According to the latest report by IMARC Group, titled “Biochar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global biochar market size reached US$ 436.4 Million in 2018. Biochar refers to a carbon-rich product that is made by burning organic materials, such as wood, leaves or manure, at a controlled temperature in an environment with little or no oxygen. It is a lightweight, black, highly porous and fine-grained material, which is cleaner and more efficient at converting carbon into a stable form as compared to the other types of charcoal. Today, biochar has gained immense popularity across the globe as it helps to solve a variety of environmental problems. For instance, the production of biochar provides a highly sustainable method for managing organic residues, as well as generating renewable and decentralized energy.
Global Biochar Market Trends:
Biochar production has the potential to help in combating global climate change by displacing fossil fuel use and sequestering carbon in stable soil carbon pools. It also improves water quality and quantity by increasing soil retention of nutrients and agrochemicals for plant and crop utilization. Besides this, biochar is used for insulation in the construction industry, manufacturing food packaging material and as a feed supplement and air-purifying agent. It is also utilized as an alternative fuel source in many developing countries, wherein it is employed in the charring process for cooking. As a result, governments of various countries are taking favorable initiatives to encourage biochar usage to improve soil fertility and resilience. For instance, the Government of Australia is investing heavily in the Biochar Capacity Building Program under the Carbon Farming Initiative (CFI) to understand the ability of biochar to store carbon and reduce greenhouse gas emissions. Similarly, the International Biochar Initiative (IBI) is a non-profit platform for fostering economically viable and safe biochar production systems by supporting collaborations, establishing good industry practices, and creating environmental and ethical standards in the industry. Moreover, many companies are developing pyrolysis technologies and diversifying biochar applications to attain a competitive edge. Looking forward, the market value is projected to reach US$ 870.7 Million by 2024, registering a CAGR of around 12% during 2019-2024.
- Based on the feedstock type, the market has been segmented into woody biomass, agricultural waste, animal manure and others.
- On the basis of the technology type, the market has been classified into slow pyrolysis, fast pyrolysis, gasification, hydrothermal carbonization and others.
- The market has been categorized based on the product form into coarse and fine chips, fine powder, pellets, granules and prills, and liquid suspension.
- On the basis of the application, the market has been segregated into farming, gardening, livestock feed, soil, water and air treatment, and others.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Agri-tech Producers, LLC, Diacarbon Energy Inc., Cool Planet Energy Systems, Inc., Pacific Biochar Benefit Corporation, Phoenix Energy Group, Biomacon GmbH, Vega Biofuels, Inc., Terra Char, Avello Bioenergy, Inc., Genesis Industries, LLC, Interra Energy Services, Element C6, Inc., Carbon Gold Ltd. and Biochar Solution, Inc.
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