Press release
Biochar Market Continues to Grow, with $587.7 Million Valuation and 13.2% CAGR Forecasted for 2021-2030
Drivers, restraints, and opportunities-
Rise in use of biochar in animal feeding and the growing demand from the agriculture sector drive the growth of the global biochar market. However, high investment cost for the production of biochar impedes growth to some extent. On the other hand, emerging applications of biochar are anticipated to pave the way for multiple opportunities in the industry.
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COVID-19 scenario-
• The outbreak of covid-19 impacted the global biochar market as the major end-users of biochar such as industrial, livestock, metal processing, building & construction, and other sectors have been negatively impacted due to the pandemic.
• As several countries locked their international borders for non-essential trade activities and transportation, the global biochar supply chain was disrupted and the use of biochar also decreased among several end users.
• In the initial days of the pandemic, various chemical manufacturing industries were shutdown and many construction projects were temporarily stopped, this in turn, shrunk the demand for biochar in the chemical manufacturing and construction industries.
The pyrolysissegment held the lion's share in 2020-
Based on production technology, the pyrolysis segment held the lion's share in 2020, contributing to more than half of the global biochar market, and is expected to continue its lead during the forecast period. The pyrolysis production-based biochar is widely used in producing renewable energy and in power generation sectors. This drives the demand for the segment. Moreover, this segment is expected to witness the highest CAGR of 13.4% by 2030. The report also includes an analysis of the gasification segment.
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The soil amendment segment to dominate by 2030-
By application, the soil amendment segment accounted for more thantwo-fifths of the global biochar market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the increase in government spending to promote agricultural activities where biochar is widely used to enhance soil fertility. This segmentis expected to grow at the fastest CAGR of 13.5% during the forecast period. The report also includes an analysis of the animal feed segment.
Asia-Pacific, followed by North America, to witness highest CAGR through 2030-
By region, Asia-Pacific, followed by North America is expected to continue its dominance with the fastest CAGR of 13.8% by 2030. Moreover, the region garnered the major share in 2020, contributing to more than two-thirds of the global biochar market. This is due to the major key market trend of utilization of biochar in sectors such as livestock, agriculture, industrial, and others in the Asia-Pacific region.The report also includes an analysis of segment of region across Europe and LAME.
Leading Market Players-
• Biochar Supreme
• Farm2Energy Pvt. Ltd.
• ArSta Eco Pvt Ltd.
• Frontline BioEnergy LLC
• Pacific Biochar Corporation
• ProActive Agriculture
• Coaltec Energy USA
• KARR Group Co. (KGC)
• Airex Energy Inc.
• Phoenix Energy
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