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Biochar Market in Numbers
- Biochar market was valued at US$ 4.2 Mn in 2018, and the sales are primarily driven by its growing use as charcoal alternative and widening applicability in electricity and power generation. Non-energy applications also remain a major booster to biochar sales.
- The biochar market is estimated to register ~14% CAGR during 2019-2029, in line with carbon sequestration and water retention properties of biochar, driving its applications in the agriculture industry.
- Burgeoning environmental concerns and growing availability of inexpensive feedstock have been creating significant demand for biochar, particularly in North America, which continues to spearhead the global biochar market.
- South Asia is envisaged to be the high-growth regional market for stakeholders, with gains mainly poured in by the proliferating biofuel sector in the region.
Biochar Market – Competition Landscape
The global landscape of biochar market continues to represent a highly fragmented competition structure, and a majority of revenue shares are held by a wide pool of several unorganized players. Companies, such as Carbon Gold Ltd., Biochar Now LLC, Genesis Industries LLC, Biochar Supreme LLC, and Diacarbon Energy Inc., are currently leading the way, and continue to dedicate their strategies to the innovation of competitively priced, as well as energy-efficiency variants.
As low-emission low-cost biochar products have been recently capturing the attention of participants in the biochar market, it is highly likely that companies will remain adhered to advanced production techniques for a variety of economical substitutes for activated carbon applications. Industry stakeholders are also eyeing gains out of the biochar application in limiting compost greenhouse gas (GHG) emissions and odors, and hydrogen sulfide sorption in wastewater treatment.
A large number of market players are leveraging their R&D capabilities to explore the potential application of biochar in the generation of electricity, and nutrition retention of soil. In view of the potential application and eventual demand for biochar in solving dry land issues, such as acidified soils and drought related problems, stakeholders are investing efforts in creating awareness among the farmers, to unlock new opportunistic avenues in the market. Additionally, the shifting focus of companies on capitalizing on the growing application of biochar in water conservation points to an influx of opportunities in the competition landscape.
Key Challenges Faced by Stakeholders in Biochar Market
- Biochar’s expensive price point remains a significant challenge to the biochar market development, alongside fundamental structural barriers, such as lack of capital for producers, an immature carbon market, and shorter timelines for mine land remediation bonds.
- Lack of efficient technology for low emission biochar production, particularly for remote or mobile production, has been impeding the market growth prospects over the recent past.
- While biochar commercialization is still in its early stages, this hard selling asset lacks consistency and standardization, which continues to impede the growth of the market.
- Severing concerns about unsustainable production process of biochar will remain among the prominent factors responsible for to hamper hampering the growth potential of stakeholders.
Growing awareness about the carbon negative nature of pyrolysis-derived biochar is creating fresh growth avenues for stakeholders. The potential role of this bichar system derived by the process of pyrolysis is being increasingly viewed as a potential tool to mitigate climate change, by restoring plant based carbon in a stabilized form in soil to prevent decomposition. Though the consensus revolving around the effectiveness of soil biochar amendments in eradicating CO2 from the atmosphere continues to grow, its chemical properties and net carbon footprint are widely variable.
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