The global lignosulfonates market is expected to experience significant growth in the coming years, according to a recent study conducted by MarketsandMarkets™. The market is projected to grow from USD 1.2 billion in 2022 to USD 1.4 billion by 2027, with a compound annual growth rate (CAGR) of 3.6% during the forecast period.
Several factors are driving the growth of the lignosulfonates market. One major factor is the increasing demand for lignosulfonates in various applications such as concrete binders, oil well additives, and animal feed binders. The growth of these major applications is contributing to the overall market expansion. Additionally, rising infrastructural activities in different regions are also fueling the demand for lignosulfonates.
The study found that the sodium lignosulfonate segment is projected to be the fastest-growing product segment during the forecast period. Sodium lignosulfonate has a wide range of applications and is highly sought after in the construction and agriculture industries. It exhibits properties such as strong anti-calcium, high temperature resistance, and resistance to salt, making it valuable in various applications, including as a pellet binder or additive in animal feed.
Among the different application segments, the concrete additives segment accounted for the largest share of the overall lignosulfonates market. Sodium lignosulfonate is particularly useful in this segment as it can improve concrete workability and reduce the initial heat of hydration for cement. It serves as a retarder and water reducer for concrete and can be combined with other agents such as solidifying agents, retarding agents, antifreeze agents, and pumping agents.
Geographically, the Asia Pacific