The global biochar market is at a very nascent stage. The shareholders are expected to earn great revenues as a result of the diverse applications of biochar in remediation of greenhouse gases, soil amendment, and production of energy. Some of the key companies in the global biochar market include names such as Full Circle Biochar, Biochar Supreme LLC, Vega Biofuels Inc., and Cool Planet Energy Systems among others. Recently, Vega Biofuels Inc. announced that it has made an agreement to construct a biochar manufacturing plant in Anchorage, Alaska. The objective of the plant will be to produce biochar that can be utilized in a top grade agricultural growing medium for legitimate farmers of cannibis in Pacific Northwest and Alaska. Vega also announced that it has reached an agreement with a cannibis start-up in Anchorage to commercialize Vega's Biochar all over the state of Alaska. The company aims to produce the torrefied biochar for the prupose of which it will make use of the torrefication technology at the new facility.
According to the latest report by Transparency Market Research, the global biochar market will expand at a healthy CAGR of 14.5% over the forecast period if 2017 to 2025. The global market stood at an overall valuation of US$444.2 thousand in 2016. The market valuation of biochar is estimated to rise to US$14,751 thousand by the end of forecast period in 2025.
Federal Rural University of Amazon, University of East Anglia, Aberystwyth University, and Massey University are some of the major institutes that are presently involved in the production and research related to biochar and are expected to redefine the global market in the coming years.
Multi-Purpose Use and Numerous Advantages Popularize Biochar Market across World
The global biochar market is gaining popularity due to a number of reasons such as increasing use of soil enhancement, rising demand for organiz food, strict government rules for preservation of soil, increasing investment in the bio-fuel segment, growing concerns about the environmental well-being, and advantages in waste management. These factors are driving the demand for biochar and thus, propelling the market. Some other factors are driving the demand for biochar and thus, propelling the market. Some other factors that are positively influencing the global biochar marnet are the availability of economical feedstock and easy management of waste dump.
Biochar is primarily produced through the modern process of pyrolysis in which gives out biochar along with the byproducts of syngas and bio-oil. Biochar can also be manufactured using different process such as microwave pyrolysis and gasification. In the agricultural segment, it is chiefly used to improve the fertility of soil, increase yield, and offer nutrition to crops. Apart from the overall improvement in the productivity, biochar is also becoming more popular with respect to livestock farming where it is used as an animal feed. Due to the huge surge in the food sector, the agricultural sector is projected to growingly adopt biochar over the coming years. However, there still is a general lack of awareness among consumers and financial barriers in many emerging economies, which many slow down the growth of the global biochar market.
Huge Boom in Bio Fuel Sector to Propel Growth of Asia Pacific Market
Geographically, the global biochar market can be segmented into key regions such as Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. According to the report by TMR, North America serves the maximum demandfor biochar in the global market, accounting for over 50% of market share. Other regions such as Europe, Latin America and Middle East and Africa are projected to witness a steady growth in the coming years. Meanwhile, exponential growth in the biochar market of Asia Pacific is predicted. This is mainly because of the emerging boom in the bio fuel sector of numerous emerging economies in Asia Pacific such as India, Japan, and China.
Reference Link: http://www.transparencymarketresearch.com/biochar-market.html