Asia Pacific Lignin Market
Published On: Aug 2023
Published On: Aug 2023
According to Business Market Insights’ research, the Asia Pacific lignin market was valued at US$ 1,51,820.36 thousand in 2022 and is expected to reach US$ 2,14,784.27 thousand by 2028, registering a CAGR of 6.0% from 2022 to 2028. Growing demand of lignin from several end-use industries and government regulations and initiatives to promote sustainable and bio-products are the critical factors attributed to the Asia Pacific lignin market expansion.
The regulations are set to reduce greenhouse emissions and have compelled polymer manufacturing companies to increase investments in developing naturally derived raw materials. Rising awareness regarding greenhouse gas (GHG) emissions has surged the demand for bio-based polymer products. Thus, lignin is being used as an intermediate for manufacturing phenol, phenolic resins, and emulsifying agents. Governments of various countries are adopting several initiatives to increase the awareness and development of lignin-based biomaterials. In 2021, the National Development and Reform Commission, China, published the Development Plan for the Circular Economy in the 14th Five-Year Plan Period (2021–2025), penning various initiatives for promoting recycling, remanufacturing, green product design, and renewable resource utilization. In 2020, the Ministry of Economy, Trade and Industry (Japan) established the Circular Economy Vision 2020, encouraging Japanese industries to move to sustainable action plans/models and a circular economy. Per its announcement in 2022, the Japanese government aims to boost the domestic circular economy from US$ 374.5 billion in 2022 to US$ 583.7 billion by 2030. With this strategy, the country aims to promote sustainable economic practices and recycling/reusing material usage to achieve the carbon neutrality goal by 2050. This is expected to drive the Asia Pacific lignin market during the forecast period.
On the contrary, availability of substitutes for lignin hurdles the growth of Asia Pacific lignin market.
Based on type, the Asia Pacific lignin market is categorized into lignosulfonates, kraft lignin, high purity lignin, and others. The lignosulfonates segment held 89.9% market share in 2022, amassing US$ 1,36,422.39 thousand. It is projected to garner US$ 1,92,713.41 thousand by 2028 to expand at 5.9% CAGR during 2022–2028.
Based on form, the Asia Pacific lignin market is bifurcated into solid and liquid. The solid segment held 90.0% market share in 2022, amassing US$ 1,36,588.87 thousand. It is projected to garner US$ 1,93,656.45 thousand by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on application, the Asia Pacific lignin market is categorized into concrete additives, plastics and polymers, bitumen, water treatment, dyes and pigments, activated carbon, carbon fiber, and others. The concrete additives segment held 22.1% share of Asia Pacific lignin market in 2022, amassing US$ 33,585.46 thousand. It is projected to garner US$ 45,015.27 thousand by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on country, the Asia Pacific lignin market has been categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 52.8% share of Asia Pacific lignin market in 2022. It was assessed at US$ 80,161.15 thousand in 2022 and is likely to hit US$ 1,20,451.02 thousand by 2028, exhibiting a CAGR of 7.0% during the forecast period.
Key players dominating the Asia Pacific lignin market are Nippon Paper Industries Co Ltd; Borregaard ASA; Burgo Group SpA; Domsjo Fabriker AB; Sappi Ltd; Stora Enso Oyj; Suzano SA; The Dallas Group of America Inc; and Tokyo Chemical Industry Co Ltd among others.
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