Biochar sector: Impact of COVID-19 in the market
- Miguel Ángel Martínez Fernandez
- Aug 13, 2020
- 2 min read
As reported by Transparency Market Research, the global biochar market features a highly competitive landscape with the presence of numerous market players striving to expand their revenue share. Prominent players in the biochar market include Full Circle Biochar, Genesis Industries LLC, Cool Planet Energy Systems, Earth Systems Bioenergy, and Agri-Tech Producers. These companies are emphasizing on investment in pyrolysis technology and diversifying product applications to gain a stronghold in the market.
The global biochar market is perceived to display a promising growth rising at 14.5% CAGR during the forecast period, which is 2017 to 2025. The market is expected to rise from the initial value of US$444.2 thousand to reach a valuation of US$14,751.8 thousand in 2025.
Based on feedstock, the global biochar market is segmented into animal manure, woody biomass, agricultural waste, and others. Of them, the woody biomass segment leads the market in terms of demand. It accounted for approximately 50% of the market’s demand in 2016 as it serves as one of the most significant soil amendment products.
On the basis of geography, the global biochar market spreads across Asia Pacific, North America, Middle East and Africa, Europe, and Latin America. Among these, North America holds the highest market share in terms of both value and volume. This is on account of rising consumption of organic food and the awareness in the farming community regarding biochar.
Awareness Regarding Benefits of Biochar to Enhance Growth
Urbanization and industrialization have led to an increase in the environmental concerns. Consequently, governments have laid down stringent regulations pertaining to soil preservation. This is one of the prominent factors promoting the growth of the global biochar market. Additionally, numerous government and non-government bodies are highly investing in bio fuels leading to an expansion in the market. Moreover, biochar acts as an apt substitute for chemical fertilizers, thereby leading to an increase in demand for biochar.
Furthermore, rising applications of biochar in greenhouse gas remediation and waste management will facilitate the global biochar market’s growth. In addition to this, progression in economies has resulted in an increase in the number of industries producing biochar. Moreover, there is a rise in awareness regarding biochar and its role in enhancing plants growth. Along with this, it is increasingly used in livestock farming. These factors have impacted the biochar market positively, thus enhancing its growth prospects.
On the downside, there are a few restraints that may cause a downfall in the global biochar market. High investment and technological barriers in the remote areas may confine the market’s growth. However, the rapidly growing population and its applications in carbon sequestering may present lucrative opportunities for the market’s growth. Additionally, rapidly expanding agricultural sector is expected to boost the biochar market’s growth.
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