This report analyzes and forecasts the market for bioadhesive at the global and regional level.
Albany, NY -- (SBWIRE) -- 02/22/2017 -- Global Bioadhesive Market: Snapshot
Increasingly stringent regulations requiring industries to limit the usage of petroleum-based products are amongst the prime factors leading to the increased focus on eco-friendly, bio-based adhesives in the past few years. Advancements in research and development activities in the field and the resultant development of adhesives with excellent adhesion have also significantly helped increase the usage of a variety of bioadhesives in the global market in the past years.
Owing to these factors, the demand for bioadhesives is forecast to see significant rise across several industries in the next few years. The vast growth opportunities offered by the global bioadhesive market have compelled many new vendors to foray into the field lately and many new players are expected to enter the marketplace in the next few years, significantly easing the level of consolidation and fueling competition.
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According to Transparency Market Research, the global bioadhesive market was valued at US$251.6 mn in 2015 and is projected to reach US$736.0 mn by 2024, expanding at a remarkable CAGR of 12.9% from 2016 to 2024.
Applications across Paper and Packaging Industry to Continue to Constitute Bulk of Revenue
The report examines the development and future growth prospects of the bioadhesive market across applications in industries such as medical, wood works and furniture, personal care, paper and packaging, and construction. Of these key end-use industries, the paper and packaging industry emerged as the leading consumer of a variety of bioadhesives, accounting for a share of more than 30% of the market in 2015. The industry is anticipated to continue being one of the key consumers of bioadhesives during the forecast period due to steady growth in the global packaging industry.
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Medical and personal care are other key end-use segments of the global bioadhesive market. The segments are estimated to witness substantial growth during the forecast period due to increase in demand for bio-derived products across several application areas, especially in countries with stringent regulations regarding the use of petroleum-based products. The construction segment is also expected to create lucrative growth opportunities for bioadhesive market owing to the increased use of bioadhesives in residential roofing and wall laminations in developed regions.
Developed Regions to Remain Key Consumers Thanks to Rising Aversion to Petroleum-based Adhesives
The bioadhesive market in North America is projected to expand at a rapid pace during the forecast period on account of stringent regulatory policies regarding the use of petroleum-derived products in the region. Development of products with competent adhesive properties in the U.S. is likely to provide momentum to the bioadhesive market in North America in the next few years.
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In terms of volume, the Europe bioadhesive market dominated in 2015, accounting for a share of over 35% of the overall market. The bioadhesive market in the region is anticipated to expand significantly in the next few years as well, allowing Europe to continue its dominance during the forecast period. Germany is projected to be one of the most significant consumers of bioadhesives in the next few years. High demand for bioadhesives in industries such as packaging, construction, and wood works and furniture is expected to be the key factor propelling the bioadhesive market in Europe.
Overall, the Bioadhesive market in developed regions is expected to be more lucrative than in developing regions across Asia Pacific, Latin America and Middle East & Africa in the next few years. Expansion of the construction and wood works and furniture industries is projected to boost the bioadhesive market in these regions.
Some of the key players operating in the consolidated market are Ecosynthetix Inc., SCION, Cryolife, Ashland, Henkel AG & Company KGaA, Meredian Holdings Group Inc., Bio Adhesive Alliance Inc., Adhbio, Adhesives Research, Inc. and 3M Company.
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