Research Nester’s recent market research analysis on “Lignin Bio Oil Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global lignin bio oil market in terms of market segmentation by process, end-use, and by region.
Surge in Application of Lignin Bio Oil in Aviation to Boost the Growth of Global Lignin Bio Oil Market
The market for lignin bio oil is set to grow on account of the surge in the application of lignin bio oil in aviation. Despite not being widely employed as a replacement for aviation fuel, lignin bio oil is expected to see an increase in use as a result of rising pollution. Since lignin bio oil has a high velocity and energy density, it is one of the favored fuel alternatives being investigated by this business.
Moreover, due to its structural makeup, lignin has the potential to become a renewable supply of aromatic compounds, which are now only found in fossil fuels. These aromatic substances are highly valuable economically as both raw materials for various industries and as an essential component of jet fuel. As a result, lignin bio-oil is an environmentally friendly fuel. This is a crucial element that is anticipated to support the expansion of the lignin bio-oil market.
Some of the major growth factors and challenges that are associated with the growth of the global lignin bio oil market are:
Growth Drivers:
• Rising Production of Paper & Pulp
• Growing Use of Lignin Bio Oil in the Chemical Industry
Challenges:
Since lignin biofuel is still under development, the idea is not very commercialized. A small number of people are therefore aware of it. Furthermore, a lot of developing countries find comfort in fossil fuels because it is thought to be hard to stop using them. As a result, this factor is likely to prevent market growth.
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By end-use, the market for lignin bio oil is segmented into chemical, petrochemical, automotive, and energy. Out of these, the automotive segment is set to grow at a highest share of about 50% over the projected period. However, chemical segment is also anticipated to grow. Lignin bio oil is a feedstock utilized in the production of a variety of chemicals, including phenolic compounds, aromatic chemicals, and more. Additionally, study in this area has increased. However, because it will reduce the need for fossil fuel, it is predicted that this technology will become quite popular in the future.
By region, the market in North America for lignin bio oil is set to grow over the forecast period. Opportunities for the market in North America are anticipated to arise from an increase in biofuel R&D efforts and a notable growth in the number of biodiesel and bioethanol fuel stations in the United States and Canada.
This report also provides the existing competitive scenario of some of the key players of the global lignin bio oil market which includes company profiling of UPM-Kymmene Corporation, Borregaard ASA, Domtar Corporatio Stora Enso, Lignol Energy Corporation, Ensyn Corporation, American Process, LignoTech Development Ltd., RenFuel AB, Ligno Biotech Sdn Bhd, and others.
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https://www.researchnester.com/reports/lignin-bio-oil-market/5228