IMARC Group, a leading market research company, has released a report titled “Biochar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global biochar market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.5 Billion by 2028, exhibiting a growth rate (CAGR) of 12% during 2023-2028.
Biochar is a charcoal-like substance that is produced from the pyrolysis of biomass in an oxygen-free atmosphere. It comprises grass, animal manure, agricultural and forest residue, bones, and wood waste. It looks similar to charcoal and is derived using a specific process to decrease contamination and safely store carbon. It is lightweight, black, highly porous, fine-grained, and has a large surface area. It is a natural product that promotes soil and plant health with minimal adverse environmental impacts.
Biochar is consequently utilized in fertilizers as it enhances natural rates of carbon sequestration in the soil and increases fertility. It is also widely used in a soil amendment to minimize pollutants and toxic elements while decreasing moisture levels, fertilizer runoff, and soil leaching. In line with this, it is employed in performing other farming practices, such as biodynamic agriculture, and zero tillage and mixed farming. As it assists in generating heat, electricity, bio-oil, and wood vinegar while reducing carbon emissions and wastes from several areas, biochar also finds extensive application in the horticulture, construction, electronics, metal processing, and food and beverage (F&B) industries across the globe.
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Biochar Market Trends and Drivers:
At present, the growing utilization of biochar as a livestock feed to stimulate digestion, nutrition intake efficiency, toxin absorption, and blood values represents one of the key factors driving the market. Moreover, there is an increase in the demand for organic food products among the masses due to increasing concerns about highly processed foods, artificial ingredients, and the effects of pesticides, hormones, and antibiotics. This, coupled with rapid urbanization and the growing disposable income levels of individuals, is positively influencing the market. Besides this, key players operating in the industry are investing in research and development (R&D) activities to introduce high-quality biochar products.
They are also focusing on introducing biochar to be used in dye adsorption from wastewater generated during textile washing, which is contributing to the growth of the market. In addition, the rising environmental awareness among the masses and cheaper costs of raw materials used in producing biochar are propelling the market growth. Apart from this, biochar is a cost-effective solution used to produce heat that can be utilized as a form of renewable energy, which is offering a positive market outlook. Additionally, governments of several countries are implementing stringent regulations to reduce greenhouse gas emissions. Furthermore, the increasing demand for biochar in the agriculture industry to enhance crop yield is bolstering the growth of the market.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Feedstock Type:
- Woody Biomass
- Agricultural Waste
- Animal Manure
- Others
Breakup by Technology Type:
- Slow Pyrolysis
- Fast Pyrolysis
- Gasification
- Hydrothermal Carbonization
- Others
Breakup by Product Form:
- Coarse and Fine Chips
- Fine Powder
- Pellets, Granules and Prills
- Liquid Suspension
Breakup by Application:
- Farming
- Gardening
- Livestock Feed
- Soil, Water and Air Treatment
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape
- Agri-tech Producers
- Diacarbon Energy Inc.
- Cool Planet
- Pacific Biochar
- Phoenix Energy
- Biomacon GmbH
- Vega Biofuels
- Terra Char
- Avello Bioenergy
- Genesis Industries
- Interra Energy Services
- Element C6
- Carbon Gold Ltd.
- Biochar Solution Ltd.
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