Global biochar market is anticipated to witness growth owing to increasing importance of nutritional enrichment and high fertility in agriculture industry. Rising popularity of eco-friendly products on account of growing awareness towards green house emissions is anticipated to promote biochar market growth over the forecast period. Agriculture industry growth in China, India and U.S. is expected to remain a major market driver in the near future. Biochar also finds applications in eradicating organic and inorganic contaminants in waste water treatment plants. Increasing deployment of waste water treatment in industrial application is expected to play an important role in promoting biochar market demand. Rising importance of syngas in oil & gas industry for production of refining products including motor spirits, high speed diesel and super kerosene oil is anticipated to open new markets for biochar over the next six years.
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Europe is anticipated to remain one of the promising markets on account of increasing R&D expenditure meant for fertility improvement and nutritional enrichment in agriculture industry. The European Commission announced Horizon 2020 strategy, intended to promote industrial growth of eco-friendly products, is anticipated to have a positive impact on biochar market over the projected period. North America is expected to witness growth owing to regulatory trends in the U.S. towards reducing VOC emissions in industrial and agricultural applications. Rising production of oilseeds and land availability of sugarcane in Brazil is anticipated to augment biochar market demand in Latin America over the next six years.
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Biochar market was at development stage in 2014 and key operating companies include BioChar Now, Biochar Solutions, Inc., Cool Planet, Mantria Corporation and Vega Biofuels. High R&D expenditure and lack of technology are anticipated to pose as market barriers for new entrants over the forecast period. In 2013, Cool Planet announced an investment of USD 168 million for the establishment of three commercial-scale biorefineries in Louisiana. The biorefineries will have production capacity of 10 million gallons of bio-based products including biochar. Government of India announced National Policy on biofuels, which is anticipated to promote new investments for the production of eco-friendly products and open new market avenues for market participants over the next six years.
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