PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358002
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1358002
Global lignin market was accounted for US$ 941.1 Million in 2022, and is expected to reach at US$ 1178.3 Million by 2030. The market is expected to grow at a CAGR of greater than 2.8% during the forecast period 2023-2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 941.1 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 2.80% | 2030 Value Projection: | US$ 1,178.3 Mn |
Global lignin market was accounted for US$ 941.1 Million in terms of value by the end of 2022. Lignin is also known as monolignols. Lignin products are widely used in vanillin, phenol, carbon fibers, biofuels, bitumen, and bio-refinery catalysts.
Rising demand for the production of polyurethane foams from various end-user industries such as electronic, furniture, automotive, and the packaging is expected to drive the market growth. Rising investment in the development and infrastructural activities by the government globally is expected to drive the market growth.
Strong demand for the product from the animal feed industry as a natural additive is expected to foster the market growth of lignin. Lignin plays an important role in the overall development of animal diet and provides high fiber content to the animal which helps in the fight against infections. Increasing use of the product in insecticides and pesticides since it helps to prevent microbial attacks and also control the growing weeds is further fostering the market growth.
Increasing use of naturally derived raw materials for the production of polymers is expected to bring new market opportunities. Lignin is used in the manufacturing of phenolic resins, BTX, vanillin, and phenol. Moreover, the expansion of the chemical industry coupled with the rising awareness regarding greenhouse gas emissions is further propelling the market growth of the lignin.
Growing use of lignin in the production of insecticides and pesticides is further driving the market growth. Moreover, rising demand for lightweight products from the aerospace industry is driving the overall growth of the market.