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Less than 1% of 50 million tons Lignin Produced Worldwide is used to Lignosulfate Production
NEW YORK , Sept. 21, 2021 /PRNewswire/ -- As per Fact.MR, the global lignin market is predicted to total US$ 1.6 billion by the end of 2030. On account of the increasing demand for lignin in the production of macromolecules used in the development of biofuels, bitumen, and bio-refinery catalysts, the lignin market is estimated to expand at a healthy CAGR of 5% over the forecast period from 2020 to 2030.
A substantial change in the perception of lignin has been witnessed over the last few years, transforming it from a waste product to a valuable raw material for applications in polymers, concrete admixture, electrochemical, and medical sectors. This is anticipated to create multi-million absolute dollar ($) opportunity by 2030.
Due to benefits such as disease prevention, antioxidants, and abundant availability, lignin is increasingly being used in the production of animal feeds, fertilizers, polymers, and adhesives. Lignin also has emerged as an ideal substitute for crude-oil-derived naphtha for the synthesis of aromatic compounds, such as vanillin, owing to its sustainability attribute.
As per Fact.MR, demand for lignosulfonate is projected to outrank other products available in the market. Lignosulfonate accounted for nearly 69% of the market share in 2020. Driven by the augmented demand for lignosulfonate in concrete admixtures and oil & gas industries to manage mud viscosity in deep oil well drilling, the segment surpassed US$ 1.1 billion by 2020.
says a Fact.MR analyst.
The global market for lignin is highly fragmented in nature, with the presence of a large number of regional and local players. Leading manufacturers are shifting their focus towards vertical integration to increase high profit margins.
Besides this, some of the key companies are aiming at establishing strategic collaborations, agreement, and partnerships with end-use industries to maintain their lead. For instance,
Some of the key players in the lignin market profiled by Fact.MR are:
Fact.MR, in its new report, offers an unbiased analysis of the global lignin market, analyzing forecast statistics through 2020 and beyond. The survey reveals growth projections on lignin market with detailed segmentation:
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