Lignin Market Business Development Strategy, Key Stakeholders and Regional Demand Analysis to 2027

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Lignin Market Detailed Analysis of Current
Industry Figures with Forecasts Growth By 2027
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Global Market Scenario of Lignin Industry
A recent study by Global Market Insights Inc.,
states that the global lignin market size is
poised to record USD 1,140 million in valuation
by 2027. Lignin market is expected to be
significantly bolstered over the forthcoming
years, driven by growing emphasis on development
of biofuels for countering the emission
regulations rising crude oil prices. The
increasing consumer inclination towards
sustainability has stirred the higher penetration
of the product as a renewable replacement for
conventional petroleum-based raw materials in the
industrial sector. The spiraling number of
research development activities for realizing
new applications and increasing adoption as a raw
material for polymers will positively anchor the
product penetration. Increasing number of
competitive strategies initiated by leading
industry participants, including Borregaard
LignoTech, Nippon Paper, and Aditya Birla Domsjo,
is another impact rendering trend for the market
expansion.
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For instance, in December 2020, UPM, a
Finland-based forest industry frontrunner, inked
an agreement with Domtar Paper Company LLC, to
acquire the total annual production of kraft
lignin of the latters Plymouth Mill in North
Carolina (NC). This partnership helped the firm
to extend its role in the proliferating lignin
business as well as its different application
segments. Increasing usage of kraft lignin in
paper mills The annual revenue of kraft lignin
market had crossed USD 12 million in 2020 and
will depict substantial growth in the projected
timeline. This is mainly ascribed to their
soaring need in the production of several
products, comprising transportation fuels,
adhesives, bioplastics, and carbon fibers. Upon
incineration, these products act as energy
sources in paper mills and are employed as
potential raw materials for producing solid
biofuel with high energy density and low ash
content.
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What makes lignin a preferred choice in
aromatics? Aromatic applications are expected to
record significant lignin demand, whilst striking
a rate of more than 6 through 2027. The growth
is mainly driven by swelling adoption of
aromatics in construction materials, adhesives,
and polyester products. Factors such as the
rising shortage of fossil fuels, including coal
and crude oil, that are employed as conventional
feedstocks in aromatic production, have
encouraged manufacturers to take up lignin as a
sustainable alternative. A look at the regional
market trends Asia Pacific market share reached
USD 165 million in 2020 and will rise with the
proliferating need for animal feed products in
the region. This can be attributed to the growing
meat consumption, rising focus on enhancing
protein intake, and changing dietary habits. As
the product improves the growth of beneficial
bacteria and enhances the morphology of the
intestine, it largely serves as an effective
prebiotic in animal feed.
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Competitive Analysis
North America and Europe emerged as substantial
consumers of lignin across the globe and
collectively brought an industry revenue share of
over 70 in 2020. The market growth in North
America is ascribed to the increasing
installation of dust collection systems
considering the presence of drought windy
conditions in the region. On the other hand, the
swelling adoption of dispersants across the
adhesives and paint coating sectors is
anticipated to favor the product demand in the
European territory. Impact of the COVID-19
crisis The COVID-19 pandemic contributed to
significant turmoil in the lignin industry, as it
brought plummeted sales. This is on account of
the unprecedented challenges posed on industries
like aromatics, considering the dearth of
workforce and raw materials. However, with the
subsequent uplifting of these barriers, the
industry forecast is likely to pick up pace in
the coming years.
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