Bioadhesives Market Analysis, Growth, Trends and Forecasts to 2024by Susan Hill Business Consultant
The global Bioadhesives Market exceeded 750 kilo tons in 2015. The capacity is estimated to increase from 2 million tons in 2023 to almost 2.5 million tons by 2024. Demand for bio-based eco-friendly products is anticipated to drive the market during the forecast period (2016-2024). Greater awareness about the adverse effects of synthetic materials can propel market growth. Additionally, bio-based origin and low manufacturing costs should execute a primary role in industry growth.
The use of bioadhesives in flexible packaging could boost demand for the product. Moreover, robust demand from chemical and healthcare applications may impel market growth. Most governments worldwide are regulating chemical industries in an attempt to reduce the use of fossil fuels. This could substantially increase the demand for bioadhesives. Environmental regulations that promote the use of biodegradable products could positively impact the market.
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The global bioadhesives market is fragmented into sources, applications, and regions. Sources are split into animal base and plant base. Starches and gelatin are the key ingredients that are used in these bonding agents. In 2014, plant based adhesives dominated with more than 85% of the total market volumes. Availability of raw materials, like soy, corn, and starch at low prices is projected to increase the production of these glues during the forecast period.
Animal based adhesives could expand at a CAGR of over 13% till 2024. These glues are derived from animal bones, hides & hooves and are commonly used in wood work. However, the low shelf-life of such adhesives can hinder the growth of the bioadhesives industry.
On the basis of applications, the industry is divided into personal care, medical, packaging & paper, construction, and wood, among others. Packaging & paper led the application segment in 2014, with the highest share (in terms of volume) of over 37%. Application of bioadhesives in food & beverages packaging will drive this segment till 2024. Bioadhesives are mostly used in industries, such as printed sheets lamination, cigarettes & filters, specialty packaging, and flexible packaging. These adhesives should necessarily exhibit high elasticity, durability, and eco-friendliness. Also, they need to be renewable, biodegradable, and safe enough to be used in food packaging.
Construction was the second largest application in 2014 and is likely to exhibit considerable growth till 2024. This application uses bioadhesives for wall lamination and residential roofing. Medical applications held nearly 10% shares in 2014. They would grow at over 13% CAGR during the forecast period. The adhesive is used extensively in applications, such as transdermal drug delivery, dressing wounds, skin-bonded monitoring devices, and surgeries. These natural adhesives possess biocompatible properties that make them ideal for uses involving skin and body tissues.
Regions are segmented into Europe, North America, Central & South America (CSA), and the Middle East & Africa (MEA). Europe accounted for the highest market demand in 2014 and will continue to dominate the market till 2024. Strict governmental regulations about the use of bio-based ingredients will play a significant role in driving demand.
North America held the second highest share after Europe, in the global market in 2014. The region’s favorable performance can be attributed to the growth of packaging & paper and construction industries. Also, awareness about and demand for environment friendly, natural, and bio-safe products can increase the demand for bioadhesives.
The global bioadhesives market is highly competitive one. Its leading manufacturers are Ecosynthetix Incorporated, SCION, and Cryolife Incorporated. Together they account for around 70% of the total market shares. Ecosynthetix dominates the market with a large margin.
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Created on Nov 17th 2017 07:17. Viewed 295 times.