The kraft lignin demand surpassed USD 12 million in 2020 and is predicted to witness significant CAGR during the projected timeframe.
SELBYVILLE, Del., Sept. 15, 2021 (GLOBE NEWSWIRE) -- The lignin market revenue is expected to cross USD 1.14 billion by 2027, according to a new research report by Global Market Insights Inc. Increasing consumer preference for sustainability will influence the industrial sector to adopt lignin as a renewable substitute for conventional petroleum-based raw materials.
The kraft lignin demand surpassed USD 12 million in 2020 and is predicted to witness significant CAGR during the projected timeframe. It is ideal for the production of various products such as adhesives, transportation fuels, bioplastics, and carbon fibers. Kraft lignin is also incinerated to serve as an energy source in paper mills and is a potential raw material to produce solid biofuel with low ash content & high energy density, which will stimulate product demand.
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Some major findings of the lignin market report include:
- Global lignin demand is likely to witness significant growth owing to its potential as a raw material for polymers and increasing efforts to develop biofuels to counteract emission regulations & rising crude oil prices.
- Lignin demand in North America is attributed to the increasing adoption of dust collection systems due to drought & windy conditions.
- Europe's lignin market is set to witness substantial growth owing to its widespread adoption as a dispersant in the regional adhesives and paint & coating sectors.
- The lignin market share is consolidated among a few key players such as Borregaard LignoTech, Rayonier Advanced Materials, Aditya Birla Domsjo and Nippon Paper.
Browse key industry insights spread across 200 pages with 164 market data tables and 42 figures & charts from the report, "Lignin Market Forecasts By Product (Kraft Lignin, Lignosulphonates, Low Purity Lignin), Application (Aromatics, Macromolecules), Lignin Downstream Potential (Vanillin, Carbon Fiber, Phenol, BTX), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:
The lignin market from aromatic applications is projected to register around 6% CAGR during the projected period. The growing adoption of aromatics in adhesives, construction materials, and polyester products will augment the overall market statistics. The increasing shortage of fossil fuels, such as coal and crude oil, which are conventional feedstocks for aromatic production has led manufacturers to look toward lignin as a sustainable alternative.
The Asia Pacific lignin market surpassed USD 165 million in 2020 and offers significant growth opportunities pertaining to increasing demand for animal feed products. Changing dietary habits, rising meat consumption, and a significant focus on increasing protein intake have led to a substantial demand for animal feed. Lignin serves as an effective prebiotic in animal feed by enhancing the growth of beneficial bacteria and improving the morphology of the intestine, stimulating product demand.
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