Lignin, also known as monolignols, is a kind of complex polymer that is widely utilized in construction, oil drilling, pulp and paper manufacturing, and agriculture. They are a vital constituent in concrete admixtures that help to extend the structure's shelf life. Carbon fibers and polyurethane foams are two more products made with them.
By the end of 2019, the worldwide Lignin market was valued at US$ 872.2 Mn, and it is predicted to increase at a CAGR of 2.7 percent over the forecast period.
The animal feed industry's strong demand for the product as a natural ingredient is projected to drive lignin market expansion. Lignin is crucial for the entire growth of an animal's diet since it supplies a high fiber content to the animal, which aids in the fight against infection. The increasing usage of the product in insecticides and pesticides, which helps to prevent microbial assaults while also controlling weed growth, is fueling market expansion.
The market is predicted to increase because of the rising demand for carbon fibers and polyurethane foams from the automotive and other industrial industries. The need for polyurethane foams from end-user sectors including electronics, furniture, automotive, and packaging is propelling the lignin industry forward. The pulp and paper industry's growing need for this polymer is predicted to boost lignin's market growth once again.
In terms of value, North America dominated the worldwide Lignin market in 2019, with 34.2 percent share, followed by Europe and the Asia Pacific, respectively.