The biochar fertilizer market is set to double in value, going from $3,848 million in 2023 to $7,969.50 million by 2033. This growth is being driven by the increasing demand for biochar in electricity production, especially due to its affordability and potential to generate energy from agricultural and forestry waste. The market is expected to see lucrative opportunities in the future as the use of biochar for energy production continues to rise. Globally, environmental protection efforts are also promoting the use of biochar to combat waste and carbon pollution, with governments enforcing strict environmental regulations.
The biochar fertilizer market is expected to increase from US$ 3,848 million in 2023 to US$ 7,969.50 million in 2033.
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Increasing Need for Biochar in Electricity Production to Drive Market Growth
The waste product used to make char include agricultural and forestry waste as well as other impurities. This particular kind of charcoal has the potential to be helpful in numerous places of the world for the generation of electricity. Because it is a more affordable option for producing energy, its use is growing quickly over the globe.
Additionally easy and quick to prepare is this char. During the anticipated time, the market would have lucrative opportunities because to the growing use of this char for energy production.
Globally, environmental protection is becoming more and more popular. To protect the ecology from waste and carbon pollution, many environmental restrictions are being promoted. The government has enacted strict environmental restrictions and is promoting the use of this resource for a variety of purposes, including the production of energy and animal feed.
We can reach a sustainable objective through reducing garbage. After being put to the soil, it can be utilised as fertilisr. Over the course of the projected period, expanding environmental laws will boost the growth of the worldwide biochar market.
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 dvelopment, 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. td.’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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Sep 14, 2023
