Incrementing from its evaluated worth of US$444.2 thousand in 2016, the global biochar market is projected to experience a CAGR of 14.5% during the forecast period of 2017 to 2025 and reach a valuation of US$14,751.8 thousand by 2025. Some of the key factors driving the demand in the global biochar market are: rising demand for organic food, growing application in soil enhancement, benefits pertaining to waste management, stringent government regulatory for soil preservation, investment in the bio-fuels sector, and increasing environmental concerns. Conversely, lack of consumer awareness and higher cost as opposed to chemical alternatives are a few challenges faced by the global biochar market.
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Sector and Waste Management Leading Application Segments
Based on feedstock used for the production, the global biochar market has been segmented into woody biomass, agricultural waste, animal manure and others, including rice, coconut, sugarcane, corn, cereals, and bamboo. In 2016, wood biomass segment accounted for nearly the half of the overall demand in the global biochar market. Wood waste that is converted into biochar is used as valuable soil amendment product. Improving the health and quality of soil is a high priority in forestry, agriculture, and gardening. Biochar is not only economical, but is also ecofriendly. It improves the soil fertility as well as increases nutrient and water retention and reduces soil acidity.
The global biochar market gains second most prominent demand in terms of feedstock used for production from agricultural waste. Referred as magnetic biochar, as it exhibits good magnetic property with high surface area and significant morphology, these products have wide application as an adsorbent in wastewater treatment and polymer. Animal based manure constitutes very small market share as feedstock on the global biochar market. Depending upon its properties, biochar has various soil benefits including soil carbon sequestration and enhancement, increases water holding capacity, enhances cation exchange capacity, crop nutrient etc. Application-wise, the global biochar market has been categorized into agriculture, forestry, electricity generation, and climate change mitigation. In 2016, agriculture was the leading consumer of biochar, reflecting its growing usage for soil amendment and carbon sequestration in the agricultural sector.
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Asia Pacific Projected for Most Impressive Growth Rate
Geographically, every important region has been evaluated for its potential for biochar market, including North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America. In terms of volume and value, North America serves the maximum demand in the global biochar market, accounting for more than 50% share of the global biochar market in 2016. Increasing demand of soil amendment and carbon sequestration has been detected as the major factors driving the North America biochar market in the recent past. Demand for biochar is stable in Europe and is projected to show significant growth in the coming forecast period. Exponential growth in the biofuel sector in Asia Pacific is projected to boost the demand for biochar in the near future. Emerging economies such as India, China, and Japan are expected to have major market share in the coming forecast period. Large number of biochar producers are from China and Japan, which makes biochar inexpensive for them as compared to other countries. Latin America is anticipated to provide growth to biochar market in the next few years. Middle East & Africa is expected to boost the biochar market at a steady rate in the coming future.
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Genesis Industries LLC, Vega Biofuels, Inc., Phoenix Energy, Full Circle Biochar, Pacific Biochar, Diacarbon Energy Inc., Earth Systems Bioenergy, Pacific Pyrolysis Pty Ltd, Agri-Tech Producers, LLC, Biochar Supreme LLC, CharGrow, LLC, and Cool Planet Energy Systems are some of the prominent companies currently functional in the global biochar market.