Dublin, July 18, 2024 (GLOBE NEWSWIRE) -- The "Global Lignin Market: Analysis by Type, Form, Applications, Region Size, Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global lignin market value stood at US$995.24 million in 2023, and is expected to reach by US$1.33 billion by 2029. The market is expected to grow at a CAGR of 5.04% over the projected period of 2024-2029.
The global lignin market is relatively fragmented with large number of companies, ranging from established brands to smaller regional players and niche manufacturers catering to the industry demand. Most of the businesses are investing substantially in R&D activities to expand product portfolio and increase their lignin market share.
Greater emphasis on sustainability, rise in production & demand for concrete additives, increased need for environmentally acceptable materials, rising availability of raw material and easy production of lignin, favorable regulatory actions supporting the use of bio-based products, and growing demand for paints & coatings, are major factors driving the growth of global lignin market.
Additionally, expanded commercial applications in animal feed additives, agriculture, industrial cleaners and water treatment, oil field chemicals, industrial binders, battery additives, and a variety of other industries is expected to further boost the sales of lignin in upcoming years. Moreover, rise in usage of biofuels, increasing demand for lignin in animal feed and natural products, growing popularity of substituting fossil-based raw materials, and increasing inclination of industries and consumers towards greener alternatives, will continue to boost the use of lignin as a promising renewable raw material in the forecasted years.
Europe is the largest region of the global lignin market owing to strong regulatory support for sustainable materials, rising demand for compact motor vehicles, increasing incorporation of circular economy principles and waste valorization, ascending aromatic application of lignin in aromatic alcohol, region's well-established pulp and paper industries, robust biorefinery infrastructure, growing preference for sustainable and eco-friendly materials, ongoing developments of bio-based chemicals, and region's strong emphasis on environmental conservation.
Asia pacific is the fastest growing region of global lignin market, owing to burgeoning industrialization, surging demand for electronics and automobiles, increasing demand for products sourced from bio based sources, rapidly developing construction sector, growing knowledge of the advantageous effects of lignin in livestock feed among breeders & keepers, presence of thriving pulp & paper-producing sector, rapid urbanization, increasing population, heightened demand for sustainable materials, especially in countries like China & India, and increasing acquisition of Lignin technology in the region.
Market Segmentation Analysis:
By Type: The report provides the bifurcation of the global lignin market into three segments on the basis of type: lignosulfonates, kraft lignin, and others. Lignosulfonates is the largest segment of global lignin market as a result of lignosulfonates's high binding capability & low cost, established market presence and broad application range, increasing demand for sustainable and environment friendly products, rising application of lignin in concrete mixtures in China, India, & the US on account of developing construction sector, rapid urbanization in emerging economies, positive growth in oil & gas industry, & increasing adoption of lignosulfonates for dust control.
Kraft Lignin is the fastest growing segment of global lignin market owing to consistent and abundant supply of kraft lignin, ongoing integration of circular economy framework, presence of favorable government policies and incentives promoting the use of renewable energy & sustainable materials, competitive pricing of kraft lignin compared to synthetic alternatives, and presence of high energy content in kaft lignin, making it suitable for bioenergy applications.
By Application: The report has segmented the global lignin market into seven applications, namely, dispersants, construction material, carbon fiber & bio-base carbons, resins & glues, biopolymer, animal feed, and other applications. Lignin dispersants is the largest segment of global lignin market as a result of environmental benefits of lignin-based dispersants, well-established & proven lignin dispersant technology, increasing regulatory and consumer demand for sustainable and green products, lignin offering a cost-effective alternative to synthetic dispersants, and added advantage of lignin dispersants in terms of versatility and compatibility with various formulations, including aqueous and solvent-based systems.
By Form: The report provides the bifurcation of the global lignin market into two segments on the basis of form: liquid and solid. Solid is the largest and fastest growing segment of global lignin market as a result of growing focus on reducing carbon emissions and transitioning to sustainable energy sources, easier storage and transportation, increasing demand for lightweight and strong materials in aerospace, automotive, and sports equipment industries, growing demand for solid lignin in soil amendments and fertilizers in sustainable agricultural practices, emergence of solid lignin in various new applications like biofuels, bioplastics, and carbon fibers, and ongoing advancements in processing techniques enabling more efficient and cost-effective production of solid lignin.
Competitive Landscape:
Major companies in the market are adopting collaboration strategies to increase their product reach and increase the availability of their products & services in diverse geographical areas and gain competitive edge. For instance, on May 29, 2023, Metsa Group announced that Metsa Fibre in collaboration with ANDRITZ, plan to build a demonstration plant for a modified lignin product, to develop the process to separate lignin from black liquor in pulp production and to further process it for new end-uses.
The lignin market in North America is also highly competitive due to the presence of well-established and dominating North America and regional market manufacturers competing based on product quality, price, and product differentiation. The entry barriers, such as the requirement of moderate to high capital investment and high competition from well-established players, pose increasing threat to new market players entering into the market. The majority of the lignin is produced in the paper & pulp industry, as a byproduct of processing. Thus, it is difficult for the new player to enter the market due to the highly dominant players, moderate technological development cost, and availability of raw materials.
Key Attributes:
Report Attribute | Details |
No. of Pages | 153 |
Forecast Period | 2024 - 2029 |
Estimated Market Value (USD) in 2024 | $1.04 Billion |
Forecasted Market Value (USD) by 2029 | $1.33 Billion |
Compound Annual Growth Rate | 5.0% |
Regions Covered | Global |
Market Dynamics
Growth Drivers
- Rising Construction Expenditure
- Growing Demand for Automobiles And Electronics
- Robust Growth of Animal Feed Additives
- Rapidly Expanding Pulp and Paper Industry
- Favorable Government Initiatives and Policies
Challenges
- Limited Awareness and Understanding
- High Extraction Costs
Market Trends
- Advancements in Lignin Extraction Technologies
- Growing Use of Lignin in Biofuels and Bio Refinery Catalysts
- Positive Shift Towards the Use of Sustainable Products
- Increasing Adoption of Circular Economy Initiatives
Company Profiles: Business Overview, Operating Segments, Business Strategy
- Borregaard AS
- Aditya Birla Group (Domsjo Fabriker)
- Stora Enso Oyj
- Sappi Limited
- Suzano S/A
- Burgo Group S.p.A.
- Metsa Group
- Ingevity Corporation
- UPM
- Green Agrochem
- Tokyo Chemical Industry Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qnf8kt
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