The BioAdhesives Market is expected to reach USD 16.07 billion by 2028, growing at a CAGR of 11.27% between 2021 and 2028. The market of bioadhesives is anticipated to have high growth driven by the government regulations and policies for controlling environmental pollution coupled with consumer awareness regarding biodegradable products.
- The plant-based segment is projected to grow at a CAGR of over 5.6% over the forecast period. The Biodegradable plant-based renewable resources are now being used as a replacement for the petro-based raw materials for manufacturing of adhesives is factor fuelling segmental growth.
- The medical segment held a market share of around 39% in 2020. The research and development in the medical industry have grown in the past few years and the awareness regarding the usage of adhesives in medical applications is anticipated to fuel the market demand.
- Asia Pacific is expected to expand at a CAGR of over 3.24% from 2021 to 2028. The policies that are being implemented by regulatory bodies in the region are witnessing a growth in the demand and production of bioadhesives.
Some of the major players in the Bio-Adhesives Market include DuPont de Nemours, Inc., Henkel AG & Company, Arkema (Bostik SA), Beardow Adams Group, Ashland Global Holdings Inc., Paramelt BV, Jowat SE, EcoSynthetix Inc., Ingredion Incorporated, and Tate & Lyle PLC, among others.
An increase in the environmental concerns, as well as several regulatory policies in various countries, are supporting and adopting biobased products in various applications. Additionally, manufacturers all over the globe are focusing on the bio-products to make sure safety and for avoiding health issues with other problems caused by VOC emissions from the petro-based or synthetic adhesives. The increasing awareness for sustainability and greener products coupled with the shift of consumer choice toward environment-friendly products are factors fuelling the market growth.
Europe is expected to record the higher CAGR driven by the presence of several players in the region. Europe and North America are highly regulated by environmental laws. The European market growth is driven by the demand from the countries like France, Germany, and the UK. Considering market players, like Paramelt B.V., Henkel Corporation, and Yparex B.V., are manufacturing different grades of adhesives with bio-contents. The increased demand for construction and packaging products in the region is another factor boosting the Bio-Adhesives Market growth.