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Biochar Market Size Incredible Possibilities And Growth Analysis
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According to our latest market study titled " Biochar Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Feedstock (Woody biomass and Agricultural Waste, Animal Manure, and Other Feedstock) and Application (Electricity Generation, Agriculture, Forestry, and Others)," the biochar market is projected to reach US$ 368.85 million by 2028 from US$ 177.06 million in 2021. It is expected to grow at a CAGR of 11.1% from 2021 to 2028.
Biochar is charcoal or high-carbon, fine-grained residue produced via pyrolysis. It is used as a soil conditioner and animal feed ingredient. Biochar is a stable solid that can abide in soil for thousands of years. Biochar reduces the leaching of E. coli through sandy soils depending on its application rate, feedstock, and pyrolysis temperature (i.e., 300–700°C); moisture content and texture of soil; and surface properties of the bacterial cells. Biochar can improve yields for plants that require high potash and elevated pH. These benefits associated with biochar bolstered its demand in the agriculture & feedstock industry.
Key players operating in the biochar market include Carbon Gold Ltd; Genesis Industries; Black Owl Biochar; Biochar Now, LLC; Airex Energie Inc.; Phoenix Energy; American Biochar Company; Bioforcetech Corp; ECOERA; PYROPOWER.
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Impact of COVID-19 Pandemic on Biochar Market
The COVID-19 pandemic has had a devastating impact on Latin America. A sharp decline in global and regional economic activities in 2020 strongly affected South American economies. Large percentage of national revenues in this region comes from international trade, and social restrictions in other countries hampered trade operations of Latin American countries. Moreover, demand and supply of raw materials from the rest of the world dropped in 2020. Trading partners had to postpone investment decisions. Th Economic Commission for Latin America and the Caribbean (ECLAC) reports that the value of exports and imports of goods in the region decreased by 17% from January to May 2020, compared to the same period in 2019. However, after COVID-19 outbreak, industries are gaining ground as the governments of various countries eased out the previously imposed restrictions. Thus, the increasing demand for biochar from various industries such as agriculture, animal feed, water treatment, oil and gas to combat the COVID-19 pandemic is anticipated to drive biochar market growth in the coming years.On February 12, 2021, Vale SA, a Brazilian miner, replaced mineral coal used to produce iron ore pellets with biochar derived from vegetation to reduce greenhouse gas emissions. Such innovative actions are likely to help the biochar market players to revive their businesses in the coming years.
The report segments the global Biochar Market as follows:
Segmentation of Biochar Market:
Based on feedstock, the biochar market is segmented into woody biomass and agricultural waste, animal manure, and other feedstock. In terms of application, the market is segmented into electricity generation, agriculture, forestry, and others. Based on geography, the biochar market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
Biochar Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Feedstock (Woody Biomass and Agricultural Waste, Animal Manure, and Other Feedstock) and Application (Electricity Generation, Agriculture, Forestry, and Others)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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Contact Person: Sameer Joshi
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