Growing awareness & concern about the environment and favorable government policies are factors driving the demand for the global bioadhesives market in the forecast period 2024-2028. According to the TechSci Research report, “Global Bioadhesives Market – By Region, Competition, Forecast and Opportunities, 2018-2028F”, the global bioadhesives market is projected to grow at an impressive rate in the forecast period 2024-2028.
The Important Elements of the Global Bioadhesives Market
Increasing demand from the automobile and textile sector is the primary factor driving the market growth of the bioadhesives market. As the synthetic adhesive is made from a petroleum product, fluctuation of the crude oil is now diverting the user to the use of substitute products due to adverse trends and positively impacting the bioadhesive market’s growth. Besides these, the Bioadhesives market is expected to increase due to the increasing demand from paper & packaging, construction, woodworking, personal care, medical, and other industries.
Furthermore, growing awareness among the population regarding sustainability and environmental protection has led to an increase in demand for bioadhesives. This has made governments and different agencies across the globe take initiatives to boost the demand for biobased products. For instance, US Environmental Protection Agency (EPA) and Food and Drug Administration (FDA) give preference to biobased contents in adhesives, thereby creating new prospects for the growth of the bioadhesives market in the coming years.
High competition from alternate materials and scarcity of labor is the primary factor to obstruct the growth of the bioadhesives market. Synthetic adhesives have lower costs and better properties than bioadhesives available in the market, thereby restraining the growth of bioadhesives market. Thus, it has limitations in terms of performance on different end-user applications. Apart from this, the lack of skilled resources is the crucial factor that hinders the growth of the market.
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The global bioadhesives market is segmented based on source type and application. Based on the application type, the market is divided into paper & packaging, construction, woodworking, personal care, medical, and others. As per estimates, the medical segment will experience the highest market share during the forecast period. Bioadhesives are the new trend in the medical sector. They are highly in demand, especially in minimally invasive surgical procedures. Bioadhesive tape replacements are widely used in surgical sutures. This in turn is expected to support the growth of the bioadhesives market worldwide during the forecast period.
Based on the region, the market is divided into North America, Asia Pacific, Europe & CIS, South America, and Middle East & Africa. The Asia Pacific region is dominating the market and is expected to maintain its dominance over the next five years. Favorable government policy, availability of skilled resources, rising manufacturing expertise, low-cost workforce availability, and growing innovation capabilities are the factors propelling the market demand. All these factors help to flourish paper & packaging, construction, woodworking, personal care, medical, and other industries in the region. Apart from these, a strategic location that is connected to the different developed and developing continents to transport the product is also propelling the demand of the bioadhesives market.
Major companies operating in the global Bioadhesives market are:
- Albemarle Corporation
- Altana AG
- BASF SE
- Cabot Corporation
- DIC Corporation
- DuPont de Nemours Inc.
- Ferro Corporation
- Huntsman Corporation
- Kemira Oyj
- Lanxess AG
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Globally, increasing demand for flock adhesives from end-user industries applications such as cosmetic applicators, industrial technology, home & household, paper industry, packaging, construction, textile printing, and flocking are expected to propel the demand for the bioadhesives market. Moreover, government initiatives and agreements such as lesser use of petroleum products, FTA (Free Trade Agreement) such as the Commonwealth of independent states, Eurasian economic union, and others are helping industrialists lower the cost of trading goods. Likewise, rising demand for advanced treatment in the medical sector, technological development, and marketers’ efforts to increase revenue are propelling the global market demand and creating favorable conditions to drive the global bioadhesives market growth till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Bioadhesives Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Source (Plant Based v/s Animal Based), By Application (Paper & Packaging, Construction, Woodworking, Personal Care, Medical, Others), By Region and Competition, has evaluated the future growth potential of global Bioadhesives market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global bioadhesives market.
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