike coal or natural gas, burning wood briquettes releases a lower amount of carbon dioxide, as the carbon released during combustion is roughly equivalent to the amount absorbed by the trees during their growth. This creates a more balanced carbon cycle and lessens the overall environmental impact.
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The heating segment is expected to lead throughout the forecast period.
By application, biomass briquettes are a sustainable and efficient alternative to traditional fossil fuels, particularly in heating applications. Biomass is a renewable energy source, meaning that its use helps to reduce reliance on finite fossil fuels and decrease greenhouse gas emissions. When burned, biomass briquettes release carbon dioxide, but this is offset by the carbon dioxide absorbed by the plants during their growth, resulting in a carbon-neutral cycle. Additionally, the use of biomass briquettes helps to reduce waste by converting agricultural and forestry residues into a valuable energy source, thus minimizing the environmental impact of waste disposal.
Asia-Pacific to maintain its dominance by 2032
Region wise, biomass briquettes have gained significant traction across Asia-Pacific countries as a sustainable alternative to traditional fuels like coal and wood. In countries such as India, the use of biomass briquettes has been actively promoted to reduce reliance on fossil fuels and mitigate environmental impact. In China, biomass briquettes are utilized extensively in industries and households alike, contributing to the country’s strategies for reducing carbon emissions and improving energy efficiency. Briquettes are produced from various biomass sources including crop residues, sawdust, and agricultural wastes, providing a cost-effective and environmentally friendly fuel option.
Southeast Asian countries such as Thailand and Vietnam have also embraced biomass briquettes as part of their renewable energy initiatives. These countries utilize agricultural residues such as rice husks and bagasse to produce briquettes, which are used in industries such as agriculture, brick kilns, and food processing. The adoption of biomass briquettes not only reduces dependency on imported fossil fuels but also supports rural economies by providing income opportunities through biomass collection and briquette manufacturing.
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Players: –
Radhe Industrial Corporation
C.F. Nielsen A/S
Jaykhodiyar
ECOSTAN
RUF US, Inc
Gattuwala
MaxTon Industrial Co., Ltd.
WEIMA
VOTECS
GROSS Apparatebau GmbH
The report provides a detailed analysis of these key players in the global biomass briquettes 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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