RESUMEN
Lignin is produced as a byproduct in cellulosic biorefinery as well in pulp and paper industries and has the potential for the synthesis of a variety of phenolics chemicals, biodegradable polymers, and high value-added chemicals surrogate to conventional petro-based fuels. Therefore, in this critical review, we emphasize the possible scenario for lignin isolation, transformation into value addition chemicals/materials for the economic viability of current biorefineries. Additionally, this review covers the chemical structure of lignocellulosic biomass/lignin, worldwide availability of lignin and describe various thermochemical (homogeneous/heterogeneous base/acid-catalyzed depolymerization, oxidative, hydrogenolysis etc.) and biotechnological developments for the production of bio-based low molecular weight phenolics, i.e. polyhydroxyalkanoates, vanillin, adipic acid, lipids etc. Besides, some functional chemicals applications, lignin-formaldehyde ion exchange resin, electrochemical and production of few targeted chemicals are also elaborated. Finally, we examine the challenges, opportunities and prospects way forward related to lignin valorization.