ALBANY, New York, October 12, 2018 /PRNewswire/ --
Despite being consolidated owing to a few large players together accounting for most of the market share, the global bioadhesive market is characterized by stiff competition. Nimble players are seen banking upon product development in their continued quest for greater customer base. This has resulted in the launch of more efficient products from varied sources every now and then.
A report on the global bioadhesive market by Transparency Market Research finds that it would rise at an impressive 12.90% CAGR between 2016 and 2024. Rising at such a pace, the market which was valued at US$251.6 mn in 2015, would likely become worth US$736.0 mn by 2024-end.
Depending upon source, the global bioadhesive market is classified into animal-based bioadhesives and plant-based bioadhesives. Between the two, the segment of animal-based bioadhesives accounts for an outsize share in the market. In 2015, its share was almost 80.0%. Going forward, the segment is expected to retain its leading share due to the surging usage of the adhesives in the healthcare and medical industries for specialty applications such as wound closures and open surgeries. From a geographical standpoint, the Europe bioadhesive market accounts for a dominant share because of the construction industry picking up pace in the region. The flourishing wood works, packaging, and furniture industries too are stoking the bioadhesive market in the region.
Thrust on Green Adhesives Bodes Well for Global Bioadhesive Market
Bioadhesives are polymers that have high molecular weight besides being biocompatible and biodegradable. They find usage in joining two surfaces. Given their eco-friendly nature and the strict rules against petroleum-based or any other toxic synthetic products, their demand is receiving a solid boost. The lead analyst of our report adds, "Governments across the world are seen regulating chemical industries in order to lessen usage of fossil fuels. This in turn is upping demand in the global bioadhesive market since the products are biodegradable."
Thrust on Innovating Better Products to Support Market Growth Pace in Near Term
The global bioadhesive market is benefitting from the research and development initiatives of manufacturers and independent group of researchers too. This has led to the proliferation of newer products derived from different sources. Most of the research activities are directed at creating more effective products since weaker properties of certain bioadhesives are thwarting their demand. Another factor working in favor of the global bioadhesive market is the ample availability of raw materials such as corn, starch, and soy.
Healthcare Applications Provide Major Boost to Bioadhesive Market
A range of applications in end use industries of healthcare, personal care, construction, packaging, and wood works and furniture are also benefitting the global bioadhesives market. Among those, healthcare is a major driver of demand. Explains our lead analyst further, "Bioadhesives are increasingly used as replacement for surgical sutures and second as a substitute for traditional drug dosage systems. Nevertheless there are questions being raised about their effects on tissues and other internal body parts. This has led to further intensive research of more useful products." The paper and packaging industry too is driving substantial demand.
The review is based on the findings of a TMR report, titled, "Bioadhesive Market (Source - Plant-based and Animal-based; End User - Paper and Packaging, Construction, Wood Works and Furniture, Medical, and Personal Care) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
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