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According to the new market research report “Bioadhesives Market by Type (Plant Based, Animal Based), Application (Paper & Packaging, Construction, Woodworking, Personal care, Medical), Region (APAC, North America, Europe, Middle East & Africa, South America) – Global Forecasts to 2024″, global bioadhesive market size is projected to reach USD 9.1 billion by 2024, at a CAGR of 10.0%, during the forecast period.
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The global bioadhesives market size is projected to grow from USD 5.6 billion in 2019 to USD 9.1 billion by 2024, at a CAGR of 10.0%, between 2019 and 2024. Bioadhesives are natural polymeric materials that act as adhesives. They are of high molecular weight, biocompatible, biodegradable polymers, with natural content as ingredients. They offer notable performances in bonding and have potential applications in industrial as well as commercial high-tech applications.
They can be derived directly from plant as well as animal sources. Animal-based adhesives are derived from organic sources, such as the casein (milk protein), collagen (gelatin), and hide-based animal glues (bovine & porcine hides). Plant-based adhesives are natural adhesives that are derived from organic sources, such as soy protein and starch (dextrin).
Based on type, the plant-based segment is estimated to account for the larger share during the forecast period. Biodegradable and biological plant-based renewable resources are being used as replacement for petro-based raw materials for manufacturing adhesives. The companies using bio-based ingredients are expected to come up with technological advancement in the future, to cater to the increasing demand for adhesives in various vertical industries. The increased demand from the end consumers and the environmental regulations for environmentally-friendly products is on rise, which is pushing the manufacturers to produce bio-based products. Paper & packaging, woodworking, personal care, and medical are the major applications of plant-based adhesives.
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The global bioadhesives market size is projected to grow from USD 5.6 billion in 2019 to USD 9.1 billion by 2024, at a CAGR of 10.0% between 2019 and 2024. The growing demand for the product in applications, such as paper & packaging, construction, woodworking, personal care, and medical coupled with their underlying growth is the key factor driving the bioadhesives industry growth.
Players including Henkel AG (Germany), Arkema S.A. (France), and DaniMer Scientific LLC (US) have adopted various strategies, such as investment & expansion and merger & acquisition between 2015 and 2019, to enhance their market shares and expand their global presence.
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Henkel (Germany) was the leading company within the global bioadhesives market in 2018. It has a diversified product portfolio with several investments in product innovation. Its customers can choose from a wide variety of bioadhesive products. It has a strong network for distributing and manufacturing adhesives with more than 185 production sites to meet the changing demands of the bioadhesives industry, worldwide. Henkel’s R&D activities are focused on reducing resource consumption and increasing or improving performance. Furthermore, the company is incorporating the use of digitized technologies in its R&D activities. These initiatives taken by Henkel are expected to prove beneficial for its growth over the next few years. The company also continuously focuses on its organic growth.
Arkema (Bostik SA) (France) is the manufacturer of specialty chemicals and advanced materials. It has a good width and depth for bioadhesives in its product offering. It has a strong customer base. But, the company has not made enough investments in terms of R&D. Bostik is the third-largest producer of adhesives in the world. In February 2015, it was acquired by Arkema. The acquisition was done with the intention to reinforce Arkema’s position in specialty chemicals and develop its High Performance Materials segment. It continuously focuses on its organic & inorganic growth for globalization and is trying to expand in Latin America, India, and Southeast Asia. The company invests in various programs to improve the quality of products, enhance the operational efficiency of its plants, and improve the levels of service to its customer base.
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