According to the latest report published by Variant Market Research, the global biochar market size is estimated to reach $17,050 thousand by 2024 from $5,154 thousand in 2016, growing at a CAGR of 16.1% from 2016 to 2024.
Biochar’s natural carbon sequestration feature to drive the global biochar market
The market is majorly driven by factors such as stringent environmental regulations, biochar’s natural carbon sequestration feature, and waste management potential. Moreover, increasing government initiatives in countries such as China, Australia, New Zealand, Philippines, and Ghana are expected to show increased biochar market trend over the coming years. Though, high cost, and lack of consumer awareness may hamper the market growth. Furthermore, growing biofuel industry and developing economies would provide several growth opportunities for the market in the future years.
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The global biochar market is classified into feedstock, technology, application and geography. Feedstock segment comprise animal manure, forestry waste, agriculture waste, and biomass plantation. Batch pyrolysis kiln, microwave pyrolysis, continuous pyrolysis kiln, gasifier and cookstove, and other technologies, are various classifications of the technology segment. Application segment includes gardening, agriculture, and household. North America (U.S., Mexico, and Canada), Europe (France, Germany, UK, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.
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Forestry Waste, by feedstock, is estimated to dominated the global market in coming five to six years
Forestry waste held for the largest market share in 2016, and projected to continue its dominance over the forecast period, 2016 – 2024. It’s extensive demand in biofuel production has supplemented the growth across different applications.
Gardening dominated the application segment throughout the forecast period
Gardening dominated the application segment throughout the forecast period 2016 – 2024. High usage of biochar in gardening, to enhance soil fertility & plant growth has fuelled its demand in this application area.
North America dominated the market from 2016 to 2024
Surge in demand for agricultural products and improvement in soil fertility has fuelled the growth of biochar market in North America. The region generated maximum revenue of the global market in 2016, as it has high consumption of chemical fertilizers, deforestation & mining, which has led to the deprivation of its soil quality. Hence, the region has high biochar market growth in the future years.
The market comprises major competitors such as Cool Planet Energy Systems, Pacific Biochar, Genesis Industries LLC, Earth Systems Bioenergy, Char Grow, LLC, Vega Biofuels, Inc., Pacific Pyrolysis Pty Ltd., Dicarbon Energy Inc., Biochar Supreme LLC, and Phoenix Energy, among others.
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Scope of the Global Biochar Market
• Agriculture Waste
• Forestry Waste
• Animal Manure
• Biomass Plantation
• Microwave Pyrolysis
• Batch Pyrolysis Kiln
• Continuous Pyrolysis Kiln
• Gasifier and Cookstove
• Other Technologies
• North America
o Rest of Europe
o Rest of Asia-Pacific
o South America
o Middle East
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