Bioadhesive market is estimated to grow at a CAGR of 12.90% over the forecast period to reach US$3.271 billion by 2022, increasing from US$1.580 billion in 2016. Global bioadhesive market is primarily driven by the fluctuating crude oil prices over the world, as the raw material required for the manufacturing of synthetic adhesives is declining, which is thereby increasing the need for alternatives, i.e., bioadhesives over the forecast period. The increasing applications from healthcare, construction, packaging, and consumer goods are estimated to increase continuously over the forecast period. Also, growing bioadhesive usage in healthcare, and packaging industry will contribute to the bioadhesives market growth over the forecast period.
BIOADHESIVES MARKET, BY SOURCE
The global bioadhesives market was valued US$1.580 billion in 2016. Plant based and Animal based are two key source types. Plant-based adhesives are estimated to grow at a higher CAGR and will hold the larger market share over animal based adhesives over the next six years. The mounting environmental concerns are majorly driving the plant based adhesives market growth over the period.
BIOADHESIVES MARKET, BY INDUSTRY VERTICAL
Packaging, Construction, Healthcare, Consumer Goods, and some other industries are the primary users of bioadhesives. The packaging industry will account for bulk of the market share in 2016, and will continue to dominate during the forecasted period. The developing sustainable packaging applications for food, pharmaceutical, and other verticals, coupled with the sustainability initiatives towards reducing Volatile Organic Compound (VOC) emissions are boosting the need for bio-based materials.
BIOADHESIVES MARKET, BY GEOGRAPHY
The global bioadhesive market is segmented by geography as Americas, Europe Middle East and Africa, and Asia Pacific. Due to the growing environmental concerns, and increasing range of applications in various industry verticals, the Europe Middle East and Africa region is estimated to have the highest market size in 2016, and will continue to be the major market for these solutions over the forecast period.
Key industry players profiled as part of the report are:
DaniMer Scientific LLC
Dow Chemical Company