ALBANY, New York, September 27, 2016 /PRNewswire/ --
According to a recent market research report published by Transparency Market Research, the global lignin market is estimated to expand at a CAGR of 2.7% during the period between 2015 and 2023. The report, titled "Lignin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023", projects the global lignin market to be worth US$985.5 mn by 2023. The overall market stood at a valuation of US$782.3 mn in 2014.
The report states that the functions of lignin across various niche applications have augmented the growth of the global lignin market. Growing demand for lignin from Asia Pacific, especially China has further boosted the market. However, the report notes that the weak link between the manufacturing units and research facilities will restrain the overall market growth. The global lignin market has a huge opportunity to grow with the increasing popularity of lignin as an alternative to fossil-based raw material.
On the basis of product types, the report segments the global lignin market into kraft lignin, lignosulfonates, and others including organosolv. Lignosulfonates account for a major share in the market owing to their demand across the construction industry. These sulfur-free lignin have high absorbency rate and zeta potential to cement particles and hence, are used on a large scale in the production of cement. Lignosulfonates decrease the viscosity of slurry by reducing the amount of water used in the production of cement. Lignin offers high-performance concrete strength thereby reducing the damage caused by acid rain and moisture. Lignin produced through the process of kraft pulping is referred as kraft lignin. Kraft lignin is widely used in manufacturing insecticides and dyes. In 2014, kraft lignin accounted for a share of over 5% in the overall market and is expected to gain significant demand from the dyes industry during the forecast period. The demand for organosolv is anticipated to rise at a steady rate in the near future.
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In terms of applications, the report categorizes the global lignin market into animal feed, concrete additive, dye stuff, and others including absorbents and cosmetics. In 2014, concrete additive held over 45% of the global lignin market, closely followed by animal feed. The rising demand for lignin across the animal feed segment can be attributed to the rise in livestock farming activities in developed and developing nations. During the forecast horizon, the segment is expected to gain significant share in the market. The demand for lignin across the paints and coatings industry for dye stuff is expected to surge in the coming years. The others segment comprising of absorbents and cosmetics was the fastest growing application segment in the market in 2014.
Among the key regions in the global lignin market, Asia Pacific is expected to display robust growth owing to industrial expansion in developing countries in the region. The demand for lignin for applications such as animal feed, concrete additive, and dye stuff are expected to drive this regional market.
The lignin market is highly concentrated, with top five players accounting for more than 85% share of the global market in 2014. Key players operating in the lignin market include Borregaard LignoTech, MeadWestvaco Corporation, Tembec, Inc., Domtar Corporation, Domsjö Fabriker AB, Changzhou Shanfeng Chemical Industry Co., Ltd, Nippon Paper Industries Co., Ltd., and UPM-Kymmene Corporation.
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The report segments the global lignin market into:
Lignin Market - Product Segment Analysis
- Kraft lignin
- Others (Including organosolv)
Lignin Market - Application Analysis
- Concrete additive
- Animal feed
- Dye stuff
- Others (Including cosmetics and absorbents)
Lignin Market - Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Browse Research PR: http://www.transparencymarketresearch.com/pressrelease/lignin-market.htm
Browse other related Research Report & TOC:
- Global Lignosulfonates Market: http://www.transparencymarketresearch.com/global-lignosulfonates-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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