The Biochar Market Will Grow at 12.1% CAGR through 2028, BCC Research Analysts Forecast
Microsoft, JPMorgan Chase, Shopify, and other big corporations look to biochar to achieve their ESG objectives.
BOSTON, Nov. 2, 2023 /PRNewswire/ -- Biochar technology dates back thousands of years. Archeologists confirm that Amerindians in the Amazon burned plants in pits or mounds. The low-oxygen burn sites caused charcoal to form instead of ash–a process we now call pyrolysis. The resulting Terra Preta de Indio, or Amazonian Dark Earth, was much better for agriculture than the Amazon's naturally occurring acidic soils.
Now this time-tested agricultural hack has some new applications that are driving the biochar industry's growth. BCC Research's new report, Global Biochar Market, forecasts that the market, currently valued at $389.07 million, will grow at a 12.1% CAGR between 2023 and 2028.
The biochar market is growing because it's an economically-sound carbon dioxide removal (CDR) technology. Biochar production is the most durable, fastest, and safest way to remove carbon from the atmosphere, according to the United Nations Intergovernmental Panel on Climate Change (IPCC).
Corporations such as Microsoft, JPMorgan Chase, and Shopify are paying biochar producers millions to help them earn the carbon credits necessary to achieve their ESG objectives. Demand is high: Biochar prices jumped 29% during 2022. By 2050, biochar will be able to sequester up to 2 billion tons of carbon dioxide every year–about as much as India currently emits every year, some experts predict.
But atmospheric carbon reduction isn't the only use for biochar. Because biochar can help capture and sequester hydrocarbons and other volatile organic compounds, the oil and gas industry is turning to biochar to decontaminate the soil in production areas. Biochar can also contribute to clean water solutions, because it can remove algae, drugs, and harmful chemicals from surface and groundwater.
And agriculture, where biochar first got its start, is gaining more traction as a soil additive. The U.S. government, for example, is offering incentives to farmers who choose biochar over soil additives with larger carbon footprints. Mexican researchers are testing biochar on Guanajuato farms. And California winemakers are adding biochar to their vineyards.
The report examines emerging startups such as Myno Carbon, which produces biochar from forest waste; Made of Air, which develops biochar-based products for the construction and furniture industries; Bio365, which has a patented technology to produce biochar; and Carba, which makes a portable reactor that converts plant waste into biochar. The report also explores new technologies on the horizon, such as nano-biochar.
Information in the report is essential not only to professionals working in the biochar industry, but also in the industries where biochar is driving change: agriculture, oil and gas, water and wastewater management, and any business with ESG objectives. Download the report …
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