Global Lignin market share to exceed USD 6.2 billion by 2022:

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Asia Pacific to witness the fastest growth rate over 2015-2022
Lignin, the second most abundant polymer after cellulose, has expanded its global market share and is forecast to exceed a revenue of USD 6.2 billion by 2022, according to Global Market Insights, Inc. Lignin comes in the category of organic polymer, finding wide set of applications in manufacturing of adhesives, binders, dispersants, etc. The rising demand for lignin in animal feeds, dust control, and concrete admixtures is also enhancing its business space globally. Moreover, the growing trend of its use over petroleum in certain applications is further expected to cater huge growth potential for the market worldwide.The growing demand for lignin can also be attributed to its downstream potential of being used as a raw material in a variety of applications. Vanillin and Carbon Fibers are two significant growth prospects pertaining to the downstream potential of Lignin. In 2013, the global vanillin market size accounted for approximately 15,000 tons, with the lignin based vanillin share of 3200 tons. Moreover, lignin is also replacing the traditional production route of vanillin from crude oil owing to the ecological aspects and volatile crude prices. The rising vanillin demand from industries such as pharmaceuticals, food & beverages, agriculture, cosmetics, etc. will in turn favor the growth of the lignin market over the coming years.

Germany lignin market size, by product, 2012-2022 (Kilo Tons)

Germany lignin market size, by product, 2012-2022 (Kilo Tons)

Carbon fiber derived from lignin also carries huge potential for the worldwide market share owing to their extensive use in construction, automobile, aerospace, etc. Expanding carbon fiber market size, which is estimated to reach a volume of 140 kilotons by 2020, will positively impact the lignin market over the coming timeframe. In addition, the growing preference of lignin over PAN (Polyacrylonitrile) due to its affordability and easy availability will also drive the market growth.

The low purity lignin is anticipated to witness significant growth over the coming years owing to the rising demand for low cost burning fuel coupled with the environmental aspects. The low purity lignin market having had a share of USD 3.6 billion in 2014, is forecast to exceed a revenue of USD 5.2 billion by 2022.

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Other products of lignin such as lingo-sulphonates, Kraft and Organosolv are used in manufacturing of BTX, carbon fiber, vanillin, and phenol. Ligno-sulphonates market is anticipated to register a CAGR of 5.2% over the period of 2015-2022. In addition, Kraft lignin market size is estimated to surpass 130 kilotons by 2022.

The major volume of Lignin is utilized as a low cost burning fuel. The remaining portion finds its application in manufacturing of aromatics and macromolecules. Owing to the huge spending on R&D activities by the manufacturers, Lignin application in the aromatics manufacturing is anticipated to witness a CAGR of 5.7% (in terms of volume) over 2015-2022.

Global lignin market size is forecast to exceed 17.4 million tons by 2022, at a CAGR of 5% over 2015-2022 . The Europe Lignin market led the global landscape having had a market worth of USD 1.6 billion in 2014. The region will witness huge growth potential over the coming years owing to the favorable regulatory norms and inclination towards green technology across this region. Europe market is likely to register a CAGR of 4.9% from 2015-2022.

The Asia Pacific lignin market is estimated to witness the fastest growth rate over the coming seven years. The growth will primarily be driven by fast paced industrialization coupled with growth in automobile and electronics industries across this region. Moreover, low-cost labor availability and abundance of raw materials will also fuel the regional growth. India and China will be the major revenue driver for the APAC market.

The market players are focusing towards adopting new technologies to ensure optimal production in terms of cost and efficiency. Key industry participants are Borregaard LignoTech, Green Value, Asian Lignin Manufacturing Pvt. Ltd, Domtar, and MeadWestvaco (MWV).

Author NameShikha Sinha

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