Bioadhesive Market: Growth to Sky Out as Construction Industry Increasingly Requires Bioadhesives By 2024

The global market for bioadhesives is consolidated with a handful of players holding the major share in the market. Cryolofe, SCION, and Ecosynthetix Inc. emerged as the top three companies, representing a massive share of almost 70% in the global bioadhesives market in 2015, finds Transparency Market Research (TMR). Most of the leading manufacturers of bioadhesives are toiling to amplify their production capacities, develop new products, and to penetrate into unexplored regional markets.

Entry of new market players is encouraged by the vast growth opportunities presented by untapped geographical regions, particularly in Asia Pacific and the Middle East and Africa (MEA) regions. However, the new entrants might have to overcome the challenge pertaining to strong brand images of leading vendors via launches of innovative products. According to the findings of TMR, in 2015, the global bioadhesive market was pegged at USS251.6 mn in terms of revenue. By the end of 2024, the market will attain a revenue worth US$736 mn, growing at a favorable CAGR of 12.9% between 2016 and 2024, states TMR. The paper and packaging segment held a significant share of 30% in the global market for bioadhesives in 2015. By region, Europe accounted for a whopping 40% of the global market during 2015.

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Europe, North America All Set for Further Expansion

The bioadhesive market in North America is slated for maximum growth, driven by the strict adherence to eco-friendly regulatory policies. As more innovative products are developed by several firms to expand their product portfolios, the market is gaining momentum rapidly. The presence of prominent market players such as Dow Chemical Company, 3M Company, DaniMer Scientific, LLC, Adhesives Research and Ashland Inc. might also aid North America to have an edge over other regional markets. Presently, Europe has been dominating the regional scenario. It might continue to do so as the Netherlands, the U.S., the U.K., and Germany are likely to hold a major share of the global market.

Greater Demand from Paper and Packaging Industry to Encourage Growth

The rising number of stringent regulatory policies aimed at limiting the deployment of petroleum-based products is one of the major growth drivers of the global market for bioadhesives. The growing environmental concerns have led to the development of bio-based, eco-friendly adhesives, thereby promoting the expansion of the global bioadhesives market. The usage of bioadhesives has also been escalating on account of technological advancements via research and development activities. Moreover, as new players are expected to enter the market, it might grow further as the consolidated nature of the market weakens.

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A number of end-use industries such as personal care, medical, paper and packaging, construction, and wood works and furniture have been increasingly demanding these products across the globe. The paper and packaging industry in particular is exhibiting high demand, thus emerging as the leading segment by end user. All this has stoked growth in the global market for bioadhesives.

On the other hand, as some types of bio-based bioadhesives exhibit relatively weaker adhesion properties, the growth of the market might slow down. However, with the extensive growth of the construction industry in Asia Pacific, more amount of bioadhesives will be needed in wall laminations and roofing, negating the impact of this restraint.

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