Biochar Sales to Leapfrog in Line with Ascending Scope of Application in GHG Remediation & Climate Change Mitigation, Says Fact.MR
Published : 17 Jul 2019 Industry: Chemical & Materials
A recent market intelligence on the biochar landscape tracks the global scanerio of biochar market. The report indicates that sales of biochar equaled 1,800 tons in 2018, which are likely to see an impressive 13% Y-o-Y rise by the end of 2019. Other than the high sustainability quotient and carbon negative peculiarity of biochar, the sales will remain highly influenced by its potential applicability in water filtration, stormwater management, and green infrastructure practices.
Increasing awareness about the application of biochar in soil as a viable substitute for traditional forms of mineral amendments and the ability to strengthen the ecological aspects of bioenergy engineering, are upholding the gains in market. The multifunctional positive impacts of biochar solidifying its position in the strategy to eradicate CO2 from the atmosphere is garnering substantial prominence in the market. Moreover, while growing consideration of its potential to assist the climate change mitigation will remain the strong booster to a progressing sales scenario in coming years.
The study opines that growing applications of biochar in greenhouse gas (GHG) remediation and waste management will continue to bolster the growth prospects of the market. Moreover, rising awareness about biochar and its role in improving plant growth has been fostering its adoption in farming, which is underpinning thr growth of market.
As per the study, use of biochar in farming has increased significantly in the recent years, accounting for 1,251 tons of sales in 2018. This falls in line with the plethora of benefits of using biochar in farming, such as enhanced soil fertility, and consequent increase in crop yields. Biochar has also garnered substantial traction as a fertilizer to improve the water retention capacity, aeration and soil tilth. Companies are eying the lucrativeness of biochar in aiding carbon sequestration to march forward in the biochar market. These are the key determinants that are positively impacting the growth prospects of the biochar market.
Sales of biochar will pick pace in the forthcoming years, owing to growing awareness about its potential role in alleviating climate change. This falls in line with the presence of carbon in raw biomass, which would otherwise degrade to the greenhouse gases and get sequester in the soil for several years. The study indicates that as growing ongoing research and development activities are investigating potential applications of biochar, such as filtration and super capacitors, sales are likely to grow significantly through 2029.
Pyrolyzed Biochar Accounts for 80% Shares in Revenues
According to the Fact.MR study, pyrolysis will continue to remain highly sought-after technology for biochar production. The market has witnessed sales of 1,577 tons of pyrolyzed biochar in 2018, and as per the study, it is highly likely to register ~13% Y-o-Y growth in 2019. Use of pyrolysis technology for biochar production will continue to grow, as it produces rich in carbon content and highly stable yield. Pyrolysis technology is widely used by several market players, including Earth Systems and Clean Fuels B.V. for high-yield production of biochar market. Organic waste-based biochar and its role in improving biomass production by enhancing the soil fertility and contaminant remediation, is projected to be a key determinant that will drive demand in the forthcoming years.
North America will continue to reign supreme globally, through 2029. A large number of market players in North America are increasingly focusing on innovating their offerings and biochar commercialization to expand their footprint in the global market. As per the study, commercialization of biochar as a soil additive is yet to achieve its full potential among farmers, which also points to a new window of opportunity for market players. Several market players are taking significant initiatives and organizing programs in different regions to explicitly educate farmers, and drive their product sales.
Fact.MR’s analysis presents a long-term outlook of the biochar market for the time frame 2019 to 2029. The biochar market is envisaged to register a volume CAGR of ~13% through 2029.