Lignin Market to Rise at CAGR of 5.4% During Forecast Period, Observes TMR Study

ALBANY, N.Y., March 16, 2022 /PRNewswire/ -- The global lignin market was valued over US$ 2.1 Bn in 2020. The market is anticipated to rise at a CAGR of 5.4% during the forecast period, from 2021 to 2031.The global lignin market is predicted to attain the valuation of US$ 5.6 Bn by 2031. The global lignin market is driven by continuous R&D activities. In order to gain a competitive advantage in the global lignin market, companies are speeding product development and uncover revenue prospects. The global market is expanding due to the increasing demand from a variety of end-use industries. Rapid urbanization, continued infrastructural development, industrial expansion, and technical improvements are elements that are likely to speed up market expansion in developing nations. Dearth of knowledge and technological constraints, on the other hand, are projected to stifle market expansion.

Lignin is being more widely used in a variety of applications, including animal feed, colors, and concrete additives. The use of lignin has increased significantly as the global demand for concrete additives has risen. Furthermore, the global lignin market is likely to be driven by rise in production as well as demand for concrete additives. As a result, the global market is being propelled by the growth in the concrete additive application segment.

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Lignin is an important renewable resource for the chemical business and is produced as a by-product of lignocellosic bio-refineries. Lignin, a plant component, offers a lot of potential for being converted into value-added products and thus improving the profitability of a bio-refinery. In the forthcoming years, the global market is likely to be driven by rising demand for lignin in the form of an organic additive.

Lignin and its derivatives are commonly used as dust suppressants, dyestuff, and other concrete additives. Glass wool building insulation utilizes it in the form of a binder. It helps asphalt dyestuff operate better. The global market is being fueled by growth of industries such as concrete animal feed and agriculture. The availability of a diverse selection of animal feed is expected to propel the market. The use of lignin in batteries, industrial cleansers, water treatment applications, and industrial dyes is increasing. The global lignin market is directly impacted by growing knowledge about respiratory illnesses, air pollution, and organic substances.

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Key Findings of Market Report

• Over the next few years, the global market is expected to be bolstered by the growing trend of employing lignin as a fuel of combustion in a variety of applications such as animal feed, dyestuff, and dispersants. On the macro level, increasing spending on construction, and demand for electronics, vehicles, and equipment production are likely to drive usage of lignin.
• Growing public awareness about respiratory problems, air pollution, and use of organic materials is expected to boost the global lignin market. The concrete additive application category is predicted to grow at a rapid pace during the forecast period. As a result, the demand for lignin is expected to rise throughout the forecast period due to an increase in the production of concrete additives.
• In the recent years, the Kraft lignin product category accounted for the second largest end-use industry in the lignin market. In fire extinguishers and printing inks for high-speed rotary presses, this product is used extensively as a foam. High-grade activated charcoal is made from Kraft lignin as well. Demand for lignin is expected to rise during the forecast period, due to its innovative uses in a variety of industries.
• In addition, manufacturers' increasing focus on creating, producing, and marketing lignin for a number of applications in the building & construction sector is likely to drive the global market in the near future.

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Global Lignin Market: Growth Drivers

• The concrete additive category is expected to lead the global market in terms of value during the forecast period. In the near future, the category is projected to be driven by the rise in demand for lignin in various building and construction applications.
• In 2020, the lignosulfonates category led the global market in terms of product. In the oil & gas sector, lignosulfonates are employed to reduce mud viscosity during deep oil well drilling. Lignosulfonates are also utilized to make smooth clay slips for use in ceramics. As such, the demand for lignosulfonates lignin is expected to rise throughout the forecast period.

Global Lignin Market: Key Players

Some of the key market players are

• Changzhou Shanfeng Chemical Industry Co., Ltd
• Domtar Corporation
• Nippon Paper Industries Co., Ltd.
• UPM-Kymmene Corporation
• Domsjö Fabriker AB
• Borregaard LignoTech

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Global Lignin Market: Segmentation

Product

• Lignosulfonates
• Kraft Lignin
• Organosolv

Application

• Concrete Additive
• Animal Feed
• Dye Stuff
• Cosmetics
• Absorbents

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.

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