Lignin Bio-oil Market Size

Lignin Bio-oil Market size is poised to cross USD 7 billion by the end of 2036, witnessing around 5% CAGR during the forecast period, i.e., 2024– 2036. In the year 2023, the industry size of lignin bio-oil was close to USD 1 billion.  The growth of the market is set to expand on account of growing pollution from fossil fuel. Global CO2 emissions from energy increased by about 0.8%, or approximately 320 million tons, in 2022, hitting an all-time high of over 35 billion tons. Hence, there has growing urge to replace fossil fuel with lignin bio-oil, further boosting market growth.

Due to its aromaticity and renewability, lignin is a possible replacement for conventional fossil resources in the production of biofuels. Additionally, the government is also encouraging the use of lignin bio-oil in order to achieve the target of zero emission. Therefore, this could also encourage market expansion.