The global bioadhesive market features a highly
consolidated competitive landscape, with the top three manufacturers,
namely Ecosynthetix Inc., Cryolife, and SCION accounting for nearly
70% of the total market and Ecosynthetix leading the market by a
large margin, observes a recent report by Transparency Market
Research. Expansion of existing production sites, exploring new
regions, and development of new products with highly competent
adhesion properties are some of the key strategies opted by these
manufacturers in the market.
With vast scope for future growth and several
untapped growth opportunities, the market is highly conducive for new
entrants, especially in developing markets. The challenge of strong
brand image of key vendors can be eased by introduction of innovative
product varieties for niche applications, such as the EcoSphere grade
of bioadhesives introduced for use in inkjet paper coatings by
EcoSynthetix Inc.
This 128 page report gives readers a comprehensive
overview of the Bioadhesive market.Browse Market Research Report @
TMR estimates that the global bioadhesive market will
exhibit a promising 12.9% CAGR over the period between 2016 and 2024.
In terms of revenue, the market was valued at US$251.6 mn in 2015 and
is projected to reach US$736 mn by 2024.
Animal-based Bioadhesives to Constitute Bulk of
Sales
In terms of source of raw material, the segment of
animal-based bioadhesive, accounting for nearly 80% of the market in
2015, is projected to be a highly attractive segment of the global
bioadhesive market during the forecast period as well. Increased
usage in the medical industry for specialty applications such as
wound closures and open surgeries is expected to keep the demand for
animal-based bioadhesives high in the near future. Geographically,
the Europe market is the leading consumer of bioadhesives, accounting
for over 40% of the market in 2015.
Aversion to Environmentally Harmful and Expensive
Synthetic Adhesives Key to Market Growth
Demand for bioadhesives is primarily increasing due
to their eco-friendly properties and a significant rise in awareness
regarding the harsh impact of synthetic adhesives on the
environmental as well as the health of living organisms. Increasingly
strict government regulations such as the REACH (Registration,
Evaluation and Authorization of Chemicals) are continuously spreading
awareness regarding the ways to minimize the use of petroleum-derived
products and formaldehydes across industries.
Moreover, the global demand for bioadhesives is also
significantly rising as bioadhesives are cheaper than synthetic
adhesives due to the low cost and easy availability of raw materials
for the former. Dependence on the highly dynamic petroleum industry
for sourcing raw materials lead to fluctuations in the cost of
synthetic adhesives. As a result, several industries are focusing on
the increased usage of bio-derived products, which is expected to
drive the bioadhesive market in the near future.
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Concerns Regarding Low Performance Compared to
Synthetic Adhesives could Hinder Growth
Certain bioadhesives, which are derived from 100%
bio-based raw materials, possess weak adhesion properties and low
resistance to heat, chemicals, and water. Therefore, bioadhesives are
treated with synthetic adhesives to increase their performance.
Bioadhesives are also known to possess low wet and dry strength
compared to synthetic adhesives, factors that significantly limit
their use in a number of applications. Moreover, bioadhesives also
face the issue of a limited shelf life, which worsens when the
product is stored in liquid form. Cumulatively, these factors can
lead to the increased usage of synthetic adhesives across several
applications, resulting in the limited growth prospects of the
bioadhesives market.
This review of the market is based on a recent market
research report published by Transparency Market Research, titled
“Bioadhesive Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 - 2024.”
For the study, the global bioadhesive market has
been segmented as follows:
Bioadhesive Market: Source Analysis
- Plant based
- Animal based
Bioadhesive Market: End-user Analysis
- Paper & Packaging
- Construction
- Wood works & Furniture
- Medical
- Personal Care
- Others (Textile, Foundry, etc.)
Bioadhesive Market: Regional Analysis
North America
- U.S.
- Canada
Europe
- France
- U.K.
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- New Zealand
- ASEAN
- India
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of South America
Middle East & Africa (MEA)
- GCC
- Egypt
- South Africa
- Rest of MEA
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