Biochar Market Size Is Expected to Reach USD 1,843.3 Mn by 2032, at 13.2% CAGR: Dimension Market Research

New York, May 06, 2024 (GLOBE NEWSWIRE) -- Overview

The Global Biochar Market size was valued at USD 604.9 million in 2023 and it is further anticipated to reach a market value of USD 1,843.3 million by 2032, according to Dimension Market Research. The market is anticipated to register a CAGR of 13.2% from 2023 to 2032.

Biochar, a form of charcoal derived from controlled heating of waste materials like forest, wood, agriculture residues, and animal manure, serves various purposes. It is notably used as a soil enhancer to mitigate contaminants, reduce harmful substances, and address issues like leaching and moisture loss.

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Production depends on raw materials like forest residue and agricultural byproducts, often sourced from major companies in the forest and wood-dependent product sector, including Weyerhaeuser, West Fraser, and Georgia-Pacific.

Important Insights

• Projections suggest a substantial surge, within the global biochar market as it is expected to show noteworthy growth by reaching USD 1,843.3 million by 2032. This represents a significant Compound Annual Growth Rate (CAGR) of 13.2%, commencing from its 2023 base value of USD 604.9 million.
• Pyrolysis technology dominates the biochar market with high stability and carbon content in end-products. Gasification technology is growing for electricity generation but is expected to decline by 2032 due to instability in biochar suitable for agriculture. In the Asia Pacific, small-scale producers utilize alternative methods like acid hydrolysis and hydrothermal carbonization for increased profitability.
• Biochar's predominant use in agriculture, enhancing soil properties for better crop nutrition and growth, leads to significant revenue. Despite awareness gaps among farmers, general farming sees notable growth due to awareness campaigns. In livestock farming, biochar supports animal well-being, and government backing for organic farming is poised to unlock substantial potential.
• North America is set to lead global biochar consumption at 34.8% revenue share in 2023, driven by high awareness, particularly in the United States, and a growing demand for meat and organic products. Despite industry exits due to capital challenges, the overall outlook for the biochar sector remains highly positive, with the United States emerging as the world leader in revenue generation, supported by active participation from international and domestic manufacturers.

• Following North America Asia Pacific region is poised for rapid growth, driven by a surge in startup ventures, evolving customer expectations, innovative trends, and improved employee productivity. Significant investments in technologies to the region's anticipated market expansion.

Latest Trends

• Global Awareness and Government Initiatives: The Biochar Market grows due to rising global environmental awareness and government encouragement for sustainable applications, such as livestock feed, waste reduction, and electricity generation.
• Livestock Industry Demand: Increasing demand for livestock contributes significantly to market growth as biochar finds applications in animal feed, reflecting a key growth driver.
• Diversified Usage Through Research: Ongoing research efforts diversify biochar applications, ranging from textile sector wastewater treatment to integration into mortar, expanding market reach.

Biochar Market: Competitive Landscape

• The competitive landscape of the global biochar market is shaped by key players such as Coaltec Energy USA, Carbofex Ltd., Biochar Supreme, and Proactive Agriculture. These industry leaders prioritize research and development to gain a competitive edge over others.
• The market sees a prevalence of small entrepreneurs, especially in North America, engaged in all aspects of the value chain. Research institutions like Aberystwyth University and companies like Cool Planet Energy Systems contribute significantly to biochar production and technology development, alongside players like 3R ENVIRO TECH Group and Pacific Pyrolysis.

Some of the prominent market players:

• Coaltec Energy USA
• Carbofex Ltd.
• Biochar Supreme
• Proactive Agriculture
• Biochar Products, Inc.
• Biochar Supreme, LLC
• ArSta Eco
• Carbon Gold Ltd.
• Phoenix Energy
• Airex Energy Inc.
• Pacific Biochar Benefit Corporation
• Other Key Players

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Biochar Market Scope 

Market Analysis

In the context of the technology, Pyrolysis technology dominates the biochar market, holding a significant revenue share due to its high stability and carbon-content end-products. Increased use of gasification technology for electricity generation is noted, but it is expected to decline by 2032, attributed to its inability to produce stable biochar suitable for agriculture.

In the Asia Pacific, small-scale producers favor alternative methods like acid hydrolysis and hydrothermal carbonization, contributing to significant expansion.

Based on application, the agricultural sector dominates the biochar application, commanding a substantial revenue share in 2023. Biochar significantly improves soil water retention, fertilizer capacity, and biological productivity, enhancing crop nutrition and growth. Despite awareness gaps among farmers, general farming is poised for growth due to increased awareness campaigns.

Biochar's utilization in livestock farming, supported by its ability to provide vital nutrients and promote animal well-being, contributes significantly. Anticipated government support for organic farming is expected to unlock substantial potential in the future.

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Biochar Market Segmentation

By Technology

• Pyrolysis
• Gasification
• Others

By Application

• Agriculture
• Livestock
• Farming
• Others
• Others

Growth Drivers

• Water Purification Needs: Growing demand for water purification facilities, especially in developing nations, drives biochar adoption in water treatment processes, promoting market expansion.
• Expansion from Agricultural Residues: Production of biochar from agricultural residues and biogas sources marks market expansion, offering sustainable solutions for waste utilization.
• Global Recognition for Energy Efficiency: Increasing global recognition of biochar for its energy-efficient qualities in renewable resource utilization drives higher demand, fueling further market expansion.

Restraints

• Technological Limitations: Despite advancements, challenges persist in optimizing biochar production processes, in particular in accomplishing consistent quality and scalability.
• Regulatory Hurdles: Stringent policies concerning biochar manufacturing, utilization, and waste management pose limitations, hindering market growth and innovation.
• Cost Barriers: High preliminary investment costs associated with biochar manufacturing facilities and equipment deter small-scale manufacturers and limit market accessibility.

Growth Opportunities

• Environmental Concerns: With growing awareness about climate change and environmental degradation, there's a growing demand for sustainable solutions. Biochar, that is constructed from natural waste through pyrolysis, offers a promising avenue for carbon sequestration and soil improvement.
• Agricultural Applications: Biochar has the potential to improve soil fertility, water retention, and nutrient absorption and has attracted the eye of farmers and agricultural experts. As agriculture faces demanding situations like soil degradation and water shortage, biochar presents itself as a sustainable solution for reinforcing crop yields and resilience.
• Waste Management: The production of biochar often involves using organic waste materials together with agricultural residues, forestry waste, and biomass.

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Regional Analysis

North America is expected to dominate the global biochar market, accounting for 34.8% of revenue, driven by rising demand for meat and organic products. The region boasts a high awareness of biochar, especially among the farming community.

The United States leads in revenue generation due to widespread awareness and active industry participation. Despite some exits due to low capital, the overall outlook for the sector remains optimistic.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Biochar Market

• June 2022: Airex Energy joined as a technology group partner in the BDO Zone Strategic Alliance. The alliance includes leading bioenergy firms committed to advancing biobased projects within BDO Zones.
• May 2022: Carbon Streaming Corporation announced a strategic agreement with a subsidiary of Restoration Bioproducts LLC. This partnership aims to support the establishment of a biochar production facility in Virginia.
• December 2022: EVOIA unveiled its inaugural product, 'AmpliFyr,' crafted from biochar and designed specifically for soybean, corn, and wheat crops. AmpliFyr enhances seedling root growth, contributing to improved crop development.
• December 2022: SWVA Biochar LLC, based in Floyd, announced a substantial investment of USD 2.6 million, to expand its business operations and create numerous job opportunities. The company focuses on producing biochar products that offer benefits across various industries and promote environmental well-being.
• December 2022: Farm Hannong, the agricultural technology unit of LG Chem, initiated a collaborative project aimed at expediting the widespread adoption of biochar.
• December 2022: Crystal Courtney from the Cincinnati Parks Division invested USD 1.1 million in a carbon-negative biochar project. This funding is directed towards launching a small-scale pilot project dedicated to biochar production.

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