Global bioadhesive market size is projected to reach USD 9.1 billion by 2024, at a CAGR of 10.0%.
Northrook, IL -- (SBWIRE) -- 11/26/2019 -- The report "Bioadhesives Market by Type (Plant Based, Animal Based), Application (Paper & Packaging, Construction, Woodworking, Personal care, Medical), Region (APAC, North America, Europe, Middle East & Africa, South America) - Global Forecasts to 2024",global bioadhesive market size is projected to reach USD 9.1 billion by 2024, at a CAGR of 10.0%, during the forecast period.
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The bioadhesive applications are significantly penetrating the end-use industry markets. They have different characteristics as per their manufacturing and application requirements in the end products. The North American region is expected to dominate the global bioadhesive market with its growing demand in different application segments, especially packaging & paper and construction. APAC is a potential market and is projected to grow at the highest CAGR in the next five years, with the application industries expected to boost the overall business requirements in respective regions.
The plant-based segment is expected to account for the larger share of the bioadhesive market, by type, during the forecast period.
Plant-based adhesives are natural adhesives that are derived from organic sources, such as soy protein, starch (dextrin), and lignin. They are also referred to as green, renewable, sustainable, environmentally-friendly, and bio-based adhesives. Bioadhesives find a wide range of applications in varied industries, such as woodworking, packaging, and construction.
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The medical segment is estimated to be the fastest-growing application industry in the bioadhesives market during the forecast period.
The demand for healthcare products and services has greatly increased due to increasing population and awareness regarding benefits from bio-based products. For example, these adhesives are incorporated in healthcare product formulations to be used in drug delivery systems, which allow absorption of drugs to biological elements, for instance body tissues. Bioadhesives are compatible for use in biomedical applications, which involve skin or body tissue. Thus, the increasing use of bioadhesives in the medical segment is expected to drive the market over the next five years.
Bioadhesives market in APAC is expected to register the highest CAGR during the forecast period.
APAC is segmented as China, India, Japan, South Korea, Indonesia, Thailand, and Rest of APAC. The bioadhesive market in China is witnessing significant growth due to the increased export of biodegradable products to North America, Europe, and other developed countries where the level of awareness for sustainability among the consumers is high and demand exists for bioadhesives. Also, major regional companies have ramped up their production capacities of biodegradable adhesives, which is fueling the growth of bioadhesives manufacturing in China.
Major players operating in the global bioadhesive market include Henkel AG (Germany), DuPont de Nemours, Inc., (US), Ashland Global Holdings Inc. (US), EcoSynthetix (Canada), Arkema S.A. (France), DaniMer Scientific LLC (US), Tate & Lyle PLC (UK), L.D. Davis Industries, Inc., (US), and Ingredion Incorporated (US).
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