Cmpetitive owing to presence of strong players in the market. The key players in the market are focusing to product improvement offering high efficiency products. The global bioadhesive market is consolidated and characterized by presence of large and small scale manufacturers. Some of the leading players operating in the global bioadhesive market are Adhesives Research Inc., SCION, 3M Co., Bioadhesive Alliance Inc., Adhbio, Ecosynthetix Inc., Cryolife Inc., Ashland, Meredian Holdings Group Inc., and Henkel Corp.
Transparency Market Research (TMR), the global bioadhesive market registered at US$251.6 mn in 2015 which is expected to rise with a CAGR of 12.90% over the period from 2016 to 2024 and is projected to attain value of US$736.0 mn by the end of 2024. In 2015, the European market accounted for 35% of the global market owing to increase in construction activities. With a share of 30%, the paper and packaging industry is the leading consumer of a bioadhesives from past few years. For the coming years, the industry is expected to continue its dominance being the key end user of bioadhesives.
tringent Regulations to Uptake Bioadhesives in Numerous Industries
Rising implementation of stringent regulations have restricted the use of petroleum-based fuel products and encouraged usage of eco-friendly, bio-based adhesives. This is key factor fuelling demand for bioadhesives and driving growth of the global bioadhesives market. Additionally, technological advancements due to consistent research and development activities is resulting in the surge in adoption of variety of bioadhesives globally.
However, weaker properties of some of the bioadhesives are crimping growth of the global bioadhesives market. Furthermore, incompatibility between demand and supply is another factor hampering growth of the global bioadhesives market. Nevertheless, high adoption of animal based bioadhesives are creating lucrative opportunities in the global bioadhesives market.
High Adoption from Numerous End-Use Industries to Fuel Market Growth
Growing awareness about sustainable packaging material mainly based on biological sources due to exhausting conventional resources is expected to favor growth. It is extensively used in numerous sustainable packaging applications including printed sheet laminations, cigarettes & filters, specialty and flexible packaging. High adoption from food and beverages industry mainly for packaging of frozen food is boosting growth of the bioadhesives market.
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Robust availability of raw materials including corn, soy, and starch is expected to favor green adhesive market growth in order to save environment. They are likely to maintain steady market pricing owing to consistent supply of plant and animal based raw materials. The aforementioned factors are boosting adoption as well as creating lucrative opportunity for players and new entrants in the market.