The complex polymer of aromatic alcohols which is derived from wood and is an integral part of secondary cell walls of trees in the form of timber and lumber, known as lignin is extensively used as a precursor in the manufacture of aromatics and macromolecules.
The global lignin market is expected to grow from $XX million in 2018 to $957 million by 2027 at a CAGR of 2.19% between 2019 and 2027. Also, the global lignin market is estimated to grow from XX kilotons in 2018 to 1742 kilotons by 2027, at a CAGR of 3.23% between 2019 and 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.
The norm implication of lignin as a dust collector and the usage of lignin as an additive in the concrete is primarily driving the uptake of lignin in the market. However, an increasing trend towards utilizing sustainable materials is expected to play an important role in formulating new methods of reducing carbon footprints. Lignin is being increasingly utilized as an additive in concrete as it functions as an effective water reducer and controls the rheological properties of the base material.
Global lignin market is also facing some challenges with the gap between R&D and consumer products & low consumer awareness. Over XX billion tons of lignin is present in the biosphere of which approximately X.X% is used for commercial applications, and the rest is burned as a low-value fuel.
Geographically, the global lignin market has been segmented on the basis of four major regions, which covers North America, Europe, Asia Pacific and the Rest of World.
The regional paradigm of global lignin market is dominated by European region by capturing the largest market share in terms of revenue ($ million) with XX% in 2018. Also, the global lignin market is dominated by European region by capturing the largest market share in terms of volume (kilotons) with XX% in 2018.
The major companies operating in the global market that have been profiled in the report are Nippon Paper Industries Co. Ltd., The Dallas Group of America, Inc., Suzano Papel E Celulose S.A., Stora Enso OYJ, Domtar Corporation, Lenzing A.G., Sweetwater Energy Inc., Aditya Birla Group (Domsj? Fabriker AB), Ingevity Corporation, and Borregaard Lignotech. Most of the companies are looking for strategies such as merger & acquisition, partnership, contracts, agreements, new product launch, to gain a competitive edge over other companies.