PUBLISHER: Allied Market Research | PRODUCT CODE: 1298236
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298236
The biochar market was valued at $204.6 million in 2021 and is estimated to reach $695.1 million by 2031, exhibiting a CAGR of 13.1% from 2022 to 2031.
Biochar is a charcoal produced from the pyrolysis of biomass in the absence of oxygen. It is a porous and carbon-rich solid that possesses cation exchange capacity (CEC). It is widely used in soil amendment applications to enhance soil quality and plant nutrition. In addition to this, it is used as a prime animal feed supplement to enhance the digestion, blood formation, and nutrition intake efficiency of cattle (cows and goats).
The growth in population has surged the demand for crops, which in turn has generated better momentum for the agricultural sector. For instance, according to a report published by India Brands Equity Foundation, the export for total agriculture and allied products stood at $41.25 billion in 2021. Moreover, factors such as rapid urbanization and climate change have led to land degradation for farming activities. This has led the farmers to increase their crop yield to fulfill the growing global food demand.
Biochar acts as a sustainable product for soil health and fertility by enhancing the soil pH, nutrient retention, and moisture content. In addition to this, it reduces the need for commercial fertilizers; thus, making agriculture a profitable business. This has led farmers to become more linear toward using biochar for various soil amendment activities in the agricultural sector. This factor is projected to positively drive the growth of the biochar market during the forecast period.
Moreover, biochar is a pyrogenic carbonaceous matter that is derived from organic-carbon-rich materials. Biochar supplementation has shown positive responses in animal feeding such as cattle, goats, chicken, pigs, and fish. It is used as a feed additive in several ruminants (cattle and goats) to improve blood profiles, growth performance, egg yield, and ability to resist pathogens. Moreover, it has high levels of calcium, potassium, and magnesium that reduce the incidence of cracked eggs in hens. Furthermore, it promotes the growth and survival rate of fish. These factors have surged the popularity of biochar in animal feeding; thus, boosting the growth of the biochar market.
In addition to this, the increase in industrialization in both developed and developing economies such as the U.S., China, India, and others where biochar gasification is widely employed for running turbines in large-scale industries may boost the growth of the biochar market. In addition to this, there is a rapid surge in rural electrification activities, particularly in developing economies where biochar gasification plays a major role in power generation. This may act as one of the key drivers responsible for the growth of the biochar market during the forecast period.
Furthermore, an increase in R&D activities has surged the use of biochar gasification in coal blending. For instance, the United States Department of Energy (USDOE) has developed a modular design biochar gasification system that aids the conversion of domestic coal blends, municipal solid waste (MSW), and waste plastic into clean synthesis gas. This event is anticipated to fuel the growth of the biochar market in the future. However, drawbacks associated with the use of biochar are anticipated to hamper the market growth.
On the contrary, the increasing R&D activities have surged the potential applications of biochar in several end-use sectors. For instance, the textile industry has started using biochar as a fabric additive. Moreover, it is highly effective in dye adsorption from wastewater generated during textile washing. In addition, it is often used as an additive in combination with clay, lime, and cement mortar for plastering bricks and concrete elements. It is also used as a shield against electromagnetic radiation in the electronics industry. Furthermore, biochar has given excellent results in the water-treatment sector at low costs. These factors are anticipated to increase the sales of biochar in several end-use sectors; thus, creating lucrative opportunities for the market.
The biochar market is segmented on the basis of production technology, application, and region. On the basis of production technology, the market is categorized into pyrolysis, gasification, and others. On the basis of application, it is divided into a soil amendment, animal feed, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global biochar market profiles leading players that include: FARM2ENERGY Private LIMITED, Pacific Biochar Production, Karr Group Co. (KGC), Proactive Agriculture, Airex Energy Inc., Coaltec Energy USA, Frontline Bioenergy Ltd., Arsta Eco Pvt Ltd, Biochar Supreme, Carbofex Ltd. The global biochar market report provides an in-depth competitive analysis as well as profiles of these major players.