New York, USA, June 01, 2022 (GLOBE NEWSWIRE) -- A new report on the global biochar market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $1,147,715.3 thousand by 2028, rising at a striking CAGR of 16.1% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
The report segments the global biochar market into feedstock, production method, application, and region.
Agricultural Waste Sub-Segment to Lead the Market
Among the feedstock segment, the agricultural waste sub-segment is projected to lead the market and surpass $795,990.4 thousand during the estimated timeframe. This is mostly because of the increasing awareness about the benefits of using agricultural waste as a feedstock in the production of biochar, for instance, use of agricultural wastes improves the fertility of soil and reinstates the quality of degraded soil.
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Pyrolysis Sub-Segment to Experience Dominant Growth
Among the production method segment, the pyrolysis sub-segment is expected to grab highest market share and surpass $604,285.9 thousand during the forecast period. The growth of this sub-segment is mostly because of the increasing adoption of pyrolysis method in the production of biochar as it is a simple as well as reasonable technology that can produce extensive range of feedstocks.
Agriculture Sub-Segment to Witness Maximum Growth
Among the application segment, the agriculture sub-segment is projected to grab foremost market share and garner $496,764.6 thousand during the estimated timeframe. This is mostly because of the significant surge in the use of biochar as a soil conditioner in agricultural practices across the globe.
Asia-Pacific Biochar Market to Perceive Accelerated Growth
The report analyzes the global biochar market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe rapid growth with 17.0% CAGR in the forecast period. The growth of the region market is mainly because of the growing demand for biochar as a soil amendment and concrete strengthening agent, in this region, owing to its various benefits.
Impact of COVID-19 Pandemic on the Biochar Market:
The abrupt rise of COVID-19 pandemic in 2020 has had a significant impact on the growth of the global biochar market. The implementation of stringent rules and lockdown restrictions across the world has ceased the functioning of various sectors; however, as the production of food comes under the essential item category, agricultural activities were allowed to continue even during lockdowns. Hence, biomass essential for manufacturing biochar was easily available during the pandemic. Also, many biochar making companies are significantly investing in the production of biochar. All these factors are greatly fueling the growth of the biochar market amidst the pandemic period.
Factors Impacting the Biochar Market Growth:
The key factors boosting the growth of the global biochar market are the rising usage of biochar as a soil additive for promoting plant growth and as an effective sink for sequestering atmospheric carbon dioxide. Moreover, growing applications of biochar in the construction activities due to its low thermal conductivity as well as good water absorption capability and growing adoption of biochar in agriculture for enhancing the soil fertility and health are projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, the use of biochar can result in soil compaction owing to existence of heavy metals like nickel, chromium, zinc, copper, and others in sewage biochar. This factor is likely to hinder the market growth in the forecast period.
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Leading Players of the Biochar Market:
The report lists some of the foremost players operating in the global industry including
- Full Circle Biochar
- Agri-Tech Producers
- LLC
- Biochar Supreme
- ArSta Eco Pvt Ltd.
- CharGrow USA LLC
- Cool Planet
- Earth Systems Pty Ltd.
- Pacific Biochar
- Pacific Pyrolysis Pty Ltd
- Phoenix Energy
- Benefit Corporation
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in May 2021, CapChar Ltd., a Circular Local Greenhouse Gas Removal Company, producing biochar, launched a novel project with Biochar Project Services Ltd., a company located in ST IVES (UK), and the UK Hardwoods Ltd., a leading independent hardwood specialist importer, to explore the usage of biochar to empower the elimination of greenhouse gases from the atmosphere in the UK.
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- How Does Biochar Act as a Helping Agent to Enhance Soil Sustainability to Meet the Global Demand of Food Productivity?
- The Biochar Market to Undergo Marvellous Growth with the Rising Applications of Biochar in the Agriculture Sector
