HYDERABAD, India, June 7, 2019 /PRNewswire/ -- According to a new market research report by Mordor Intelligence, the market for Kraft Lignin products is expected to register a CAGR of 7.30% during the forecast period of 2019 – 2024. A major factor driving the market studied, is the increasing demand for carbon fibers.
Highlights From the Report:
- Fertilizers & pesticides application segment is expected to dominate the market.
- The rising demand for activated carbon is in turn estimated to boost the demand for Kraft Lignin, during the forecast period.
- North America is expected to dominate the Kraft Lignin market, holding a share of approximately 40% and is also estimated to expand in the forecast period.
- Higher processing costs and lack of awareness about the usage of Kraft Lignin products are expected to hinder the growth of the market studied.
- Increasing emission standards and concerns over air pollution control are anticipated to drive this trend, which, in turn, is expected to be increasingly beneficial to the activated carbon segment in the Kraft Lignin market.
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North America to Dominate the Market:
- The North American region dominated the market share in 2018. North America is the largest producer of Kraft Lignin products, majorly dominated by Canada and the United States.
- A shift in industry preference to biobased products, due to the need of reducing dependence on fossil sources, is expected to continue as a key driver for Kraft Lignin products market growth in the region, during the forecast period.
- In Canada, there is a Kraft Lignin surplus of approximately 1.06 million metric ton per year (after ensuring pulp mills' recovery boiler demand) from the 23 pulp mills, which may be used for the production of value-added biobased products.
- This Kraft Lignin supply can create a USD 1.5 billion lignin-based bioproducts industry, which is one of the major opportunities in the future.
- The growing residential market in the United States is expected to drive the demand for Kraft Lignin products from the construction sector of the region.
- Moreover, the steady recovery of oil prices is expected to increase the drilling processes in the region, in turn, increasing the demand for lignosulphonates in the oil and gas industry. The aforementioned factors are contributing to the increasing demand for Kraft Lignin products consumption in the region during the forecast period.
Know more about the Kraft Lignin Products Market (2019-2024)
Mordor Intelligence has segmented the Kraft Lignin Market on the basis of application, and geography:
- Fertilizers & Pesticides
- Binders & Resins
- Phenol & Derivatives
- Activated carbon
- Carbon fibers
- Other Applications (Blends, Sorbents, etc.)
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Rest of North America
- United Kingdom
- Nordic Countries
- Rest of Europe
- Rest of the World
- Saudi Arabia
- Rest of World
Browse in-depth TOC of Kraft Lignin Market
The Kraft Lignin products market is consolidated, with the top five players accounting for 90% of the market share. Key players in the market include Stora Enso, NIPPON PAPER INDUSTRIES CO., LTD., Domtar Corporation, West Fraser, and Innventia Group.
Know more about the Kraft Lignin Products Market - Growth, Trends, and Forecasts (2019-2024)
About Mordor Intelligence
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Name: Sameeksha Bansal
Phone: +1 617-765-2493
SOURCE Mordor Intelligence LLP