Bioadhesives Market to be Dominated by Medical Segment Through 2028
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
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. Increasing demand from the automobile and textile sector is the
primary factor driving the market's 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 bio adhesive market's growth. Besides
these, 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 to 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 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
cost 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 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.
Due to 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,
strategic location that is connected to different developed and developing
continent to transport the product are also propelling the demand of bioadhesives
market.
Major
companies operating in 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 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 global bioadhesives market.
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