Global Lignin Products Market - Segmented by Product Type, Source, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global Lignin Products market was estimated to be valued at USD 974.6 million in 2017, and is expected to register a CAGR of 3.42% during the forecast period of 2018-2023. The concrete additives segment dominated the global Lignin Products market with about 43% share, whereas, the vanillin segment was estimated to register the fastest CAGR during the forecast period.
High Demand for Use in Concrete Additives
Lignin Products is used as a binder for glass wool building insulation and helps in improving the performance of asphalt binders. The binding ability of lignosulphonates makes them applicable in various fields, such as ceramics, animal feed, fiberglass insulation, carbon black, linoleum paste, and soil stabilizer. They yield low-cost material with reasonable strength.
By application, the concrete additives segment dominated the global Lignin Products market in 2017, and is expected to register a steady CAGR of 3.42% over the forecast period.
Lignin Products sulphonate has been historically used on roads, as a method for surface stabilization and dust control. Lignin Products-based products are safer and more economical than the petroleum and salt-based products that are typically applied to road surfaces. This is one of the major factors that is expected to boost the use of Lignin Products-based products, over the forecast period. The robust manufacturing base of the chemical industry, in the developing economies of Central America, South America, and Asia-Pacific, is expected to drive chemical manufacturers toward an increase in the expenditure, on the development of Lignin Products that can be used as concrete admixtures.
Europe Dominates the Market
Europe has the highest share, accounting for nearly 34% of the global market, in 2017. The European market is mainly driven by the increasing demand for Lignin Products products from the aerospace and automotive sectors in the region. Additionally, the booming construction industry in the region has boosted the demand for Lignin Products.
The United Kingdom is the Leader
Strong aerospace industry and rebound in the construction sector in the United Kingdom have significantly contributed to the growth of the UK Lignin Products market. The increased adoption of low cost Lignin Products-based carbon fibers in the UK aerospace sector is expected to spur the demand for Lignin Products products in the country. The country holds approximately 9.56% share in the global Lignin Products market.
Key Developments in the Market
May 2017: Rayonier Advanced Materials announced plan to acquire Tembec.
October 2017: Borregaard and Borg Havn signed a collaboration agreement on the design of a modern, sustainable Lignin Products warehouse in Øra off Fredrikstad
Major Players: Borregaard Lignotech, Domsjö Fabriker (Aditya Birla Group), Rayonier Advanced Materials, and Nippon Paper Industries Co. Ltd, amongst others.
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The regions or countries that are expected to witness the fastest growth during the forecast period.
The product segment that is expected to dominate the market over the forecast period.
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