New York, USA, Dec. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global biochar market is projected to generate a revenue of $1,147,715.3 thousand by 2028, growing exponentially at a CAGR of 16.1% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Biochar significantly helps in improving soil fertility, and further help in reducing greenhouse gas emissions into the atmosphere. In addition, it reduces the need for chemical fertilizers and promotes plant growth. These factors are expected to drive the growth of the biochar market during the forecast period.
Restraints: Increasing risk of soil compaction is expected to hinder the growth of the market during the forecast period.
Opportunities: Increasing prevalence of biochar in the construction sector is expected to create immense opportunities for the growth of the biochar market during the forecast period.
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COVID-19 Impact on the Market
The outbreak of coronavirus has had a positive impact on the growth of the global biochar market, in spite of the prevalence of lockdowns in various countries across the globe. There were no such stringent restrictions imposed on the agriculture industry, in fact, there was a significant increase in the agriculture related activities across the globe during lockdowns. Massive fundings received by the biochar companies also immensely contributed to the global biochar market growth.
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Segments of the Market
The report has divided the biochar market into various segments based on feedstock, production method, application, and region.
Feedstock: Agricultural Waste Sub-segment to be Most Profitable
The agricultural sub-segment is expected to generate a revenue of $795,990.4 thousand during the forecast period. The use of agricultural waste as a feedstock effectively helps in managing the waste and controlling agricultural pollution. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Production Method: Pyrolysis Sub-segment to be Most Beneficial
The pyrolysis sub-segment is expected to generate a revenue of $604,285.9 thousand during the forecast period. Pyrolysis is an extremely convenient and economical technology that can process a broad range of feedstocks. This factor is expected to accelerate the growth of the biochar market sub-segment during the forecast period.
Application: Agriculture Sub-segment to be Most Lucrative
The agriculture sub-segment is expected to be generate a revenue of $496,764.6 thousand during the forecast period. Addition of biochar to soil appreciable optimizes the water retention capacity of the soil, reduces acidity of the soil, promotes crop growth rate, and many more. These factors are expected to drive the growth of the biochar market sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Witness the Fastest Growth Rate
The Asia-Pacific region is expected to grow rapidly with CAGR of 17.0% during the forecast period. Increasing application of biochar in industries like packaging, construction, agriculture, etc. in this region is expected to stimulate the growth of the market. In addition, growing agriculture activities in this region is further expected to bolster the growth of the regional biochar market during the forecast period.
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Key Players of the Market
The major players of the market include
- Biochar Supreme LLC
- Phoenix Energy
- Cool Plant
- Full Circle Biochar
- Agri-Tech Producers, LLC
- CharGrow USA LLC
- Earth Systems Pvt Ltd.
- Pacific Pyrolysis Pvt Ltd.
- Pacific Biochar
- Benefit Corporation
- Phoenix Energy
- ArSta Eco Pvt Ltd., and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in July 2021, SUEZ Group, an innovative company involved in the development of industrial production of biochar, collaborated with Airex Energy, a technology provider of biomass torrefaction systems for the production of value-added carbonized products like activated carbon, biochar, biocoal and biomaterial, in order to industrialize the recovery of biomass residues into biochar.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- The Biochar Market to Undergo Marvellous Growth with the Rising Applications of Biochar in the Agriculture Sector
- How Does Biochar Act as a Helping Agent to Enhance Soil Sustainability to Meet the Global Demand of Food Productivity?
