High Purity Lignin Market to Surpass USD 45 Million by 2030, says Global Market Insights Inc.
Selbyville, Delaware, Oct. 05, 2022 (GLOBE NEWSWIRE) --
The high purity lignin market value is set to reach USD 46 million by 2030, according to a new research report by Global Market Insights Inc. The burgeoning automobile production and the subsequent increase in consumption of carbon fibers are a few of the prominent reasons behind high purity lignin industry development.
Since carbon fiber is regarded as a key composite material used in car-making, escalating vehicle production will create a strong outlook for high purity lignin manufacturers, especially in the Asia Pacific. For example, in China, vehicle production was registered at more than 26 million units in 2021. Growing disposable income will increase automotive sales, and consequently boost high purity lignin consumption.
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Others segment registered a revenue of over USD 3 million in 2021. Other types of high-purity lignin materials include soda lignin, which is being increasingly utilized in the development of dispersants, polymer synthesis, and phenolic resins. Additionally, this product is free of sulfur and other additives. The report says that this distinct advantage will make it highly applicable in the field of material chemistry, thereby augmenting the segment forecast.
High purity lignin market from the straw source segment is anticipated to cross USD 4.5 million by 2030. High-purity lignin chemicals extracted from straw is utilized in the production of optically active lignans, ferulic acid, vanillin, and other industrial goods, indicating a widespread application scope.
Browse key industry insights spread across 177 pages with 220 market data tables & figures & charts from the report, “Global High Purity Lignin Market Size By Product Type (Kraft Lignin, Organosolv), Source (Hardwood, Softwood, Sugarcane Bagasse, Straw) Application (Binders & Adhesives, Phenol, Vanillin, Carbon Fibre, Activated Carbon), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Other applications segment is poised to exhibit a growth rate of around 7.5% over 2022-2030. BTX and epoxy resins are other applications of lignin. The report cites the rapid penetration of epoxy resins in electricals, coatings, electronics, fiber reinforcements, and other industrial sectors to be a major driver for the industry expansion.
Middle East and Africa high purity lignin market is projected to surpass USD 1 million by 2030, owing to rapid urbanization and industrialization and the rise of construction activities. According to the International Trade Administration, the value of the construction sector is slated to grow at a steady pace over the coming years. The rise in construction activities is leading to an increased need for lignin as a plasticizer in and in turn, influence the regional industry outlook.
The competitive landscape of the high purity lignin market is inclusive of companies such as Domtar Corporation, West Fraser, Stora Enso Oyj, Metsa Group, Sigma Aldrich, Alberta Pacific, and others. These companies are focusing on business expansion to reinforce their market presence.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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