Surge in regulations & policies against the usage of petrochemical-based adhesives and advancements in biotechnology fuel the growth of the global bioadhesives market.
PORTLAND, Ore., June 7, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Bioadhesives Market by Type (Plant Based and Animal Based) and Application (Paper & Packaging, Construction, Woodworking, Personal Care, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028." According to the report published by Allied Market Research, the global bioadhesives market generated $3.7 billion in 2020, and is estimated to reach $5.2 billion by 2028, witnessing a CAGR of 4.4% from 2021 to 2028.
Key determinants of the market-
Surge in regulations & policies against the usage of petrochemical-based adhesives and advancements in biotechnology fuel the growth of the global bioadhesives market. On the other hand, availability of substitutes impedes the market growth. Moreover, increase in demand for eco-friendly products offer lucrative opportunities in the coming years.
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Covid-19 Scenario:
- Challenges such as suspension in manufacturing operations, demand-supply gap, shortage of raw materials, and price volatility occurred owing to the lockdown imposed during the Covid-19 outbreak.
- The demand from application sectors such as paper & packaging, construction, woodworking, personal care, and others minimized significantly due to stoppage of daily activities with lockdown restrictions. Nevertheless, the demand is expected to increase steadily during the post-lockdown.
The plant-based segment to lead the trail throughout the forecast period-
Based on type, the plant-based segment contributed to the largest market share, holding nearly 88% of the total market share in 2019, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the rise in demand for ecologically friendly products. However, the animal-based segment is expected to witness the fastest CAGR of 4.5% from 2021 to 2028. Increased usage in the medical industry for specialty applications, such as wound closure and open surgeries, drives the demand for animal-based bioadhesives.
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The paper & packaging segment to dominate throughout the forecast period-
Based on application, the paper & packaging segment accounted for the highest market share in 2019, contributing to nearly two-fifths of the global bioadhesives market, and is projected to maintain its lead position during the forecast period. This is attributed to the growing need for flexible packaging and corrugated boxes from the food and beverages industries and retail. However, the medical segment is estimated to manifest the highest CAGR of 4.7% from 2021 to 2028. High demand from end users, environmental legislation focusing on renewable or bio-based products, and increased fluctuation in petro-chemical feedstock prices fuel the adoption of bioadhesives.
Europe to held highest market share by 2027, North America to grow at a significant pace-
Based on region, Europe held the highest market share in 2019, accounting for nearly half of the total share, and is projected to maintain its dominance in terms of revenue by 2028. This is due to the increasing number of bioadhesives production plants across the region. However, Asia-Pacific is expected to portray the largest CAGR of 4.6% during the forecast period. Bioadhesives are becoming more popular in industries such as paper & packaging, construction, and wood. Which drives the growth in this region. Moreover, the North America is expected to register the CAGR of 4.1% by 2027.
Leading players in the market
- Adhesives Research, Inc.
- Ashland Global Holdings Inc.
- Arkema
- Camurus
- Beardow Adams
- Henkel AG
- DuPont de Nemours, Inc.
- Paramelt BV
- Jowat SE
- U.S. Adhesives.
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