San Francisco, California, May 27, 2015 (GLOBE NEWSWIRE) -- The global bioadhesives market is expected to reach USD 2,549.2 million by 2022, according to a new study by Grand View Research, Inc. Volatile prices of synthetic adhesives on account of fluctuation in raw material prices is expected to remain a key driving factor for global bioadhesives market. Government support to promote the use of natural, environmental friendly products particularly in North America and Europe is also expected to have a positive influence on the market growth. Growth of key end-use industries such as packaging, construction and automotive particularly in emerging markets of Asia Pacific is also expected to impact the demand positively. Low shelf life of bioadhesives compared to synthetic adhesives is expected to remain a key challenge for market participants.
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Plants were the largest source for bioadhesives and accounted for over 87.0% of the total market volume in 2014. Promising plant based adhesives such as starch, soy and corn find wide application across various end-use industries and are expected to provide lucrative opportunities to industry participants and augment global market growth. Animal based adhesives are expected to witness steady growth of 13.2% from 2015 to 2022.
Further key findings from the study suggest:
- Global bioadhesives market demand was 784.0 kilo tons in 2014 and is expected to reach 2,046.8 kilo tons by 2022, growing at a CAGR of 13.0% from 2015 to 2022.
- Packaging & paper was the leading application segment and accounted for 37.2% of total market volume in 2014. Growing demand for natural products for packaging particularly from food & beverages industry is expected to drive this segment over the forecast period. Medical is expected to witness the highest growth of 13.8% from 2015 to 2022. Increasing application base of bioadhesives in medical industry such as surgical bioadhesives, wound care dressing and transdermal drug delivery systems is expected to drive this segment.
- Europe emerged as the largest regional market and accounted for 43.2% of total consumption in 2014. Germany emerged as the leading bioadhesives consumer in Europe. Government support in the form of cash grant up to 50% for bioadhesive manufacturers coupled with emission reduction norms in wood industry is expected to drive the regional growth over the forecast period. Asia Pacific bioadhesives market is expected to exceed USD 500 million by 2022.
- Global bioadhesives market is moderately consolidated with presence of large scale and small scale companies. Some of the major companies operating in the global market include Henkel AG & Co., Ashland, Arkema SA, Ecosynthetix Inc., 3M Company, Danimer Scientific LLC, Cryolife Inc., Yparex B.V., Dow Chemical Company, Adhesives Research Inc., Paramelt, Adhbio and Bioadhesive Alliance Inc.
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For the purpose of this study, Grand View Research has segmented the bioadhesives market on the basis of source, application and region:
Global Bioadhesives Source Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Plant based
- Animal based
Global Bioadhesives Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Packaging & paper
- Personal Care
Global Bioadhesives Regional Outlook (Volume Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research