Albany, NY -- (SBWIRE) -- 04/20/2017 -- The global bioadhesives 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. Expansion of existing production sites, exploring new regional markets, and development of new products with highly competent adhesion properties are some of the key strategies opted by the leading manufacturers in the global bioadhesives market.
With vast scope for future growth and several untapped growth opportunities, the global bioadhesives market is highly conducive for the entry of new players, especially in developing markets. The key challenge for players in the global bioadhesives market is the construction of a strong brand image. While this is difficult to achieve for new players, their entry into the global bioadhesives market can be made easier by the 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.
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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 Global Bioadhesives Market
In terms of source of raw material, the segment of animal-based bioadhesives accounted for nearly 80% of the global bioadhesives market in 2015. Animal-based bioadhesives are projected to remain a crucial part of the global bioadhesive market during the forecast period as well. Increased usage in the medical industry for specialty applications such as wound closure and open surgeries is expected to keep the demand from the animal-based bioadhesives market high in the near future.
Geographically, Europe is the leading consumer of bioadhesives and accounted for over 40% of the global bioadhesives market in 2015. The EU has been a pioneer in implementing environmentally conscious regulations, with the consistent support to the bioadhesives market being no exception. Thanks to the steady government support, Europe is likely to remain a key regional bioadhesives market in the coming years.
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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 environment as well as the health of living organisms. Increasingly strict government regulations such as REACH (Registration, Evaluation and Authorization of Chemicals) help spread awareness about the ways to minimize the use of petroleum-derived products and formaldehydes across industries. Government support to the large-scale adoption of bioadhesives is likely to remain one of the key drivers for the global bioadhesives market in the coming years.
Moreover, the demand from the global bioadhesives market is also rising as bioadhesives are generally cheaper than synthetic adhesives due to easier availability of raw materials for the former. Dependence on the highly dynamic petroleum industry for sourcing raw materials leads 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 global bioadhesive market in the near future.
Concerns Regarding Low Performance Compared to Synthetic Adhesives could Hinder Growth
Certain bioadhesives derived from 100% bio-based raw materials possess weak adhesion properties and low resistance to heat, chemicals, and water. Therefore, bioadhesives are treated with some synthetic components to enhance their performance. Bioadhesives are also known to possess low wet and dry strength compared to synthetic adhesives, which also significantly limits their use in a number of applications. Moreover, the global bioadhesives market is also restricted by the limited shelf life of bioadhesives, which worsens when the product is stored in liquid form. Cumulatively, these factors can lead to increased usage of synthetic adhesives in some applications, resulting in limited growth prospects for the global bioadhesives market.
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
- Wood works & Furniture
- Personal Care
- Others (Textile, Foundry, etc.)
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."