July 05, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Lignin Market.
It was estimated prior to this unanticipated outbreak that the Lignin Market is likely to rebound at a promising CAGR of 3.1% during 2021-2026 to reach US$ 810 Million in 2026. Lignin is one of the most abundantly available biopolymers on earth and has been attributed as the most sustainable bio-resource. Lignin was traditionally used as a fuel for burning. However, over the past few years, manufacturers are exploring new revenue streams for lignin across different industrial applications like construction, agriculture, and animal feeds. Lignin producers have realized a significant number of commercialized as well as potential applications for different lignin-based materials including vanillin, carbon fiber, phenols, and bio-materials which can be further processed to be used as binders & adhesives, dispersants, aromatics, etc.
In the wake of the pandemic, the lignin market witnessed a decline of -1.3% in the year 2020. Different end-use industries have experienced different degrees of impact of the pandemic. For instance, the COVID-19 pandemic hit the construction industry hard, causing unimaginable disruption and losses for the stakeholders. Increased use of oil-based alternatives driven by low oil prices and reduced construction activities further resulted in the decline of lignin demand in the construction industry.
Based on primary interviews’ results coupled with the study of recovery trajectories of previous downturns, it is anticipated that the market will cross its 2019-sales figure in 2021 only, marking a consistent growth during the forecast period.
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Market Segments' Analysis
Based on the end-use industry, the lignin market is segmented as construction, agriculture, animal feed, and others. Construction is expected to remain the largest segment of the market during the forecast period, owing to continuous growth in construction activities across the globe. In addition to that, the increasing demand for lignin in concrete additives is further expected to boost the market growth during the study period.
Based on the product type, the market is segmented as lignosulfonate, kraft lignin, and others. Lignosulfonate is expected to remain the dominant product type in the market during the forecast period. This is primarily due to a wide range of industrial applications for lignosulfonates, such as concrete admixture, dust suppressant and control, animal feed binders, crop protection, and fertilizer production.
In terms of region, Europe is expected to remain the largest market for lignin during the forecast period. The presence of a large number of lignin producers, such as Domsjo Fabriker, Stora Enso, and Borregaard, in Europe, is one of the major factors behind the dominance of the region. Asia-Pacific and North America are also likely to create sizeable opportunities in the coming five years, driven by an expected rebound in the construction industry and a strong expected economic rebound in the near future.
Key Players:
Key players operating in the global Lignin market are-
- The Borregaard Group
- Sappi Limited
- Domtar Corporation
- Domsjo Fabriker (Part of Aditya Birla Group)
- Stora Enso
- Ingevity
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Lignin analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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