The biochar fertilizer market is expected to increase from US$ 3,848 million in 2023 to US$ 7,969.50 million in 2033.
Increasing Need for Biochar in Electricity Production to Drive Market Growth
Char product is made from waste materials such as forest and agricultural trash, as well as other contaminants. This is a type of charcoal that has the potential to be useful in the production of energy in various parts of the world. It is a cost-effective alternative for energy production; thus its use is rapidly expanding over the world.
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This char is also simple and quick to prepare. The rising usage of this char for energy production has profitable possibilities for the market throughout the predicted period.
Environmental protection is getting popular across the world. Many environmental restrictions are being advocated to safeguard the ecosystem from rubbish and carbon pollution. The government has imposed stringent environmental regulations and is encouraging the use of this commodity in a range of uses such as electricity generation, animal feeding, and others.
By decreasing trash, we can achieve a sustainable aim. It can be used as a fertilizer after being added to the soil. Increasing environmental laws support the growth of the global biochar market over the forecast period.
Biochar provides a variety of market benefits and applications. It is cost-effective, reduces waste, is pollution-free, and has low raw material costs. It has a variety of uses, one of which is cattle feed. The usage of this product for livestock feed is growing prominently around the world since it improves animal health and provides organic nutrients.
The usage of this chemical as feed aids in the absorption of toxins from the animal’s body as well as digestion. Farmers in some locations have started giving it to their cows daily. As a result, demand in this industry rises and the market expands during the forecast period.
Key Points from the Biochar Fertilizer Market
· The market is expected to surpass US$ 7,969.50 million by 2033.
· Rising demand for natural and organic food products, as well as a growing need to improve soil fertility and crop development, are driving up demand for biochar in the agriculture sector.
· Biochar fertilizer market is expected to secure a CAGR of 8% during the forecast period 2023 to 2033.
· Asia Pacific dominated the biochar fertilizer market.
Key Developments in the Biochar Fertilizer Market
- June 2021 – Airex Energy and SUEZ Group have joined forces to boost the capacity of creating biochar from biomass residues from 10,000 to 30,000 tonnes per year.
- June 2021 – Wakefield Biochar inked a contract with a wholly-owned subsidiary of Vow ASA (collectively ‘Vow’) to install an industry-scale Bio green system at Wakefield’s factory in Valdosta, Georgia. The US$ 5.15 million turn-key systems that Vow deliver and commission in 2022 include drying equipment, biochar synthesis utilizing proprietary Bio green technology, and the conversion of CO2-neutral syngas into energy for biomass drying.
- November 2021 – Vale SA announced a 60-70 million Chinese yuan investment in China Baowu Steel Group Corp. Ltd.’s pilot biochar plant project. The parties committed to collaborating to develop steelmaking technologies that reduce greenhouse gas emissions under the terms of the MOU.
- June 2022 – Airex Energy joined the BDO Zone Strategic Partnership as a technology group partner. It comprises some leading bioenergy firms that aid de-risk biobased project development in BDO Zones.
- June 2021 – SUEZ Group and Airex Energy collaborated to commercialize the conversion of biomass leftovers into biochar.
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Key Segment
By Nature:
- Organic
- Inorganic
- Compound
By Application:
- Animal Feed
- Agriculture
- Fish farming
By Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- The Middle East and Africa
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