#Global #Lignin #Market #Reach #Million
Seattle, Oct. 25, 2022 (GLOBE NEWSWIRE) — The global Lignin market was accounted for US$ 872.2 Million in terms of value and by the end of 2021 and is expected to grow at a CAGR of 2.7%.
Key Trends and Analysis of Global Lignin Market:
Growing trend in the market of bio-based carbon product was developed to manufacture increasing investment. Bio-based raw materials like crops, wood, and algae bio-based carbon products are enzymes are used in the production of chemical building blocks, detergents, pulp and paper, textiles, etc. Lignin was another part of natural resources and also organic polymer which found in tissues and vascular plants and algae. Demand of lignin is increasing day by day in animal feed. For instance, Lignin is a key by-product of lignocellulosic biorefineries, and a valuable renewable resource for Europe’s bio-based industries.
Annually, approximately 60 million tons of lignin is extracted from wood as a by-product of the pulping industry. Even more is expected to originate from second generation bioethanol production in the future.
In 2018, Enso has launched ‘Lineo’ bio-based lignin as a renewable replacement for oil-based glue. Wood-based carbon can be used as a crucial component in batteries typically used in consumer electronics, the automotive industry, and large-scale energy storage systems etc. Continuous product innovation of lignin market by the key manufacturer is one of the major trends in the market. Fossil-based materials are currently used – for example in resins for plywood, oriented strand board (OSB), laminated veneer lumber (LVL), paper lamination and insulation material. Bio-based lignin as a renewable replacement for oil-based glue.
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Key Market Takeaways:
Lignin Market size was valued is expected to exhibited over CAGR 2.7% during 2022-2030. Rapidly increasing investments in the development of…