Lignin market size is anticipated to go beyond 17.4 million tons till 2022 and this sector is predicted to cross USD 6.2 billion till 2022, with a CAGR of 5% between the years 2015 to 2022. These increasing figures are due to its prominent use in multiple applications like feeding animals, controlling dust, buildings and constructions along with agrochemicals and concrete admixtures. This organic polymer is also used as an adhesive. It is a polymer which gets accumulated on the cell wall of plants, thus giving them rigidness.
It is widely used in applications like BTX along with production of fiber made from carbon. Among this 60% of BTX is involved in production of aromatic and has collecting revenue of more than USD 100 billion. VTT Technical Research Center based in Finland has come up with a method which can transform Lignin into valuable concrete plasticizer which can work as a replacement for synthetic products presently used in the market. In its liquid form, it can also be employed in paints, inks, coatings and in the making of gypsum products.
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Market size of kraft lignin is likely to go beyond 130 kilo tons till 2022, while low-quality products are still capturing the market and has crossed USD 5.2 billion. These low-quality products are widely applicable as fuel. Lignin is a leading source of carbon and hence, its use is expected to rise in predicted years. It is used in pesticides, fertilizers and binders. As per market report, this polymer is also an asset for the market of bio vanillin. Market size of vanillin was predicted to cross 15,000 tons in the year 2013, while market comprised of Lignin touched 3,200 tons in 2013. Vanillin is used in diverse fields like beverages, cosmetics, animal feeds and agriculture, thus indicating towards its rising demand.
Europe market size of lignin was USD 1.6 billion in the year 2014 and this inclination will continue to boom in future because of its use in plethora of applications. Because of increase in demand in electronics and automobiles sector, China along with India is predicted to show a significant rise in this polymer market. This regional growth will continue to proceed because of adequate availability of raw material and less labor cost.
Market of this polymer was captured by North America, followed by Europe. Its Europe market is likely to get an exponential rise in the coming years. After Europe, this market is chased by Asia Pacific along with Latin America.
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