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Biomass molding Fuel (BMF), is a clean type of fuel made up by compressing the biomass materials like straw, sawdust, fruit shells, branches of trees, and leaves into small pellets or blocks. It is composed of water, organic matter, inorganic matter which contain easy-burning carbon. The calorific value of the fuel depends upon the type of raw material used to make it. It is a type of low-carbon fuel which is also low in nitrogen which makes it cleaner source. Moreover, the fuel has higher volatility, considerable carbon activity, easy precipitation, faster ignition, low formation of ash and is inexpensive.
Increasing demand for sustainable energy source from industrial sectors shall create positive impact on the market. Additionally, the stringent rules imposed by the governmental regulatory authorities like Environmental Protection Agency (EPA), regarding the reduction of carbon emission from industrial sector shall drive the market for biomass molding fuel. The easy transportation, solid forming, sealed packaging are some additional characteristics that shall foster the market growth.
However, compared to other energy sources it is slightly expensive to gather, store and transport the raw material that is used to produce this fuel. This is expected to hinder the market growth.
Based on type, the market is segmented into granular, pellets, and block. Based on application, the market is segmented into industrial production, agricultural production, power generation, heating, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Stringent regulation imposed by regulatory authorities.
Key Market Restraint -
Higher cost of gathering, storing and transporting the raw materials.
The global biomass molding fuel market consists of global & regional players operating. Some of the key players in the market include, Enviva, Fram Renewable, Billington Bioenergy, Pacific BioEnergy, Viridis Energy, EC Biomass, Devotion Corporation, Canadian Biofuel, New England Wood Pellets, Georgia Biomass, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest share attributed to the stringent regulations imposed by Environmental Protection Agency related to the industrial carbon emissions. Asia Pacific is estimated to be the fastest growing market attributed to the high demand from growing industrial sector. Europe is expected to show considerable growth due to the increasing awareness in consumers about carbon emissions and negative effects of pollution. Latin America and Middle East & Africa is expected to show sluggish growth by the end of the forecast period.
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