Ocean View, Delaware, May 30, 2017 (GLOBE NEWSWIRE) --
Global Lignin Market is poised to surpass USD 6 billion by 2022; according to a new research report by Global Market Insights, Inc. Rising demand from applications such as construction industry, animal feed, binding and adhesives products is anticipated to drive the lignin market growth.
Shift in trends towards agricultural use of lignin along with government approval for manufacturing pesticides, insecticides, heavy metal sequestrate and emulsifier will boost lignin market demand. It is widely used in manufacturing products like vanillin, phenol, BTX and dispersants are likely to augment industry growth.
Lignin being organic in nature and available at reasonable price find extensive applications as bio additive in animal feed industry. Also, growth in global meat processing industry will further escalate lignin market size. Low purity lignin consumption was estimated at 10.5 million tons in 2015 and is expected to surpass over 15 million tons in 2022. Growth in demand for cheap burning fuel coupled with stringent regulations to promote renewable energy consumption should positively impact consumption.
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Global lignosulphonates market is expected to grow at over 5% CAGR by 2022. Growth in construction industry especially in the developing nations like India and China will fuel the lignin market demand.
Lignosulphonates, a derivate of lignin is a byproduct of pulp and paper industry. It is widely utilized in construction material manufacturing like cement, plasterboard and concrete. This can be attributed to its property to improve the working life and quality of products used in infrastructure.
Carbon fiber, one of the downstream potential of lignin market finds wide range of applications in automobile industry. It is relatively costly as compared to other composites which acts as a growth restraint. R&D is being carried to find economical ways of carbon fiber synthesis from lignin.
Browse key industry insights spread across 165 pages with 96 market data tables & 20 figures & charts from the report Lignin Market in detail along with the table of contents at:
https://www.gminsights.com/industry-analysis/lignin-market
India lignin market size is forecast to grow by 6% owing to rise in demand of automobile and electronics goods. Availability of cheap labor coupled with favorable foreign investment policies in manufacturing sector will fuel the market growth.
Aromatics market segment growth rate will exceed 4% CAGR estimation by 2022. It is used as a substitute to phenol in wide range of applications like chemical manufacturing. Phenol derivatives produced from lignin, find applications in skin care and cosmetic industry for manufacturing sun screen, hair colors, skin lightening and other cosmetic products. Increase in demand for skin care products will fuel demand.
Macromolecules lignin derivatives are used to manufacture carbon fiber which is widely utilized in automobile, sports products and aerospace industry as an alternative to metals. Widening applications of carbon fiber is set to drive lignin market owing to rise in consumption in above mentioned industries.
Lignin is utilized in manufacturing of a bio compound vanillin, which acts as flavoring agent across pharmaceutical, cosmetic and food manufacturing industry. Food and beverage application segment accounted for 72% of the global lignin market in 2014.
Borregaard Lignotech is one of the key market players and contributed around 40% to the overall consumption in 2014. Some of the other prominent players include Mead-Westvaco (MWV), Green Value, Asian Lignin Manufacturing Pvt. Ltd., and Domtar.
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