Lignin Market Driven by Rapidly Growing Chemical Industry, Growth Factors and Forecast 2023
Transparency Market Research has published a new report titled "Lignin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023." According to the report, the global lignin market was valued at US$ 782.3 Mn in 2014 and is anticipated to reach US$ 985.5 Mn by 2023, expanding at a CAGR of 2.7% from 2015 to 2023. The global lignin market demand by volume stood at 1115.4 Kilo Tons in 2014.
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Increase in niche application of lignin in various fields such as building and construction, agrochemicals, and paints and coatings is contributing to the growth of the global lignin market. Functional properties offered by lignin is the major factor leading to high demand for lignin in the market. Usage of lignin as a dispersant, binder, and emulsifying agent has attracted the attention of major manufacturers in various end-user industries. Additionally, industrial expansion in developing economies such as Asia Pacific is propelling demand for lignin across the globe. These factors are likely to drive demand for lignin for applications such as concrete additive, animal feed, and dye stuff.
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Lignosulfonates account for major share of the global lignin market. Demand for these sulfur-free lignins is high in the construction industry due to its high absorbency rate and zeta potential to cement particles. Lignosulfonates are used on a large scale in the production of cement, as these reduce the viscosity of slurry by decreasing the amount of water used in the production of cement. Lignin provides high-performance concrete strength; thus, it reduces the damage caused by moisture and acid rain. Hence, high demand for lignin in the building & construction industry is estimated to boost demand for lignosulfonates globally. Lignin produced though the kraft pulping process is known as kraft lignin. This lignin dominates the sulfite pulping process. Kraft lignin possesses different chemical properties than lignosulfonates. Therefore, it is used in the manufacture of dyes and insecticides. Kraft lignin accounted for more than 5% share of the global lignin market in 2014. The segment is projected to gain market share during the forecast period. The others segment (including organosolv) is also likely to drive demand for lignin at a steady rate in the near future.
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Based on functional properties, the application of lignin is segmented into concrete additive, animal feed, dye stuff, and others (including cosmetics and absorbents). Concrete additive held more than 45% share of the global lignin market in 2014. Animal feed was the second fastest growing market in 2014, led by increase in livestock farming activities in developing as well as developed economies. It is expected to gain market share in the near future. Rising demand for lignin in the paints & coatings industry for dye stuff is another factor contributing to high demand for lignin globally. This segment is anticipated to record significant demand for lignin in the near future. Others (comprising cosmetics and absorbents) was the fastest growing segment in 2014. The segment is also anticipated to contribute to the growth of the global lignin market during the forecast period.
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