Albany, NY -- (SBWIRE) -- 02/28/2019 -- The global bioadhesive market has a highly consolidated vendor landscape, says Transparency Market Research, in a recently published report. Adhesive Research, 3M, Adhbio, Cryolife, Meredian Holdings Group, and Ecosynthetix are the top companies working in the global bioadhesive market.
A key strategy developed by players in the global bioadhesive market to outshine their rivals is product improvement along with expanding manufacturing capacity. They are seen focusing hard on delivering highly efficient products and expansion of manufacturing product portfolio to steal a march over competitors. Regulating costs with delivering quality services is a key strategy of most business present in the global bioadhesive market.
According to experts from Transparency Market Research, the global bioadhesive market is expected to gain revenue worth US$736.0 mn by the end of 2024. Experts project this growth to occur at a promising CAGR of 12.90% during the forecast period from 2016 to 2024.
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Among the various consumers in the market, growing demand from paper and packaging industry is expected to boost the global bioadhesive market. This is because of increasing uptake of animal-based bioadhesive in packaging process. Region wise, Europe is expected to be leading the global bioadhesive market in the coming years. This is attributed to flourishing construction industry in the region and also rising furniture and wood works industries.
High Adoption of Animal-based Bioadhesive in Several End-use Industries to Fuel Market
Bioadhesives are natural polymeric material which are mainly used as an adhesive for binding two separate materials. This natural polymeric material exhibits property in building durable interface between hard and soft materials. Such characteristics makes the bioadhevives different from conventional synthetic adhesives. Bioadhesives are mostly made of carbohydrates (starch) and proteins (gelatin). This type of adhesive is highly applicable in the area of medicine which includes tissue and body skin joining. However, increasing implementation of stringent regulations against petroleum-based fuel, rising demand for eco-friendly and bio-based adhesives, and rapid incorporation of technology in research and development activities are factors driving the global bioadhesive market.
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Furthermore, bioadhesive can be found in the form of either plant-based bioadhesives or animal-based bioadhesives. Increasing demand from healthcare and medical industry for closing wounds and surgeries, rising demand from packaging and paper industry, and growing construction industry are fueling the global bioadhesive market. Apart from this, rising awareness about sustainable packaging material based on biological sources, growing demand for flexible and specialty packaging, and increasing demand from food and beverages industry for packing frozen food are boosting the global bioadhesive market. The raw materials of bioadhesive such as starch, soy, and corn are extremely environment-friendly, and thus bioadhesive helps in saving the environment. Such property augments demand in the global bioadhesive market.
Weaker Properties of Few Bioadhesive Hinders Growth of Global Bioadhesive Market
A few challenges hindering the growth of the global bioadhesive market are high incompatibility between demand and supply and weaker properties of some of the bioadhesives. Nonetheless, the persistent demand from construction industry and growing adoption of animal-based bioadhesives are expected to help overcome these challenges in the near future.
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The review is based on a market research report by TMR, titled, "Bioadhesive Market (Source - Plant-based and Animal-based; End User - Paper and Packaging, Construction, Wood Works and Furniture, Medical, and Personal Care) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."