Lignin Market Revenue to hit USD 1.15 billion by 2028, says Global Market Insights Inc.

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Global lignin market value is predicted to surpass USD 1.15 billion by 2028, according to a new research report by Global Market Insights Inc.

The demand for lignin products is growing at a robust rate due to widespread applications in domains such as chemical, pharmaceutical, cosmetics, construction, and automotive. Since it is a plant-based material, its usage has increased significantly in recent years due to the need for biobased materials, especially in the construction sector.

Government authorities are introducing favorable rules and laws to promote the use of biofuels and other nature-based raw materials. For example, the Federal Acquisition Regulation (FAR) Subpart 23.4 has declared that Federal agencies must give preference to biobased products while purchasing products that come under the USDA’s BioPreferred Program. Such rules will propel the adoption of lignin in the U.S.

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Lignin market from the sugarcane bagasse segment is predicted exceed USD 90 million by 2028. Sugarcane bagasse is being extensively used in applications, such as pulping, activated carbon manufacturing, and furfural synthesis. More than 1.88 billion tons of sugarcane is produced every year. This will also increase the volume of bagasse available, thereby fueling the production of lignin.

Kraft lignin segment is expected to register a CAGR of over 7% during the forecast timeframe 2022-2028. This type of lignin is widely used as an intermediate in the production of numerous compounds, including cement additives, biofuels, BTX, activated carbon, and carbon fibers. Since lignin is used as a grinding agent in cement production and has water-reducing properties, it is highly resistant to water. It can also be used as a cement replacement material, which will further boost its demand in the construction sector.

Browse key industry insights spread across 301 pages with 256 market data tables & 62 figures & charts from the report, “Lignin Market Analysis by Raw Material (Hardwood, Softwood, Straw, Sugarcane Bagasse, Corn Stover, Spent Liquor), By Product (Kraft Lignin, Lignosulphonates, Low Purity Lignin, Organosolv Lignin), By Application (Aromatics, Macromolecules), By Downstream Potential (Vanillin, Carbon Fiber, Phenol, BTX, Activated Carbon, Phenolic Resins, Adhesives, Epoxy resins), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/lignin-market

The lignin industry from the carbon fiber segment is estimated to register more than 13% CAGR through 2028. There is growing use of carbon fiber in sports equipment, owing to excellent strength-to-weight ratio. It will prompt manufacturers to include this material in the production of sporting goods, including golf sticks, tennis rackets, fishing rods & hockey sticks.

Europe lignin market is expected to cross USD 420 million by 2028. Air pollution is becoming a major cause of concern, adding to the regional disease burden. As per the European Environment Agency (EEA), in 2022, the population in the EU was exposed to fine particulate matter that was above the level prescribed by the WHO. It has fueled the demand for equipment such as dust collectors. These instruments also form an important part of the regional construction sector to reduce air pollution during construction activities, thereby amplifying the applications of lignin.

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Borregaard LignoTech, Domtar Corporation, Stora Enso, Nippon Paper Industries Co., Ltd., Rayonier Advanced Materials, Changzhou Shanfeng Chemical Industry Co Ltd, The Dallas Group of America, Inc, and Liquid Lignin Company, among many others, are the leading participants in lignin market.