The global wood vinegar market was valued at $3.2 million in 2015, and it is expected to grow at a CAGR of 7.1% during 2016-2023. The factors driving the growth of the global market include improved crop yield, increasing base of end-use industries, increased government initiatives for bio-based products, and stringent environmental regulations. The key trend witnessed in the global market is poverty alleviation. Wood vinegar can be produced at either small scale or large scale in villages, utilizing local resources and feedstock. Wood vinegar production is helping to reduce poverty in several developing or underdeveloped countries. The global wood vinegar market is at its nascent form. Currently, very few players across the globe are involved in large scale production of wood vinegar. However, the distinct governments and organizations in several countries across the globe are framing regulations for bio-based economy and promoting bio-based products, which are supporting the growth of biochar production and biorefineries. As wood vinegar is a byproduct of char or biochar production, the government initiatives indirectly creates abundant opportunities for the growth of the wood vinegar market globally.
Based on application, the agriculture segment dominated the global wood vinegar market during 2013-2015 in terms of value and volume, and it is expected to retain its dominance throughout the forecast period. The growth of agriculture application segment in the market is primarily driven by several advantages offered by wood vinegar in agricultural practices, such as root growth stimulation, improved seed germination, increased disease resistance in plants, and soil enrichment.
In 2015, Asia-Pacific held the largest share in the global wood vinegar market. The major reasons behind the growth of the market in the region are the large base of end-use industries and presence of a large number of local manufacturers in the region.
Among the various manufacturing processes, the slow pyrolysis manufacturing was the prominent process in the global wood vinegar market, during 2013-2015, in terms of value and volume of wood vinegar produced; also expected to retain its dominance throughout the forecast period.
Some of the major players operating in the global wood vinegar market are Ace (Singapore) Pte Ltd., TAGROW CO. LTD., Byron Biochar, Canada Renewable Bioenergy Corporation, NAKASHIMA TRADING CO. LTD., Nettenergy B.V., and Taiko Pharmaceutical Co. Ltd.
News Courtesy: P&S Market Research