Global Biochar Market Size to Hit USD 450.58 Million by 2030 | Growing Demand for Climate Smart Agriculture to Increase Soil Fertility to Boost Development: Fortune Business Insights
Fortune Business Insights
6 min read
Fortune Business Insights
Biochar Market to Experience a Healthy CAGR of 11.9% during 2023-2030;
Pune, India , Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global biochar market size was valued at USD 184.90 million in 2022. The market growth is projected to grow from USD 204.69 million in 2023 to USD 450.58 million by 2030, exhibiting a CAGR of 11.9% during the forecast period. Biochar is a charcoal-like material produced from plant materials such as agricultural and forest residues and grass that decay at high temperatures, often during renewable energy production. During the process, the chemical and physical properties of the plant material change into a carbon-rich material, highly porous, and stable as biochar. Fortune Business Insights presents this information in its report titled "Biochar Market, 2023-2030."
Environment Related Concerns are Likely to Fuel the Market
Growing Demand for Climate Smart Agriculture to Increase Soil Fertility will Propel the Market
Drivers and Restraints:
Environment Related Concerns Predicted to Fuel the Biochar Market
Biochar, it is mainly produced from the waste materials of biomass, which is suitable for biochar production, including crop residues such as food and forest waste, field and processing residues, and animal manure. Forest biomass, abundant agricultural, municipal biomass are burned, hence a large amount of methane and CO2 is released, which pollute local ground water and surface.
Biomass is used as the feedstock in the pyrolysis reactor and has a set heating and gas flow rate, residence duration, and temperature. The product has certain by-products of this process, such as bio-oil and gas. The expensive products and underlying structural constraints, such as an immature carbon market, a shortage of finance for producers, and shorter timescales for mining land restoration bonds, continue to obstruct the market growth.
COVID-19 Impact:
COVID-19 Pandemic Caused a Decline in Demand Due to Hinder Market Growth
The sudden outbreak of COVID-19 globally, the virus caused the termination of all normal daily activities like going to work, meetings, gathering, and commuting between countries even stepping a foot outside the house. However, the pandemic crisis has affected many industries in various ways, such as the termination of domestic industrial procedures, raw material shortage, decreased production, disruptions in value chains, imports and export stopped, no international transactions, unreachability of new orders and clients, lack of operating staffs, and many other things. Hence, the biochar market growth declined during the pandemic.
Pyrolysis Segment Dominant Market Share Due to its Inexpensive and Convenient Aspects
On the basis of technology, the market is divided into pyrolysis and gasification. Pyrolysis is anticipated to dominate the market due to its widely preferred technology because it is convenient, inexpensive, and can handle various feedstocks.
The gasification segment is anticipated to witness significant growth during the forecast period. This technology produces smaller quantities of such char in a directly heated, air-introduced reaction vessel. Hence, the biochar market share is anticipated to grow during the forecast period.
Agriculture Segment to Dominate Market Share due to its Extensive Use in Agriculture for Fertilizer
Based on application, the biochar market is divided into Livestock, Agriculture, Power Generation, and others. The agricultural segment is expected to dominate the market. Such charcoal is used extensively in agriculture for fertilizer as it helps reduce agricultural waste and lowers greenhouse gas emissions from the soil.
Report Coverage:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Regional Insights: Asia Pacific to Dominate the Market Share due to Tremendous Economic Development
Asia Pacific dominated the biggest share of the global market. The importance of the region for carbon sequestration and soil improvement is the driving factor of the market. Moreover, the region’s tremendous agricultural and economic development has contributed to the market expansion.
North America stands the second largest market for char in the world and is expected to expand subsequently owing to increasing demand for organic food and high meat consumption.
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
Key Industry Development:
April 2021: Drax declared that it had completed the acquirement of the share capital of Pinnacle Renewable Inc. Pinnacle will operate as subsidiary of Drax and remain headquartered in British Columbia.
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