Bio-Coal Market Size, Share, Growth Analysis, By Type(Woody Biomass, and Agricultural Waste), By Application(Power Generation, and Industrial Heating), By Region - Industry Forecast 2024-2031

Global Bio-Coal Market size was valued at USD 149.98 Billion in 2022 and is poised to grow from USD 157.03 Billion in 2023 to USD 226.75 Billion by 2031, at a CAGR of 4.70% during the forecast period (2024-2031).

Global bio-coal market is expected to experience significant growth in the coming years as more industries and governments look to adopt renewable energy sources and reduce their carbon footprint. Many governments around the world are promoting the use of renewable energy sources and have introduced policies and incentives to encourage the adoption of bio-coal. For example, the European Union has set targets to increase the use of renewable energy to 20% by 2020, and bio-coal is seen as a key contributor to achieving these targets. The growing demand for energy and the increasing dependence on fossil fuels from politically unstable regions have raised concerns about energy security. Bio-coal is seen as a way to reduce dependence on imported fossil fuels and increase energy security. Also, the torrefaction process has been refined and improved in recent years, making bio-coal production more efficient and cost-effective. This has led to a reduction in the production costs of bio-coal, making it more competitive with fossil fuels. Moreover, the increasing demand for bio-coal from various industries such as power generation, cement, and steel production is expected to drive the growth of the bio-coal market in the coming years.

US Bio-Coal Market is poised to grow at sustainable CAGR for the next forecast year.