The lignin market is poised to grow at a value CAGR of close to 5%, and is expected to create an absolute dollar opportunity of US$ 585 Mn over the forecast duration of 2024-2030. Increasing demand for lignin in animal feed and natural products is anticipated to drive market growth. Rising awareness about dust pollution on human and animal health has forced governments across various countries to impose rules and regulations for suppressing dust emission levels. Lignin has good binding properties, which makes it ideal for controlling dust levels on roads and in parking areas.
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The outbreak of COVID-19 will have a short-term impact on the growth of the lignin market. Supply chain disruptions caused due to the COVID-19 pandemic are creating ripples across various end-use industries. Halted / reduced production, travel /trade restrictions, and manpower shortages are hindering application in industries such as pulp and paper, construction, and packaging.
Key Takeaways from Lignin Market Study
- By application, animal feed binders are foreseen to grow 1.4X than concrete admixtures in 2024. On the other hand, dye stuff will account for 6% of the overall market share in 2024.
- By product, lignosulfonate is anticipated to grow, but lose 100 BPS over the course of the forecast duration.
- The lignin market in East Asia is expected to grow by experiencing a value CAGR of more than 5% through 2030, whereas, the European market is projected to be valued 2.2X than North America, and is estimated to account for a major chunk of the demand pie by the end of the forecast period.
- The global lignin market is projected to cross a valuation of US$ 1.6 Bn by the year 2030.
“The COVID-19 pandemic has hit market players and will have short-term implications on the landscape. However, the trend of replacing non-renewable petroleum products with bio-based polymers has shifted consumer priority towards the consumption of lignin. This will create an opportunity for bio-based lignin in various untapped applications,” says a Fact.MR analyst.
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Manufacturers Leveraging Vertical Integration to Maintain Supremacy in Global Market
The report on the global lignin market reveals some of the prominent players, including Borregaard LignoTech, Changzhou Shanfeng Chemical Industry Co., Ltd, Domsjö Fabriker AB, Domtar Corporation, MeadWestvaco Corporation/WestRock, Nippon Paper Industries Co., Ltd, Tembec, Inc. / Rayonier Advanced Materials, and UPM-Kymmene Corporation, among others. Lignin manufacturers around the world are shifting their areas of focus towards vertical integration to maintain high profit margins. With the industry being highly competitive and consolidated, key players are working on strategic collaborations with end-use industries for delivering highly specialized lignin-based products. For instance, key stakeholders such as Domtar Corporation have commercialized the manufacturing process of using lignin to form high-grade engineered plastic, by acquiring end-use manufacturing firms. A similar approach has been implemented by other key players for increasing their share in the global lignin market.
Find More Valuable Insights on Lignin Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global lignin market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study divulges compelling insights on the lignin market based on product type (lignosulfonate, kraft lignin, and others) and application (concrete admixtures, animal feed binders, dye stuff, and others), across seven major regions.
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