Lignin Market: Introduction
Transparency Market Research delivers key insights on the global lignin market. In terms of revenue, the global lignin market is estimated to expand at a CAGR of 5.4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global lignin market.
The global lignin market is broadly affected by several factors, including increase in usage of lignin in various applications such as dyestuff, animal feed, and concrete additive. Rise in global demand for concrete additives has led to significant growth in usage of lignin. Moreover, increase in production and demand for concrete additive is expected to be the primary driver of the global lignin market. Thus, expansion of the concrete additive application segment is propelling the lignin market.
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Lignin Market: Dynamics
Lignin is the principal by-product from lignocellosic bio-refineries and a valuable renewable resource for the chemical industry. Lignin, a component of plants, has great potential in terms of conversion into value-added products that can significantly improve the economics of a bio-refinery. Increasing demand for lignin as an organic additive is expected to drive the global lignin market during the forecast period.
Lignin and its products find significant usage in concrete additives in the form of dyestuff, dust suppressants, and others. It is used as binder for glass wool building insulation. It improves the performance of asphalt dyestuff. The expansion of sectors such as agriculture, animal feed, and concrete is fueling the market. The presence of a wide range of animal feed is also driving the market. Growth in industrial cleaners, industrial dyestuff, battery, and water treatment applications is boosting the sales of lignin. Constant rise in awareness about air pollution, respiratory disorders, and organic materials is directly impacting the lignin market.
The rising trend of using lignin as fuel for burning to use it in multiple applications such as dispersants, dyestuff, and animal feed is anticipated to augment the market over the next few years. On a macro-level, factors such as increasing construction expenditure and rising demand for automobiles, electronics, and equipment manufacturing are expected to support the demand for lignin.
The concrete additive application segment is expected to expand considerably during the forecast period. Thus, rise in production of concrete additives is projected to boost the demand for lignin during the forecast period.
Manufacturers are focusing on concrete additive, as the share held by this segment in the lignin market is likely to increase during the forecast period.
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Lignin Market: Prominent Regions
Asia Pacific holds major share of the global lignin market. The market in the region is anticipated to expand at a CAGR of more than 5.7% during the forecast period. Increase in demand for lignin in various applications such as dyestuff, animal feed, and concrete additives is driving the lignin market in Asia Pacific. China is a key country of the lignin market in Asia Pacific. It held significant share of the lignin market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global lignin market. Germany led the lignin market in Europe in 2020. Increase in demand for lignin in building & construction and steel industries is driving the market in Germany.