Bioadhesives Market Expected To Reach $5.2 Billion by 2028

According to a new published report by Allied Market Research titled, “Bioadhesives Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028,” 

The global bioadhesives market size was valued at $3.7 billion in 2020, and is projected to reach $5.2 billion by 2028, growing at a CAGR of 4.4% from 2021 to 2028.

Bioadhesives are natural polymeric materials that are used as adhesives (a substance that is added to the surfaces of materials to tie them together and prevent separation) between two different materials. Bioadhesive is a term that refers to a glue that is used to tie two materials together and prevent separation. 

Over the forecast period, rising demand from the frozen food packaging sector is expected to boost the bioadhesives market growth. Bioadhesives are also increasingly being used in the medical industry for procedures such as surgeries, wound care dressings, transdermal drug delivery, and skin-bonded tracking systems. For market participants, lack of qualified personnel for the production of improved goods is expected to be an obstacle. On the other hand, companies, such as Dow and Henkel, are investing heavily in creating adhesives that are 100% renewable. This is anticipated to create immense opportunities for market participants over the forecast period.

With sales share of 87.1% in 2020, plant-based adhesives dominated the market. Attributed to the abundance of raw materials and low prices, starch, soy, corn, and maize-based adhesives are gaining popularity. Plant-based product variants are expected to be in high demand as customer preference for bio-based products grows.

Based on application, the medical segment is expected to exhibit the fastest CAGR of 4.7% over the forecast period. The product demand in the medical industry is driven by increasing usage in applications such as wound care dressings, transdermal drug delivery, surgeries, and skin-bonded monitoring devices. 

In terms of volume and value, the Europe region dominates the bioadhesives market, which is expected to grow at a CAGR of 4.3% through 2022. Growing construction and remodeling activities in the region are expected to fuel the product demand. Factors, such as massive population, rising healthcare awareness regarding diseases and wound infections, and increasing per capita income, are also estimated to be major growth drivers for the market. 

The global bioadhesives market is consolidated in nature with a few players, such as Adhesives Research, Inc., Arkema, Ashland Global Holdings Inc., Beardow Adams, Camurus, DuPont de Nemours, Inc., Henkel AG, Jowat SE, Paramelt BV, and U.S. Adhesives, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

Key Findings Of The Study

• On the basis of type, the plant based segment emerged as the global leader by acquiring more than 87.1% of the bioadhesives market share in 2020, and is anticipated to continue this trend during the forecast period.
• On the basis of application, the paper & packaging segment accounted for 37.2% of the global market share in FY2020.
• On the basis of region, Europe is the major consumer of bioadhesives among other regions. It accounted for around 47.0% of the global market share in 2020.

Impact Of Covid-19 On The Global Bioadhesives Market

• COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11th, 2020.  
• Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway. 
• Bioadhesive is primarily used in paper & packaging, construction, woodworking, personal care, and medical. Furthermore, due to the impact of national lockdown, these sectors were experiencing slight decline in the growth rate.
• In many countries, the economy dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown. 
• The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the chemical industry during the COVID-19 pandemic.
• According to economists, the Chinese economy is anticipated to be hit further by reduced global demand for its products due to the effect of the pandemic. As the coronavirus pandemic escalates, the growth rate falls sharply against the backdrop of volatile markets and growing credit stress.
• The economy of China has been hit far harder than projected, although a tentative stabilization has begun. In European countries and the U.S., increasing restrictions on travel & transportation and prolonged lockdown have reduced the product demand during the first quarter of 2020. However, the market is expected to recover by the end of 2021.