Global Lignin Market: Snapshot
The global lignin market is developing at a healthy pace and is expected to witness a positive growth rate in the near future. The expansion of the application sector and the high rate of industrialization and urbanization are estimated to support the development of the lignin market in the coming years. The key players in the market are likely to target the developing economies around the world as they offer potential growth opportunities. In addition to this, the rising number of partnerships and strategic collaborations is further expected to accelerate the market growth in the coming few years.
Rising Need for Dust Control to Drive Global Lignin Market
A research report by Transparency Market Research states that, in 2014, the global lignin market stood at US$782.3 mn. The market is projected to reach a value of US$985.5 mn by the end of 2023, exhibiting a 2.75% CAGR between 2015 and 2023.
The increasing use of lignin in binders, adhesives, and concrete admixtures is considered as the key factor that is expected to encourage the growth of the global lignin market in the next few years. The increasing research and development activities and the enhancement of the production procedures are further estimated to support the market growth in the near future. In addition to this, the rising level of pollution, resulting in a demand for lignin for the dust control systems is another key aspect accelerating the growth of the market over the next few years. On the flip side, the rising awareness among consumers concerning the negative impact of the lignin production for the human health as well as environment are estimated to curtail the growth of the global market in the coming years. Nonetheless, the improvement of technology and the advent of new systems for manufacturing processes are likely to ensure the market growth in the coming few years.
Asia Pacific to Offer Growth Prospects for Market Players
In the previous years, North America held a major share of the global lignin market and will continue to lead the market in the next few years. The existence of players is expected to support the development of the market in the near future. Europe is expected to face a steady growth in the lignin market. Asia Pacific, on the contrary, is predicted to offer lucrative opportunities for the market players, thanks to the growing demand for lignin from the developing economies. The high rate of industrialization is projected to ensure the development of the lignin market in the coming few years. Furthermore, the Latin America lignin market is expected to witness a positive growth in the coming few years.
The global lignin market is extremely consolidated in nature, owing to which a few number of players are leading the market holding a massive share. The entry barriers in the market are quite high making it difficult for the new players to participate in the global lignin market. The top companies in the market, namely Domtar Corporation, Domsjö Fabriker AB, Tembec, Inc., Borregaard LignoTech, and MeadWestvaco Corporation. In order to maintain their position and enhance market penetration, the key players are focusing on the research and development activities. In addition to this, the expansion of the product portfolio and the innovations in the market are some of the important strategies that are being adopted by the players.
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