Most paper starts out life as a tree. A tree’s core strength derives from a microscopically small fiber called cellulose, which is bound together by an organic glue called lignin. This is an extremely hard and resilient composite structure that can last hundreds of years. Extracting the fibers of cellulose from the lignin is not easy. It is like trying to remove chewing gum from hair. Delignification of wood, as the process is called, involves crunching up the wood into tiny pieces and boiling them at high temperatures and pressures with a chemical cocktail that breaks down the bonds within
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The reason paper turns yellow is due to Lignin reacting with oxygen in the presence of light, chromophores is what's created as a result. Another neat thing is that the smell of old books that we've come to love is in fact the breakdown of chemical compounds... basically, we enjoy the smell of rotting paper. lol