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Albany, New York, May 14, 2019 (GLOBE NEWSWIRE) -- The global biochar market is in its recent stage of development, but still the market is expected to grow at a significant rate in the forthcoming years. Players are expected to earn higher revenue with the growing opportunities in this market. Leading players in the market engaged in production and research and development activities to gain a lion’s share in the market.
In the Transparency Market Research (TMR) report, analysts have elucidated on the strategies used by the prominent players in the market. It has also focused on presenting key trends and factors that will influence the growth in the market. Leading players profiled in the report include Agri-Tech Producers, LLC, Pacific Pyrolysis Pty Ltd, Biochar Supreme LLC, Phoenix Energy, and Full Circle Biochar.
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Based on the statistics provided by TMR, the global biochar market is expected to rise at an outstanding growth rate of 14.5% over the forecast period between 2017 and 2025. If the market progresses at this rate, its valuation might cross US$14.75 bn by the end of 2025. This figure will be much higher than US$0.44 bn earned in 2016.
In terms of production, the demand in the wood biomass segment is comparatively high than the others. The demand for wood waste is increasing, as it is converted into biochar that is used as a valuable soil amendment product. It is also used for improving the quality and health of the soil used for gardening, agriculture, and forestry. With respect to geography, North America is currently leading the global biochar market by holding 50% share in the global market. On the other hand, Asia Pacific is the key contributor to expanding the global biochar market. Presence of a large number of biochar producers in Japan and China has made Asia Pacific a leading region. Locally produce biochar is less expensive as compared to other regions, thus fueling growth in Asia Pacific biochar market.
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Higher Demand for Organic Food Drives Growth for Biochar
Demand for biochar is expected to rise significantly, as it helps in reducing carbon emission at a high rate. Use of biochar is seen in waste management, soil enhancement, and growing demand for organic food. Moreover, the availability of cheaper feedstock and management of waste disposal has further augmented growth in the global biochar market. This market is also gaining traction due to its increasing use in animal feed and livestock farming.
Apart from these, the application of biochar is also witnessed in the textile industry where it is used as fabric additives. In manufacturing, biochar is used as a raw material in buildings and in the electronics industry as a shield against electromagnetic radiation. Thus, with rising application in different industries has further accelerated growth in the biochar market.
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Growing Biochar Standards Programs to Positively Influence Market’s Growth
Limited knowledge among people about the benefits of biochar is acting as a restraint that might obstruct the growth in the biochar market. Financial restraints and limited awareness among farmers are also projected to hamper the growth in this market. However, increasing production of biochar through different technologies such as microwave pyrolysis and gasification is likely to fuel growth in the global biochar market. This will help in reducing its cost, which will make it more affordable.
Furthermore, the increasing popularity of biochar standards programs as IBI Biochar Standards, Biochar Risk Assessment Framework (BARF), and certification like European Biochar Certificate and IBI Biochar certification are expected to drive demand in the global biochar market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Biochar Market (Feedstock - Woody Biomass, Agricultural Waste, and Animal Manure; Application - Electricity Generation, Agriculture, and Forestry) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025”.
The global biochar market is segmented based on:
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