Global biochar market is expected to reach USD 5.88 billion by 2022, according to a new report by Grand View Research, Inc. Rising consumption of the product in agricultural operations owing to its soil amending abilities will stimulate industry expansion over the forecast period. Increasing agricultural productivity and crop yield is expected to augment market growth over the next seven years.
Global demand for pyrolysis in biochar production was 629.6 kilo tons in 2014. Pyrolysis technology is the most commonly used technology as it allows manufacturers to produce large quantities with high levels of carbon content.
Agriculture was the largest application segment, accounting for 85.0% of global market volume in 2014. Growing food sector in light of rising global population, along with increasing consumer awareness regarding quality is expected to serve as key factor for market growth. Its ability to improve soil fertility coupled with high crop yield will serve as growth opportunities in the near future.
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Further key findings from the study suggest:
- Global biochar market demand was 1,000.0 kilo tons in 2014 and is expected to reach 2,010.9 tons by 2022, growing at a CAGR of 9.5% from 2015 to 2022.
- Rising awareness regarding benefits of the product including soil carbon enhancement & sequestration, improved crop nutrient bioavailability, reduction in nutrient leaching, increased water holding capacity, and improvement in aeration, porosity, and structure will drive industry expansion.
- Organic farming is expected to gain share on account of growing consumer demand in Europe and North America in light of its health benefits, which is expected to propel biochar requirements. The U.S. is expected to augment expansion owing to rising adoption of biochar in organic food as it increases crop production. Growing organic food production trade is major factor which is expected to drive industry demand over the next seven years. According to the USDA, the ratio of import to export of organic products for the U.S. is about 8:1.
- Other applications include water treatment and waste treatment facilities which accounted for over 14% of global share in 2014 and will witness substantial rise in light of the product’s capability to remove heavy metals such as lead and nickel.
- Asia Pacific was the third largest market and accounted for over 6% of the global volume in 2014 and is expected to witness significant growth over the next seven years on account of positive outlook for the agricultural sector in mainly in Australia. Other regions including Latin America, Middle East and Africa accounted for over 3.0% of the global volume in 2014.
- Key industry players including Diacarbon Energy Inc, Vega Biofuels, Inc and Agri-Tech Producers, LLC have invested heavily in gasification technology and are expected to expand their production facilities over the forecast period. The market has also witnessed an increase in the number of pyrolysis equipment manufacturing companies such as Earth Systems and Clean Fuels B.V. In April 2014, Phoenix Energy announced construction of a biomass gasification facility in California, in order to strengthen its business presence.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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