Global Lignin Market Expected to Reach $6.19 Billion by 2022

 

According to a report recently highlighted by Radiant Insights, San Francisco, Cali., USA,the global lignin market is expected to reach $6.19 billion by 2022. Growing awareness regarding harmful effects of pollution on human health is expected drive lignin market growth in dust control applications over the next few years. High market potential for lignin as a key intermediate to manufacturing carbon fibers, phenol, BTX, and vanillin is anticipated to provide tremendous growth opportunities over the forecast period. 

Low-purity grade lignin dominated the global market in 2014, accounting for more than 85% of global demand volume, and the trend is anticipated to continue over the forecast period, owing to its extensive use as a biorefinery catalyst. In addition, low product cost is likely to play an important role in market growth. Kraft lignin is expected to be the fastest growing segment of the market due to its extensive application scope in manufacturing aromatic and macro-molecules.

More information about this report, including a sample copy request and the table of contents, have now been made available by the company online.  

Further key findings from the study suggest:

• Production of lignin exceeded 1.1 million tons in 2013 and is expected to rise due to technological advancement aimed at increasing yield and specificity of the product.
• Europe and North America dominated the global lignin market in 2014, each accounting for more than 35% of global demand volume and are expected to dominate the market over the forecast period. Increasing R&D for development of lignin use in untapped applications is anticipated to provide new opportunities for market growth over the forecast period.
• Prices of lignin are as high as $6,500 per ton, depending on the purity of the product. Low yield and specificity coupled with complex manufacturing processes result in high cost of the final product.
• Lignin has significant growth potential as a feedstock substitute to crude-oil. For instance, lignin is increasingly substituting crude-oil in the manufacturing of synthetic vanillin.
• Macro-molecules were the largest application segment of lignin, accounting for more than 65% of market volume share in 2014. Growing demand for binders and adhesives is expected to propel market growth during the next six years.
• Key market participants include Aditya Birla Group, Asian Lignin Manufacturing Pvt., Borregaard LignoTech, Northway Lignin Chemical, Nippon Paper Industries Co., and Changzhou Shanfeng Chemical Industry Co. Borregaard dominated the global lignin market in 2014.