Lignin market size forecast to reach USD 6.19 billion by 2022
Lignin market size is expected to reach USD 6.19 billion by 2022, as per a new research report by Global Market Insights, Inc. Growth in infrastructure spending and increasing demand for automobiles and equipment manufacturing is expected to fuel lignin market over the forecast period.
Rise in demand from applications such as animal feed, dust control, concrete admixtures, and binders & adhesives are anticipated to be among key factors to drive growth.
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Low-purity lignin market size was valued at USD 3.6 billion in 2014 and it is projected to exceed USD 5.2 billion by 2022. Increasing demand for low cost burning fuel and regulations pertaining to promote green environment is likely to foster demand. Ligno-sulphonates are anticipated to grow at a CAGR of 5.2% from 2015 to 2022. Kraft lignin market was valued at over USD 60 million in 2014.
Macromolecules applications were dominant and valued at USD 2 billion in 2014 owing to increasing demand for polyurethane foams and carbon fibers. Aromatics applications are likely to grow with estimated gains of 5.2% from 2015 to 2022.
Growing product adoption in carbon fiber, vanillin, BTX and phenol for binders & adhesives dispersants applications are likely to promote lignin market growth. Increase in air pollution led to health issues and stringent regulations pertaining to environment conservation is anticipated to promote lignin-derived products.
Key insights from the report include:
- Global lignin industry volume was estimated at over 11.5 million tons in 2014 and is expected to surpass 17.4 million tons by 2022, at a CAGR of 5.3% from 2015 to 2022.
- Europe lignin market size was worth over USD 1.6 billion in 2014 and is likely to grow at a CAGR of 4.9% from 2015 to 2022. Favorable environmental regulations accompanied by increasing trend for green technology is likely to boost growth in the region. Asia Pacific accounted for over 19% of the overall consumption owing to rapid industrialization and growth of electronics and automobile industry in China and Japan.
- Low-purity segment is expected to continue accounting for over 85% of the global volume over the forecast period. Favorable environment regulations and low cost of operation is likely to among the key factors to drive demand.
- Driven by increasing R&D activities by manufacturers on a global scale, aromatics applications are expected to grow at 5.7% in terms of volume from 2015 to 2022.
- Lignin market share is dominated by Borregaard Lignotech, which accounted for over 40% of the global volume in 2014.
- Other key participants consist of Asian Lignin Manufacturing Pvt. Ltd, Green Value, Domtar, and Mead-Westvaco (MWV). In 2011, Aditya Birla acquired Domsjö Fabriker, a Swedish specialty pulp and bio-refinery company to enter the lignin business.