Global
Bioadhesive Market: Snapshot
The
global market for bioadhesive has been gaining significantly over the
recent past. Thanks to the increasing implementation of stringent
rules and regulations, compelling industries to limit the application
of petroleum-based products, the focus on eco-friendly, bio-based
adhesives has increased, which is reflecting greatly on this market.
The technological advancements in research and development activities
and the resultant advancements in adhesives is also supporting the
adoption of a variety of bioadhesives across the world. Going
forward, the increasing entry of new vendors in this market is likely
to back up its growth over the next few years.
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As
per Transparency Market Research (TMR), the global market for
bioadhesive, which stood at US$251.6 mn in 2015, is anticipated to
rise at a healthy CAGR of 12.90% during the period from 2016 to 2024a
and is projected to increase to US$736.0 mn by the end of 2024.
Demand
for Animal-based Bioadhesives to Remain High
The
global market for bioadhesives is broadly analyzed on the basis of
the source and the end user. Based on the source, the market has been
classified into plant-based bioadhesives and animal-based
bioadhesives. Among the two, the animal-based bioadhesive segment led
the global market in 2015 with a share of nearly 80%. Researchers
expect it to continue like this over the forecast period as well on
the ground of the rising utilization of these adhesives in the
medical and healthcare industry for specialty applications, such as
open surgeries and wound closures.
By
the application, the market has been categorized into the paper and
packaging, medical, personal care, wood works and furniture, and the
construction industries. With a share of more than 30%, the paper and
packaging industry surfaced as the leading consumer of a varied range
of bioadhesives in 2015. Over the coming years, the industry is
expected to continue as the key end user of bioadhesives, thanks to
the steady rise in the global packaging industry.
Europe
to Retain its Top Position
Geographically,
the worldwide market for bioadhesives is led by Europe. In 2015, the
European market accounted for more than 35% of the overall market,
thanks to the increase in the construction activities. Over the
forthcoming years, the regional market is likely to remain dominant
on the grounds of the high demand for bioadhesives in several
industries, such as construction, packaging, and wood works and
furniture in this region. Germany is anticipated to emerge as the
leading consumers of bioadhesives in Europe in the near future.
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Apart
from Europe, North America is also expected to display lucrative
growth opportunities for the market for bioadhesives. The rising
implementation of stringent norms and policies concerning the usage
of petroleum-derived products in this region is likely to boost the
North America market for bioadhesives in the years to come. The
development of novel products with efficient adhesive properties is
also projected to provide momentum to the North American market over
the next few years.
Adhesives
Research Inc., 3M Co., SCION, Adhbio, Bioadhesive Alliance Inc.,
Meredian Holdings Group Inc., Ecosynthetix Inc., Ashland, Cryolife
Inc., and Henkel Corp. are some of the key players operating in the
global bioadhesive market.
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