Market Research Of Global Bioadhesive Market By Knowledge Sourcing Intelligence
INTRODUCTION
Bioadhesive the market is estimated to grow at a CAGR of 12.9% over the forecast period to
reach US$3.271 billion by the end of 2022. The continuous rise in demand for
the bioadhesives is attributed to the growth in applications across
various industry verticals. The fluctuating price of crude
oil, coupled with the growing demand for
environmentally-friendly products is boosting the demand for these
adhesives over the forecast period.
Due to the growing environmental
concerns, and increasing applications in the healthcare
industry, major players such as 3M, Henkel, and Dow among others have
started focusing on expanding and catering to various end-user segments,
thereby further boosting the growth of this market. However, the intense
competition from synthetic adhesives coupled with the shorter shelf
life is hampering the market growth over the forecast period. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample view of global bioadhesive
market share
FLUCTUATING RAW MATERIAL PRICES OF
SYNTHETIC ADHESIVES
The
manufacturers of synthetic adhesives are facing serious threats by the
fluctuating crude oil prices from the past few years. The raw materials
required for the synthetic adhesives are the products coming from the
downstream crude processing companies. Due to the fluctuating and low prices of
the crude oil from the past years, the upstream crude processing companies are
supplying small volumes to downstream companies. This decline in
the provision of products is due to the higher processing costs by the upstream companies
and the low crude prices. This supply is affecting the synthetic adhesive
manufacturers by low supply and higher prices of raw materials from the past
few years. The raw materials for the bio-based adhesives are majorly starch, soy,
and protein-based. The world is witnessing a steady price of these products and
giving a significant push to the growth of the bioadhesives market in the forecast
period.
Per the U.S.
Energy Information Administration, the production of crude oil has increased
from 1.99 billion barrels in 2010 to 3.43 billion barrels in 2015 growing at a
healthy CAGR of 11.45%. In addition to this, the prices of crude were
fluctuating in between US$ 79.48 per barrel in 2010 and US$ 48.66 per barrel in
2015. The crude oil prices have consistently decreased in the past
years and expected to show the same prices for the next five years
clearing the way for the growth of bioadhesives in the coming years.
BIOADHESIVE MARKET FORECAST BY
INDUSTRY VERTICAL (US$ BILLION)
The bioadhesive
market has been segmented by the industry vertical as Packaging,
Construction, Healthcare, Consumer Goods and Others. The market share of each
end-user is depicted in the following pie chart:
Sample view of global bioadhesive
market share by industry vertical
Packaging the industry held the largest market share in 2016 and will
continue to remain the major industrial application for
bioadhesives throughout the forecast period. The growth is attributed
to the stringent environmental regulations and policies and growing
concern for the eco-friendly products increasing demand for plant-based and
animal-based adhesives for various applications.
BIOADHESIVE MARKET FORECAST BY GEOGRAPHY
(US$ BILLION)
Geographically, global bioadhesive market has been segmented into the Americas (North
America and South America), Europe Middle East & Africa (Europe, and Middle
East and Africa) and the Asia Pacific. These regions are further
segmented into countries which are key bioadhesive markets. The pie the chart shows the regional market share for the year 2016:
Sample view of global bioadhesive
market share by geography
Americas
accounted for over XX% of global market share in 2016 owing to the presence of
major players in this region. Moreover, the early adoption of new technologies of
bioadhesives in the healthcare industry like “Bioadhesives in drug
delivery systems” in developed countries like the United States and Canada
is boosting the bioadhesive market growth. Asia-Pacific region is
estimated to witness a higher CAGR of XX%, during the forecast period.
NORTH AMERICA
North
America global bioadhesive market is projected to grow at a CAGR of XX% during
the forecast period, increasing from US$XX billion in 2017 to US$XX billion in
2022. Growing demand for products with fewer VOC emissions is driving
the demand for bioadhesives in the region. Presence of
major players in this region coupled with high investment in research and the development towards various biomedical
applications are also complementing the bioadhesives market
growth in this region.
The
growth is also attributed to tightening environmental regulations on
Volatile Organic Compound (VOC) emissions such as organizations operated
by RACT – Reasonably Available Control Technology in the United States. Growing
applications of these adhesives across various industry verticals such
as the healthcare industry is also leading the increasing demand for
bioadhesives over the next six years.
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