SAN FRANCISCO, June 22, 2015 /PRNewswire/ --
Global lignin market is expected to reach USD 6.19 billion by 2022, according to a new study by Grand View Research, Inc. Growing awareness regarding harmful effect of pollution on human health is expected drive lignin market growth in dust control applications over the next few years. High market potential for lignin as a key intermediate to manufacturing carbon fibers, phenol, BTX and vanillin is anticipated to provide tremendous growth opportunities over the forecast period.
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Low-purity grade lignin dominated the global market in 2014 accounting for over 85% of global demand volume and the trend is anticipated to continue over the forecast period owing to its extensive use as a bio-refinery catalyst. In addition, low product cost is likely to play an important role in market growth. Kraft lignin is expected to be the fastest growing segment of the market owing to its extensive application scope in manufacturing aromatic and macromolecules.
Further key findings from the study suggest:
- Production of lignin exceeded 1.1 million tons in 2013 and is expected to rise owing to technological advancement aimed at increasing yield and specificity of the product.
- Europe and North America dominated the global lignin market in 2014 each accounting for over 35% of global demand volume and are expected to dominate the market over the forecast period. Increasing R&D for development of lignin use in untapped applications is anticipated to provide new opportunities for market growth over the forecast period.
- Prices of lignin are as high as USD 6,500 per ton depending on the purity of the product. Low yield and specificity coupled with complex manufacturing processes result in high cost of the final product.
- Lignin has significant growth potential as a feedstock substitute to crude-oil. For instance, lignin is increasingly substituting crude-oil in the manufacturing of synthetic vanillin.
- Macromolecules were the largest application segment of lignin accounting for over 65% of market volume share in 2014. Growing demand for binders & adhesives is expected to propel market growth over the next six years.
- Key market participants include Aditya Birla Group, Asian Lignin Manufacturing Pvt Ltd., Borregaard LignoTech, Northway Lignin Chemical, Nippon Paper Industries Co., Ltd. and Changzhou Shanfeng Chemical Industry Company. Borregaard dominated the global lignin market in 2014.
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For the purpose of this study, Grand View Research has segmented the global lignin market on the basis of product and region:
Global Lignin Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Low-purity lignin
- Kraft lignin
Global Lignin Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Global Lignin Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Latin America
- Asia Pacific
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
SOURCE Grand View Research, Inc.