Impact of COVID-19 on Biochar Market: Implications on Business
As reported by Transparency Market Research (TMR), the global biochar market features a highly competitive landscape with the presence of numerous market players striving to expand their revenue share. Prominent players in the biochar market include Full Circle Biochar, Genesis Industries LLC, Cool Planet Energy Systems, Earth Systems Bioenergy, and Agri-Tech Producers. These companies are emphasizing on investment in pyrolysis technology and diversifying product applications to gain a stronghold in the market.
As projected by TMR analyst, the global biochar market is perceived to display a promising growth rising at 14.5% CAGR during the forecast period, which is 2017 to 2025. The market is expected to rise from the initial value of US$444.2 thousand to reach a valuation of US$14,751.8 thousand in 2025.
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Based on feedstock, the global biochar market is segmented into animal manure, woody biomass, agricultural waste, and others. Of them, the woody biomass segment leads the market in terms of demand. It accounted for approximately 50% of the market’s demand in 2016 as it serves as one of the most significant soil amendment products.
On the basis of geography, the global biochar market spreads across Asia Pacific, North America, Middle East and Africa, Europe, and Latin America. Among these, North America holds the highest market share in terms of both value and volume. This is on account of rising consumption of organic food and the awareness in the farming community regarding biochar.
Awareness Regarding Benefits of Biochar to Enhance Growth
Urbanization and industrialization have led to an increase in the environmental concerns. Consequently, governments have laid down stringent regulations pertaining to soil preservation. This is one of the prominent factors promoting the growth of the global biochar market. Additionally, numerous government and non-government bodies are highly investing in bio fuels leading to an expansion in the market. Moreover, biochar acts as an apt substitute for chemical fertilizers, thereby leading to an increase in demand for biochar.
Furthermore, rising applications of biochar in greenhouse gas remediation and waste management will facilitate the global biochar market’s growth. In addition to this, progression in economies has resulted in an increase in the number of industries producing biochar. Moreover, there is a rise in awareness regarding biochar and its role in enhancing plants growth. Along with this, it is increasingly used in livestock farming. These factors have impacted the biochar market positively, thus enhancing its growth prospects.
On the downside, there are a few restraints that may cause a downfall in the global biochar market. High investment and technological barriers in the remote areas may confine the market’s growth. However, the rapidly growing population and its applications in carbon sequestering may present lucrative opportunities for the market’s growth. Additionally, rapidly expanding agricultural sector is expected to boost the biochar market’s growth.
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Research Projects Pertaining to Biochar Production to Boost Prospects
Langara College launched a research project to explore the techniques for biochar production and its use. The project involved the use of Langara’s biochar reactor to analyze the potential of the conversion of different solid wastes into biochar. The researchers converted common biomass materials into biochar and studied its physical and chemical properties. Further, they studied the origin of the biomass products and the reactor conditions in order to understand the relationship between the two. Such research projects have presented numerous growth opportunities for the global biochar market.
The study presented here is based on a report by Transparency Market Research (TMR) titled, “Biochar Market (Feedstock – Woody Biomass, Agricultural Waste, and Animal Manure; Application – Electricity Generation, Agriculture, and Forestry) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 – 2025.”
The global biochar market is segmented based on:
Feedstock Type:
- Woody Biomass
- Agricultural Waste
- Animal Manure
- Others
Application:
- Electricity Generation
- Agriculture
- Forestry
- Others
Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Rest of Latin America
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