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The global Biochar market is estimated to attain a valuation of US$ 9.49 Mn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 19% during the forecast period, 2022-2031.
The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the Biochar industry. The current and historical status of the market together with forecasted market size and trends are demonstrated in the assessment in simple manner. In addition, the report delivers data on the volume, share, revenue, production, and sales in the market.
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Various Benefits Offered by Biochar to Drive Market in U.S.
The utilization of biochar in offsetting carbon emissions, from natural and industrial processes, through carbon sequestration is one of the major factors that is encouraging the use of biochar in the U.S. Currently, the adoption of biochar in the agricultural sector is in its developmental stage; however, the agricultural sector is expected to exhibit consistent demand for biochar due to worthwhile gains. This will help the biochar market in the U.S. to expand rapidly during the forecast period.
Biochar has usability for increased agricultural output due to its properties such as enhancement of soil quality, nutrient retention ability, fertility, and increase in soil biodiversity. Some other benefits of biochar products are maintenance of the pH balance of the soil and generation of healthy humus. The success of the biochar market in the U.S. is largely dependent on research initiatives that are carried out in order to establish biochar as a primary gardening agricultural product with proven benefits. In this regard, manufacturers are providing biochar in its purest form and engineered biochar mixes specially made for the requirement of small farms and gardens. In the U.S., farmers and gardeners that manufacture biochar for their own use constitute the second set of manufacturers.
Thus, in order to raise awareness about the benefits of biochar, industry talks and promotional campaigns are being organized, with active participation of scientists, product manufacturers, farmers, industry stakeholders, and suppliers, which will be beneficial for the growth of the biochar market in the U.S.
For biochar to receive approval to be used for commercial purposes, standards and certifications are in place, such as the European Biochar Certificate, Biochar Risk Assessment Framework (BARF), IBI Biochar Standards, and IBI Biochar certification, each of which is framed according to governmental mandates in the respective region.
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Need for Research Activities to Fuel Adoption of Biochar in U.S.
Most of the biochar applications (wastewater treatment and energy production) are still unexplored. Thus, raising finance to carry out biochar projects is one of the major restraints for the biochar market in the U.S. The growth of the U.S. biochar market largely depends on research activities directed toward establishing biochar as a prime product with proven benefits. The location of pyrolysis facilities would continue to be an important factor in the development of the biochar industry in the U.S. The location of such facilities in or near to the vicinity of feedstock producing areas or demand centers would help in reducing the cost of production for biochar. The expected introduction of energy credits on use and manufacturing of biochar would further boost the U.S. biochar market in the near future.
The list of key players operating in the Biochar market includes following names:
BioChar Products,CharGrow, LLC,Cool Planet Energy Systems, Inc.,Full Circle Biochar,Genesis Industries, LLC,Hawaii Biochar Products, LLC,Three Dimensional Timberlands, LLC,Tolero Energy, LLC,Vega Biofuels, Inc.
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U.S. Biochar Market: Segmentation
U.S. Biochar Market, by Application
U.S. Biochar Market, by Country
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