The global lignin market is highly concentrated in nature with a few companies holding a dominant share of the market, states a research study by Transparency Market Research (TMR). In 2014, the leading players operating in the global lignin market, namely Domtar Corporation, Domsjo Fabriker AB, Borregaard Lignotech, Tembec Inc., and MeadWestvaco, collectively held a share of 86.90% of the overall market. In order to remain dominant, these players are emphasizing on expanding their production capacity. In addition, the rising focus on commercialization and development of renewable natural sources are expected to offer lucrative opportunities to the market players. The level of competition in this market is likely to remain high in the next few years.
According to the TMR research study, in 2015, the global lignin market was valued at US$796.4 mn and is estimated to US$985.5 mn by the end of 2023. This market is likely to register a 2.70% CAGR between 2015 and 2023, states a TMR analyst.
Rising Number of Construction Projects to Augment Lignin Market in North America
From a geographical perspective, North America is estimated to lead the global lignin market and account for a share of 33.50% by the end of 2023. The use of lignin as a dispersant in concrete additives in the building and construction industry is the primary factor encouraging the growth of the lignin market in North America. However, the increasing inclination towards green buildings is projected to hamper the growth of the market in the coming few years. Meanwhile, Europe is expected to remain in the second position and register a sluggish growth throughout the forecast period.
On the basis of application, the concrete additive segment is expected to lead the global lignin market with a share of 46.60% by the end of 2023. The growing demand for concrete additives for infrastructure development, especially from developed nations is accelerating the growth of this segment in the coming years, says a TMR analyst. On the other hand, dye stuff and animal feed are expected to witness significant growth throughout the forecast period.
Increasing Application of Lignin to Presents Promising Future
The use of lignin in diverse niche applications is the key factor fuelling the growth of the lignin market across the globe. Several properties offered by different types of lignin are expected to drive the demand in the forecast period, says a TMR analyst. The rising demand for lignin from emerging nations, owing to the industrial developments in these regions is estimated to generate promising opportunities for market players.
Furthermore, the rising use of lignin in the agriculture sector as a slow release fertilizer is expected to encourage the growth of the global lignin market. Moreover, the rising focus on research and development activities and the innovative use of lignin in diverse industries are projected to supplement market’s growth in the near future.
Use of Lignin as Fossil-based Raw Material to Encourage Growth
The low awareness among manufacturers regarding the various functions and properties of lignin is one of the primary factor likely to restrict the growth of the global lignin market throughout the forecast period. In addition, the weak link between manufacturing units and research facilities is estimated to hamper the overall growth of the market. Nevertheless, the popularity of lignin as a substitute to fossil-based raw material is anticipated to generate substantial opportunities in the coming years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Lignin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
The global lignin market has been segmented as below:
Global Lignin Market, by Product Type
Global Lignin Market, by Application
Global Lignin Market, by Geography
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