Published: November 2015 | Report Code: CM10431 |
Available Format: | Pages: 98 |
Category : Agrochemicals | |||
The global biochar market is witnessing a strong growth rate as a result of increased government initiatives, improved soil fertility and crop yield, and stringent environmental regulations. Basically, biochar is charcoal that helps in increasing soil fertility and agricultural productivity. Biochar also helps protect against soil-borne diseases. Extracted using the process of pyrolysis and carbonization, this charcoal is produced as a by-product, which efficiently offers natural carbon sequestration, along with improved fertility of soil.
Usually, biochar is available in the form of small-sized bags and affordable biochar fertilizer complexes, since it otherwise costs very high. Its mixes have application in agriculture farms, gardens, and households. Being rich in carbon and having the ability to stay in soil for numerous years, the stable solid helps preserve carbon in the soil, thereby enhancing it.
A major issue being witnessed across the globe is global warming, which indicates significant rise in the average surface temperature of the Earth. This increase in Earth’s temperature occurs due to greenhouse gas emission, such as carbon dioxide. Several factors are responsible for the same, such as forest fires, burning of fossil fuels, and deforestation. A natural way to acquire carbon from atmosphere is to use biochar, as it holds the potential to naturally seize carbon. Biochar cuts the amount of carbon dioxide release during its production and captures atmospheric carbon by creating carbon sinks. Also, it is a cost-effective choice when it comes to removal of carbon from the atmosphere. Thus, the global biochar market is expected to witness notable growth down the line.
In 2015, the global biochar market reported an estimated value of $4.27 million. The market is expected to grow at a CAGR of 17.1%, during 2015 – 2023. By region, North America has been estimated as the largest market, globally, for biochar. Increased demand for agricultural products and enhancement in crop yield and soil fertility act as the major drivers for this market. The soil texture and quality is continuously declining in this region, due to various factors such as mining, deforestation, constant use of chemical fertilizers, and aggressive agricultural practices. This negatively impacts the productivity of agricultural products. However, biochar helps cut nitrogen leaching into ground water, increases the ability of soil to retain water, moderates soil acidity, and boosts the beneficial soil microbe count, thereby, making North America the largest market for biochar.
Based on feedstock, the forestry waste segment is estimated to contribute the largest revenue to the global market in 2015, which is expected to report a CAGR of 16.6% during the forecast period. Based on application, gardening is estimated to account for 4,981.8 tons in the global market in 2015, and is expected to register a CAGR of 22.7% during the forecast period, reaching 25,590.9 tons by 2023.
Growth Drivers
The global biochar market is mainly driven by factors such as improved soil fertility, natural carbon sequestration, waste management potential, strict environmental regulations, and increase in government initiatives. Used as a soil amendment, biochar helps enhance the quality of soil, while improving crop yield. Char extracted from forest fires also aids in improving soil fertility, and retaining carbon in soil, which makes it similar to biochar. Nevertheless, forest fire leads to environmental pollution, deforestation, as well as greenhouse gas emission. Thus, biochar is comparatively a better choice, which is produced using the gasification and pyrolysis processes that involve 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 confine the release of harmful gases in the air.
The global biochar market had a consolidated structure in 2015. The key companies operating in the global biochar market include Diacarbon Energy Inc., Agri-Tech Producers LLC, Biochar Products Inc., Genesis Industries, Vega Biofuels Inc., The Biochar Company, Pacific Pyrolysis Pty Ltd., Green Charcoal International, Cool Planet Energy Systems Inc., and Full Circle Biochar.
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