ROCKVILLE, MD / ACCESSWIRE / May 26, 2020 / Lignin, the naturally found biopolymer, continues to gain traction as an alternative for petroleum-based raw materials. The growth of lignin market is primarily attributed to its applications in the synthesis of vanillin, carbon fiber, phenol, and BTX (benzene, toluene, xylene). Increasing consumption of lignin in production of oil well drilling fluids, concrete, and agriculture chemicals primarily accounts for steady growth of global lignin market, according to a new Fact.MR report that projects the market value to reach US$ 900 Mn by 2029 end.
However, the supply chain disruptions caused due to the COVID-19 outbreak are sending ripples across numerous end-use industries. With travel restrictions and manpower shortages hindering applications in industries including food & beverages and packaging, the usage of lignin is expected to witness a downtrend. Moreover, Europe - the leading regional market - is witnessing halted productions that are adversely impacting the revenue generation in market.
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Segmental Highlights
Lignosulphonate products hold the lion's share in terms of market value, backed by a host of applications such as synthesis of Vanillin, and other petroleum aromatics.
Kraft lignin is gaining traction among niche applications such as foam in fire extinguishers, and manufacturing of activated charcoal among others. Furthermore, the product's market share is projected to increase by 1.5X by the end of the forecast period.
Macromolecules applications segment contributes to nearly 2/3rd of global sales owing to the high demand.
North America is expected to hold the majority of market share, on the back of increasing research & development activities in the to explore using lignin in untapped applications.
Europe will register significant growth and is projected to account for meat 1/3rd of the overall market share. The growth is primarily attributed to the usage of bio-based raw materials in product manufacturing. However, in case the pandemic prolongs, realigning with the growth trajectory would be arduous.
East Asia is anticipated to exhibit higher growth among the regions, owing to the usage of activated carbon, binders, preservatives, and polyols in the region.
Analyst's Viewpoint
The consumer preference is gradually shifting towards bio-based polymers, thereby creating substantial revenue opportunities for players in the lignin market to leverage consumption in unexplored end-use applications.
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Report Coverage
Products covered: Kraft lignin, lignosulphonates, and low purity lignin
Applications covered: Aromatics and macromolecules
Regions covered: North America, Latin America, South Asia & Oceania, Europe, East Asia, and Middle East & Africa
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SOURCE: Fact.MR
View source version on accesswire.com:
https://www.accesswire.com/591387/Lignin-Sales-on-a-Downswing-amid-COVID-19-Pandemic-FactMR-Projects-a-Steady-Growth-Outlook-for-Global-Market-Through-2029
