According to Fact.MR, a market research and competitive intelligence provider, the global lignin market is estimated at US$ 1.1 billion in 2022 and is expected to expand at a CAGR of 4.6% during the forecast years of 2022-2032. Pulp & paper is one of the most prominent industries directly affecting the consumption of Lignin and has been put in the first tier of the matrix.
Further, the surging demand for automobiles drives the market’s growth, especially EV sales. Based on the data from the China Association of Automobile Manufacturers (CAAM), China’s automotive sales increased 29.7% year-on-year in July 2022 to 2.42 million units. The electric vehicle (EV) market is anticipated to value US$ 7.09 billion in India by 2025. As lignin is estimated to be an effective alternative to lithium-ion batteries.
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Key Takeaways from Market Study
- In 2032, market is expected to reach the valuation of US$ 1.7 billion, with a CAGR of6%, over the forecast period 2022-2032
- The market has projected a valuation of US$ 1.0 billion in 2021
- Europe has accounted for the major market share of 8% in 2021
- Animal feed binder application offers the market lucrative growth opportunities and projects a CAGR of 0%, over the study period from 2022-2032
- Lignosulfonate is estimated to be valued at US$ 777.7 million in 2022
- In East Asia region, China is the country accounting major market share and projecting highest CAGR growth of 1%
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Market Strategies by Major Players
Major market players are exploring different applications of lignin in diverse industries to gain high-profit margins by enhancing its sales. Further, the ongoing R&D and case studies coupled with rising awareness regarding sustainable solution is pushing market players to meet the demand and supply gap of different end-use verticals.Moreover, the global construction market is expected to surpass US$ 8 Trillion by 2031. This particular factor and the growth across regions have been considered in tier two of the matrix for determining global market growth.
Further, the companies are stepping up and using the digital platform to create a brand image among the customers. Pricing strategies play a crucial part for market players to gain major market share in a highly competitive market. Long-term trade relations with distributors and end-users will be an add-on advantage for market players to ensure their sales growth.
Segmentation of Lignin Industry Research
By Product Type :
- Kraft Lignin
By Application :
- Concrete Admixture
- Animal Feed Binders
- Dye Stuff
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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