Lignosulfonates Market worth $1.4 billion by 2027 Globally, at a CAGR of 3.6 %, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
4 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The Global Lignosulfonates Market is projected to grow from USD 1.2 billion in 2022 to 1.4 billion by 2027, at a CAGR of 3.6% from 2022 to 2027, as per the recent study by MarketsandMarkets™. The major factors driving the lignosulfonates market include growth of major applications such as concrete binders, oil well additives animal feed binders, among others. Furthermore, rising infrastructural activities in different regions drive the market growth.
Based on product, the sodium lignosulfonate segment is projected to grow at a significant CAGR during the forecast period.
Based on application, the concrete additives segment accounts for the largest share of the overall market.
Europe is expected to account for the largest share of the global market during the forecast period.
The Sodium lignosulfonate segment, by product, market accounted highest share. Sodium lignosulfonates is used for a wide range of applications. It has great demand in the construction industry and agriculture industry. It exhibits strong anti-calcium, high temperature, and resistance to salt properties. Furthermore, Sodium lignosulfonate may be utilized as a pellet binder or as an additive in animal feed.
The concrete additives segment, by application, market accounted highest share. Concrete water reducer is one of the application fields of sodium lignosulfonate. Sodium lignosulfonate in concrete can improve concrete workability and significantly reduce the initial heat of hydration for cement hydration. It acts as a retarder and water reducer for concrete. It can also be mixed with early solidifying agents, retarding agents, antifreeze agents, pumping agents, etc.
Based on product, the sodium lignosulfonate segment is projected to be the fastest-growing segment during 2022 to 2027. It is employed as cement water reducing agent. It has great demand in the construction industry and agriculture industry.
Based on application, the oil well additives segment is projected to be the fastest-growing segment during 2022 to 2027. Lignosulfonate has unique structure and properties and serves different roles in the oil-well drilling industry. Lignosulfonate is used in oil-well drilling fluids as thinning agents, thickening agents, clay stabilizers, fluid loss control agents, and other applications.
Based on region, Asia Pacific is projected to be the fastest-growing market for lignosulfonates during the forecast period. The region is making continuous effort to increase the living standard and focusing on urbanization which is driving the growth of the lignosulfonate market in the region. Most of the demand for lignosulfonate is from the region’s construction and petrochemical industries.
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