The global lignin market size is expected to showcase substantial growth in the forthcoming years due to increasing demand for animal feed. This information is published by Fortune Business Insights in its report, titled “Lignin Market, 2022-2029“. The product is experiencing high demand due to its nutritional content which is significantly needed in animal feed. In addition to this the increasing utilization of the product for or binders, adhesives, concrete admixtures, and others in the infrastructure industry is anticipated to boost the product sales.
Consistent Demand Amid Lockdown Owing to Livestock Farming
The pandemic due to coronavirus infection resulted in the shutdown of most enterprises worldwide. The animal feed industry was a part of essential services and therefore continued to operate. Moreover, livestock for various animal products required nutritious feed throughout the lockdown even when there was a decline in demand for animal products. It is anticipated that as the lockdown norms are relaxed, lignin is likely to experience a substantial rise in demand for meat, dairy, eggs, and others.
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By product, the market for lignin is segmented into ligno-sulphonates, kraft, and organosolv. On the basis of application, the market is divided into macromolecule, aromatic, and other applications. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The insights in the report are based on primary and secondary research to come to authentic conclusions. The analysis is based on industry-wide data and market projections are estimated by our in-house experts. The data is classified on various bases and each segment meticulously studied to give strategies based on market dynamics. The indispensable guidance provided by our experts is beneficial for the new entrants to the market. The guidance includes business priorities, pricing, prominent business models, challenges, potential business expansion opportunities, and much more. This report is not only beneficial for the new entrants or business holders of the market but also for the investors in this product.
Drivers & Restraints
Rising Utilization of Product in Animal Feed Manufacturing to Aid Growth
The high expenditure on animal feed due to increasing demand for animal products is facilitating lignin market growth. For instance, the average expenditure on livestock is approximately 70 to 80% for feed. The recent decline in feed quality is driving the market for additional nutrients sources. Also, the growing concern among animal product consumers regarding the nutritional value of the products is anticipated to profile the product sales.
In addition to this, the various development projects across the globe are augmenting substantial demand for various kinds of binders. They are also safer and cost-effective compared to petroleum and salt-based products that are primarily applied to road surfaces.
Increasing Demand of Biopolymers in Europe to Surge Demand
Europe is anticipated to lead the lignin market share in the foreseeable future. This is due to the increasing demand for biopolymers from European countries such as Germany, France, and the Netherlands.
Asia Pacific is anticipated to rapidly develop in the forthcoming years. This is because of the significant number of infrastructure projects that are already work in progress in the region. Moreover, a study by the Institution of Civil Engineers (ICE) estimates that the global construction industry has a high probability to achieve USD 8 trillion by 2030 where the primary contributing countries are expected to be India and China.
Key Players to Focus on Expanding Distribution Capacities
The key market players are focused on expanding their consumer base for this product. The revenue generated from this product is substantial but has great opportunities to grow further. With the growing use lignin in the animal feed sector, prominent companies are looking for other alternative uses of this product. The production of this product is also undergoing innovations to facilitate better products with greater efficiency. Despite this, the market is developing with partnership, mergers acquisition, collaboration, product launches, and others.
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