Lignin Industry Is the Next Big Thing| Fortune

Posted by Nicky Arora on December 2nd, 2019

Lignin is plant based polymer, used as an adhesive and binder in concrete due to its water reduction properties. High rate of urbanization, industrialization, and expansion of the application sector are anticipated to support the growth of lignin in the forthcoming years. As per the report available on Grand View Research, the global lignin market was valued at USD 793.7 million in 2018 and is expected to expand at a CAGR of 1.9% during the forecast period (2019-2025).

The demand for lignin is rising rapidly due to the production of macromolecules that are used to manufacture bio-refinery catalysts, biofuels, and bitumen, which is likely to increase the growth pace of the industry. Additionally, the consumption of this product will accelerate over the next few years owing to the rise in the production of automobiles and new product launches. It is also expected to hype the demand for lightweight materials such as carbon fibers thereby augmenting the development of the lignin market. Furthermore, the market has been witnessing an increase in the expenditure on the infrastructural development along with the upsurge in the demand for dust control systems to control air pollution that will escalate the growth of lignin sector in the estimated time span.

The key participants that are operating in the market are Domsjo Fabriker AB, Liquid Lignin Company, Borregaard LignoTech, Nippon Paper Industries, Domtar Corporation, Burgo Group Spa, and Ingevity. The prominent key players are expected to target the developing economies worldwide because they offer impending development opportunities. Additionally, the number of strategic collaborations and partnerships is also projected to boost the growth of lignin industry in the coming years.

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Regionally, Europe is expected to hold the largest share of the market over the forecast period owing to the growing dyeing industry that uses lignin as colorants in various industrial applications such as wood stain, textile processing, food processing, and printing inks. The awareness and demand for bio-based products is accelerating speedily in the developed economies of this region. Followed by this region, North America is also anticipated to experience substantial growth during the forecast period. The reason behind this region’s growth is the inclination towards green building projects that will also increase urbanization. Thus, it will boost the demand for this product and while leading to rise in the living standards.

About Grand View Research:

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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