Global Peat Market Information: By Type (Fabric, Hemic, Sepric) By Applications (Fuel & Energy, Agriculture, Domestic, Medicine), Forecast Till 2023
Peat is a brown material that consists of partly decomposed vegetable matter that forms a deposit on acidic, boggy, ground, which is dried for use as fuel and in gardening. It includes various bog plants such as shrubs, sedges and mosses. Also named as turf, it has a remarkable prowess of water storage, which in turn spreads across other parts of the soil. Vast amount of peat present in the soil is called Histosol. Peat is further dissected into various types namely fibric, sepric, hemic and others. Peat is predominantly used as a primary source of production of fuel in many regions. Furthermore, it is employed in sundry applications such as domestic, agriculture, fuel and energy as well as medicines.
Some of the most prominent vendors operating in the market are BORD NA MÓNA( Republic of Ireland), Cocogreen® (Sri Lanka), Klasmann-Deilmann GmbH (Germany), Globalcoirs( India), Vapo (Finland), Stender AG (Germany), Oulun Energia Oy (Finland), Neova AB (Sweden), Jiffy Products International B.V. ( the Netherlands), and PEAT LAND UKRAINE LLC ( Ukraine).
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Coming to the agriculture aspect of the market, this segment holds the major share of the market, with a steady climb in the CAGR during the forecast period (2017-2023), asserts Market Research Future (MRFR). This can be attributed to growing consumption of the product in end user industries. The market is segmented into five main regions, Europe, North America, Asia Pacific, Latin America and the Middle East & Africa (MEA). Among these, North America is presumed to grow at a phenomenal rate in the market globally. Asia Pacific is presumed to grow at higher CAGR due to cultivating agreements and partnerships between the dominating companies. Japan, China and India have attained a notable position in the market due to the growing investments in end-use industries. On that account, the growing demand for the product in medicine, agriculture, domestic, and various other sectors are estimated to steer the market during the forecast period.
The global peat market is dissected into the type and application. The type segment can be further segregated into sepric, hemic, fibric and phragmites. Sapric are the most decomposed and hemic peats are partially decomposed. On the other hand, Fibric peats are the least decomposed and consist of intact fiber. Phragmites peat comprise of reed grass, Phragmites australis, and other grasses. It is denser counterpart of the peat type.
On the basis of application, the market can easily be bifurcated into agriculture, water filtration, fuel and energy, domestic, medicine, freshwater aquaria and many others. In agriculture, farmers utilize dried peat to absorb excrement from cattle that are then wintered indoors. Peat holds a crucial position in agriculture segment as it has an essential property of retaining moisture in the soil especially when the soil is dry. This helps in preventing the excess of water from destroying the roots when it is wet. Peat is also used in water filtration mainly for the treatment of septic tank effluent as well as for urban runoff.
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Global Peat Market Regional Analysis
A signification development has been noted in Europe that can be attributed to substantial demand for the product in end use applications namely produce crops, vegetables and fruits as well as the presence of various manufacturers responsible for the production of peat products in the market. Europe has been governing the market for several years and is predicted to grow all the more in the assessment period. Hence, Germany, Italy and U.K are the prime benefactors to this market.
Latin American region has also shown considerable headway in this market with countries like Brazil, Argentina and Uruguay projecting major growth due to augmenting consumption of peat in water filtration systems and agriculture as well as others. Additionally, a moderate growth is estimated in the Middle East and African region such as the U.A.E and Qatar, mainly due to less popularity of the product in major industries.
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