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SAN FRANCISCO , Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Biochar - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Edition: 8; Released: January 2022 Executive Pool: 443 Companies: 135 - Players covered include Agri-Tech Producers, LLC; Biochar Supreme, LLC; CharGrow USA LLC; Cool Planet; Earth Systems Pty Ltd.; Full Circle Biochar; Pacific Biochar Benefit Corporation; Pacific Pyrolysis Pty Ltd.; Phoenix Energy and Others. Coverage: All major geographies and key segments Segments: Feedstock (Woody Biomass, Agricultural Waste, Animal Manure, Other Feedstocks); Technology (Pyrolysis, Gasification, Other Technologies); Application (Agriculture, Animal Farming, Electricity Generation, Other Applications) Geographies: World; United States ; Canada ; Japan ; China ; Europe (France ; Germany ; Italy ; United Kingdom ; Spain ; Russia ; and Rest of Europe ); Asia-Pacific (Australia ; India ; South Korea ; and Rest of Asia-Pacific ); Latin America (Argentina ; Brazil ; Mexico ; and Rest of Latin America ); Middle East (Iran ; Israel ; Saudi Arabia ; United Arab Emirates ; and Rest of Middle East ); and Africa .
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Global Biochar Market to Reach US$2 Billion by the Year 2026 Biochar technology is considered to have the potential to lower climate change and enhance quality of soil and also generate energy and reduce waste. Biochar refers to a material similar to charcoal that is produced through the combustion of organic material that comes from forest and agricultural waste in a controlled manner known as pyrolysis. Biochar is made with the use of a particular process to store carbon safely and lower contamination. In the process of pyrolysis, dead plants, leaf waste, wood chips and such other organic materials are burned in the presence of minimum oxygen. During the burning of such material, minimal to zero contaminating fumes are emitted. The organic material gets converted into biochar in the pyrolysis process. Biochar is carbon's stable form that cannot mix with the atmosphere easily. The heat or the energy produced during pyrolysis can be employed as clean energy. As compared to the various forms of charcoal, biochar is said to be cleaner. Biochar is very porous, black, fine-grained, has a wide surface area, and is light in weight. Carbon constitutes 70% of biochar's composition and the balance percentage includes oxygen, hydrogen, and nitrogen, among others. The chemical composition of biochar differs based on the feedstocks employed to produce it and the techniques used for heating it. Biochar has been accredited by the UN-backed Intergovernmental Panel on Climate Change as an effective means to control environmental pollution. The use of biochar is increasingly being advocated for enhancing soil quality and increasing crop yield while not causing further damage to the environment. Therefore, biochar can play a very important role in carbon sequestration, enriching soil with nutrients, enhancing soil quality, stimulating extracellular enzymes and microbial diversity, and minimizing plant disease severity.
Amid the COVID-19 crisis, the global market for Biochar estimated at US$1 Billion in the year 2021, is projected to reach a revised size of US$2 Billion by 2026, growing at a CAGR of 12.6% over the analysis period. Woody Biomass, one of the segments analyzed in the report, is projected to grow at a 11.7% CAGR to reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Agricultural Waste segment is readjusted to a revised 14.6% CAGR for the next 7-year period. This segment currently accounts for a 25.2% share of the global Biochar market.
Application areas for biochar are on the rise. Biochar is among the products generated from thermochemical conversion. This technique (based on the specific technology used) can also produce electricity, heat, wood vinegar, and bio-oil. It is widely being considered to be a low cost option for using organic materials that are otherwise sent to the landfill. Based on the temperatures employed, 75-95% reduction in volume can be attained. But the remainder solids are not toxic waste and can be used for improving soil, to lower flooding, for water purification and in various other applications. Producers of biochar are increasingly tailoring the production of biochar based on the application area by changing the processing factors, organic material used, and making other adjustments. While charcoal is generally made using woody byproducts or wood, biochar can be produced using an array of organic materials such as wood, manures, food waste, seaweed, and crop residues, among others.
Agriculture is a key market for biochar. Biochar can have a different impact on various crops and soils. It has been observed to have a yield-augmenting impact on low fertile soils and in areas where a deep soil layer (organic) cannot be created easily. In drought-prone areas where there is a high cost for water, biochar can aid in improving water management. In some kinds of perennial agriculture, the use of biochar can enable trees to produce nuts or fruit earlier. Biochar can also make agricultural produce more marketable, as they can lower the absorption of metals by plants, especially when the soil has been found to be toxic.
The U.S. Market is Estimated at $309.5 Million in 2021, While China is Forecast to Reach $251.7 Million by 2026 The Biochar market in the U.S. is estimated at US$309.5 Million in the year 2021. The country currently accounts for a 29.62% share in the global market. China , the world second largest economy, is forecast to reach an estimated market size of US$251.7 Million in the year 2026 trailing a CAGR of 16% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 10.1% and 11.1% respectively over the 2020-2027 period. Within Europe , Germany is forecast to grow at approximately 11.1% CAGR while Rest of European market (as defined in the study) will reach US$292 Million by the close of the analysis period.
The market is expected to grow supported by a confluence of a number of favorable factors like high adoption in farming applications, rising adoption of pyrolysis technique and advances in gasification biochar systems. Biochar represents a form of charcoal that is mainly derived by pyrolysis of organic waste like agricultural waste, forest waste, wood waste and animal manure. Biochar is extensively used improve soil fertility by preventing soil leaching, fertilizer runoff and moisture erosion. The compound has gained increasing popularity to reduce toxic elements and pollutants. The biochar market is receiving a major stimulus from increasing organic food production along with rising awareness among the farming community regarding numerous benefits of the product in improving plant growth and boosting yield. The market growth is favored by high demand for quality organic crops and unabated progress of the agriculture sector. While agriculture remains the primary application, the biochar market is likely to also gain from increasing use in other domains. Biochar is finding high uptake as fabric additive within the textile industry, as protective shield against harmful electromagnetic radiation within the electronics industry and as raw material in building material production. Further growth of the market is anticipated to be augmented by increasing use of the compound in water treatment applications, mainly across emerging economies.
The market growth is likely to be further complemented by biochar production using crop residue and biogas. Biochar is expected to also find increasing use in conservatory gas remediation, electricity generation and livestock feed. In addition, rising environmental awareness, supportive government initiatives regarding waste management and availability of cheap raw materials are bound to create exciting growth avenues for the biochar market. The global biochar market is expected to continue to record growth over the coming decade, stimulated by numerous biochar advantages, including a favorable environmental profile, and greater stress on use of renewable energy, for which biochar is key source. In addition to the huge demand for electricity, another factor supporting growth of the biochar market is cheap and abundant biomass waste materials available worldwide.
Rapid urbanization and industrialization across the world over the previous years has contributed to a significant increase in demand for electricity and a massive trend for replacing coal with renewable sources to generate energy. In Asia alone, the consumption of electricity has been increasing at a rapid rate, standing at about 10,716 TWh in the year 2019. With demand for electricity continuing to scale up each year, the world leaders and environmental advocates have been emphasizing on renewables usage as a source of energy to address the huge electricity demand worldwide. Biochar being a major source of renewable energy can help sequester at least a billion ton of carbon each year.
Animal Manure Segment to Reach $307.4 Million by 2026 In the global Animal Manure segment, USA , Canada , Japan , China and Europe will drive the 13.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$107.3 Million in the year 2020 will reach a projected size of US$257.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia , India , and South Korea , the market in Asia-Pacific is forecast to reach US$9.5 Million by the year 2026, while Latin America will expand at a 14.7% CAGR through the analysis period. More
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