Published Date : 11 Jul 2023
The global biochar market size surpassed USD 220.27 million in 2022 and is projected to rise to USD 633.31 million by 2032, anticipated to grow at a strong CAGR of 11.14 percent during the projection period from 2023 to 2032.
A carbon-rich solid substance known as biochar is created by pyrolyzing biomass waste. Applying biochar to the soil can enhance its qualities of soil while enhancing the life of the soil. The addition of biochar to soil has the potential to significantly reduce greenhouse gas emissions and absorb carbon since it is a recalcitrant carbon-rich substance. The global biochar market revolves around the research, development, production and distribution of biochar products for the agricultural sector.
Scientists and decision-makers have highlighted the potential benefits of biochar for carbon sequestration, renewable energy, lowering greenhouse gas emissions, waste reduction, and soil amendment. Rapid changes in nutrient availability, electrical conductivity, and pH must be carefully evaluated to prevent unforeseen repercussions for production. Biochar has also been proven to alter a variety of soil chemical parameters. The rising emphasis on sustainable agricultural practices along with substantial government support for improving the crop yield rate accelerates the growth of the biochar market across the globe.
Asia Pacific dominated the biochar market in 2022 and is expected to sustain its dominance in the predicted period. Due to its potential to combat soil erosion and climate change, nations including India, and China are investing in biochar research and development. Asia Pacific's agriculture-intensive economies have a high need for biochar as a soil supplement, particularly in areas with issues with water management and soil fertility. In addition, the region's market has grown due to rising awareness of sustainable practices and government programs that assist organic farming.
North America is another emerging marketplace for biochar application as well as production, the region is anticipated to generate significant revenue throughout the forecast period. The region prioritizes environmental awareness and sustainability, and this, together with effective farming practices, has fueled the need for biochar. Biochar has been widely used in horticulture and organic farming, particularly in the United States. The business in this area has also been helped by encouraging government efforts and financing for biochar-related research and development projects.
Biochar Market Report Scope:
|Market Revenue in 2023||USD 244.81 Million|
|Projected Forecast Revenue in 2032||USD 633.31 Million|
|Growth Rate from 2023 to 2032||CAGR of 11.14%|
|Largest Market||Asia Pacific|
|Forecast Period||2023 To 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Carbon capturing and storage offered by biochar
The application of biochar has multiple environmental benefits. The application of biochar aims to reduce nutrient loss from the soil, maintain soil health, reduce the bioavailability of contaminants and to reduce green gas emissions. Additionally, biochar is known for its ability to capture and store carbon into a stable carbon structure, which can remain in the soil for multiple years. This ability of biochar results in benefit for agricultural activities by reducing Co2 emission. Through the same process, carbon is sequestered in the soil while promoting a sustainable agricultural practice. As the focus on sustainable agricultural practices grows, the element will highlight the application of biochar; this subsequently drives the growth of the market.
Limitations and barriers in application
The biochar sector is observed to suffer from technological restrictions in remote locations. As a result, this component will jeopardize the biochar industry's expansion rate. The biochar industry has already faced a gap between the research and actual application of the product, this limits the application of the product in the agricultural sector. Additionally, it is anticipated that a lack of knowledge about the product's advantages would restrict market growth. Considering such issues with the application, the element will restrain the biochar market growth in the upcoming years.
Emphasis on soil improvement
Biochar is observed to offer adequate nutrients to the soil such as micronutrients and retaining nutrients. The biochar material is also known for promoting plant growth while supporting the sustainability of the soil. As the overall agriculture sector focuses on sustainable agricultural practices and managing soil health, the application of biochar is expected to grow substantially. The emphasis on reduced farm operation cost, resilience to climate change and requirement of increased crop yield also highlights the application of biochar in the agricultural sector. All these factors along with the rising emphasis on soil improvement are observed to open a plethora of opportunities for the market’s expansion.
High cost of biochar production
The costly process of producing biochar necessitates various high-end, pricy pyrolysis equipment. In addition, feedstock is the main component required for the production of biochar. The supply and availability of feedstock effects on the overall biochar production cycle. Additionally, since the pyrolysis gas created during the production of biochar requires an oxygen-free environment maintained at a certain temperature, it is expensive to store and transport. As a result, it is difficult for manufacturers to get into the biochar sector with limited starting capital. Thus, the cost of biochar production is observed to pose a challenge for the market’s expansion.
Key Market Players:
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