LIGNIN MARKET ANALYSIS

Lignin MarketSize and Trends

Global lignin market was accounted for US$ 941.1 Million in 2022, and is expected to reach at US$ 1178.3 Million by 2030. The market is expected to grow at a CAGR of greater than 2.8% during the forecast period 2023-2030

• Increase in Investment: Increasing investment by key manufacturers for developing bio-based carbon products is a growing trend in the market. For instance, in July 2020, Stora Enso  which develops and produces solutions based on wood and biomass for a range of industries and applications worldwide invested US$ 10.8 million to build a pilot facility for developing bio-based carbon materials based on lignin. Wood-based carbon can be used as a crucial component in batteries that is typically used in consumer electronics, the automotive industry, and large-scale energy storage systems.

• Growing product innovation: Continuous product innovation by the key manufacturer is one of the major trends in the market. For instance, in April 2020, Stora Enso launched 'Lineo' bio-based lignin as a renewable replacement for oil-based glue. The newly launched product can be used in a range of applications where fossil-based materials are currently used such as in resins for plywood, oriented strand board (OSB), laminated veneer lumber (LVL), paper lamination, and insulation material.