In the past decades, substantial research efforts have been directed towards increasing the availability of renewable and recycled raw materials. Lignin, one of the most abundant natural polymers, constitutes a vast, renewable, and largely untapped source of aromatic structures. In addition, it is one of the most abundant renewable sources of carbon. Despite the countless research projects aimed at valorizing kraft lignin, the largest source of industrial lignin, relatively few commercial kraft lignin products have emerged. Simultaneously, lignosulfonates represent a commercially successful range of products with a steady and growing global market. This paper reviews the current outlook of technical lignin research, including common misunderstandings, and discusses various factors that have hampered the use of lignin as a renewable source of materials and chemicals.