The Global Biochar Market was worth USD 1.14 billion in 2016 and estimated to be growing at a CAGR of 14.1%, to reach USD 2.2 billion by 2021. Biochar is a type of charcoal which is rich in carbon and fine-grained which is obtained by heating organic mass in the absence of oxygen. It is mostly used as a soil additive as it enhances the soil quality which leads to larger growth of plants. The high growth rate of this market can be attributed to decreasing soil quality due to excessive use of chemical fertilisers and increasing food demand.
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Biochar enhances the soil quality by the addition of rich minerals and nutrients. It also offers other advantages like retaining carbon from the atmosphere. It can be used as a solution for absorbing the greenhouse gas CO2 responsible for global warming. It can retain nutrients from flowing water in the soil water. While producing biochar, it generates energy which can be used for other purposes. It also absorbs water from the atmosphere and prevents soil leeching.
The Global Biochar market is driven by factors like agricultural sector demanding more of biochar, increasing usage of biochar in livestock as animal feed, rising demand for organic farming, rigorous environmental regulations and its usefulness in waste management among others. A few constraints that this market is facing are its high prices and lack of awareness. However, the awareness about it seems to be increasing rapidly.
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The Global Biochar market is segmented by application into agriculture, gardening, households and others. Agriculture dominates the market having the largest market share of around 45% and is also the fastest growing segment. By technology, the market is divided into microwave pyrolysis, continuous pyrolysis, batch pyrolysis kiln, gasifier, hydrothermal, cook stove and others. By manufacturing the market is segmented into gasification, pyrolysis and others. Biochar is mostly produced by pyrolysis, hence it has the largest market share in this segment. By feedstock the market is divided into agricultural waste, forestry waste, animal manure and biomass plantations.
The Global market for Biochar is geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. North America has the leading market share in the world, accounting to around 34%. North America is followed by Europe in share. Asia-Pacific is the fastest growing region in the world and has the third largest share followed by Europe. China and India are predominantly agriculture based economies which is driving the growth.
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Some of the major companies dominating the Global Biochar market are Biochar Products Inc., Diacarbon Energy Inc., Agri-Tech Producers LLC, Genesis Industries, Green Charcoal International, Vega Biofuels Inc., The Biochar Company, Cool Planet Energy Systems Inc., Full Circle Biochar, and Pacific Pyrolysis Pty Ltd.
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