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The global biochar market value stood at $4.27 million in 2015, and is expected to witness growth rate at a CAGR of 17.1% during the forecast period. This growth rate is ascribed to improve the following factors: sustainability of a soil and crop yield, stringent environmental rules and government initiations.
Biochar is a charcoal which helps to increase soil quality and agricultural output. It also helps to prevent soil-borne diseases. It extracted by the process of carbonization and pyrolysis, where it produced as a by-product. The carbon content is high in Biochar, which helps to improve the soil quality.
In 2015, the forestry waste segment held the largest market revenue globally under feedstock type. Further, the largest market value is expected to witness a high growth rate at a CAGR of 16.6% during the forecast period. In 2015, based on the application, gardening is accounted for 4,981.8 tons of global demand and is expected to register a CAGR of 22.7% during the forecast period, by reaching 25,590.9 tons by 2023.
The major drivers for the continuous growth of biochar market is due to increase demand of agricultural products and increase in soil fertility and crop yield. In addition, the standard of soil is declining across the globe, due to several factors such as deforestation, use of chemical fertilizers, mining and agricultural practices. Due to these, agricultural industry has a negative impact. In order to improve the productivity, researchers suggest few products like biochar, which can decrease nitrogen leaching in ground water, intense soil acidity, increasing the water absorption ability in soil and boost the soil microbial count. These factors increase the growth of the biochar market in future.
In addition, the facts such as strict environmental laws, natural carbon sequestration, improved soil fertility, waste management potential, and increase in government initiations, also increases the growth in the biochar market. Used as a soil amendment, biochar helps enhance the quality of soil and crop yield. Char extracted from wild fire also aids in improving soil fertility, and retaining carbon in soil, which makes it similar to biochar. Nevertheless, wild fire leads to greenhouse gas emission, environmental contamination, and deforestation. Thus, biochar is comparatively better choice, which is produced using the gasification and pyrolysis processes that includes thermal conversion and super heating of biomass in limited amount of oxygen at high temperatures. Specially designed furnaces are used for the same. This helps to confine the release of harmful gases in the air.
As on 2015, the global biochar market is highly consolidated in nature, and the major market players are, Agri-Tech Producers LLC, Full Circle Biochar, The Biochar Company, Genesis Industries, Biochar Products Inc., Diacarbon Energy Inc., Vega Biofuels Inc., Cool Planet Energy Systems Inc., Green Charcoal International and Pacific Pyrolysis Pty Ltd.
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