The global lignin market size is expected to reach USD 906.4 million by 2025 registering a CAGR of 1.9%, according to a new report by Radiant Insights, Inc. Increasing product demand as a natural feed additive is expected to drive the market over the forecast period. Major paper and pulp manufacturing companies derive refined lignin during the pulping process. These companies are engaged in forest cultivation and maintain their own industrial plantations. Integration across the value chain helps them maintain a continuous raw material supply, thereby reducing the manufacturing cost. Technological innovation coupled with process development for the production of non-sulphated lignin is likely to play a vital role in the industry growth.
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Moreover, wide scope of application in vanillin, high-value aromatic compounds (BTX), carbon fiber, and phenols will boost the product demand. Increasing value chain integration from a raw material to product manufacturing is expected to pose an entry barrier for new entrants. New companies may also face challenges due to regulations regarding necessity to maintain industrial plantations. However, product development and technology innovation coupled with regulatory support is expected to lower the entry barriers. The industry is highly competitive and is characterized by the presence of numerous global and regional companies. Market participants are focusing on research & development activities to improve the manufacturing process, as well as yield.
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Further key findings from the study suggest:
• Ligno-sulfonates are expected to register a CAGR of 1.8% from 2019 to 2025, owing to their increasing usage as plasticizers for manufacturing cement and concrete as they can maintain the flow of the mixture
• Kraft lignin is also estimated to witness significant CAGR owing to rising usage in biofuels and increasing importance of biofuels in North America and Europe to reduce air pollution and GHG emissions
• Aromatics is expected to be the second-largest application segment due to increasing product use as an intermediate for the production of vanillin, phenol, BTX, and phenolic resins
• Europe led the global market in the past and is expected to maintain the dominance over the forecast period due to REACH regulations aimed at restricting transportation of synthetically-derived chemicals
• Major companies in the market are focused on organic as well as inorganic growth through mergers & acquisitions to expand their consumer base
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