The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Bioadhesives Market.
It was estimated prior to this unanticipated outbreak that the Bioadhesives Market was expected to grow at a CAGR of 10.00% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Bioadhesives are natural polymers, which render adhesion between two sperate materials. Protein and carbohydrate are the major substances used to make bioadhesives.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as plant-based adhesives and animal-based adhesives. Plant-based adhesives dominated the market in 2019, and the segment is estimated to lead the market during the forecast period. Starch, soy, corn, and maize-based adhesives are gaining traction owing to abundant raw material availability and low prices. In addition, increasing awareness along with consumer preference for bio-based products is likely to drive the market for plant-based adhesives during the forecast period.
Based on the application type, the market is segmented as paper & packaging, construction, woodworking, personal care, medical, and others. The paper & packaging segment led market in 2019, and is expected to maintain its dominance during the forecast period as well. The growth of the segment can be attributed to the use of paper in a wide array of applications, such as printed sheets, lamination, cigarettes and filters, flexible packaging, and specialty packaging. In addition, the growing paper & packaging industry in the emerging markets, such as Asia-Pacific and Latin America is expected to stir the growth of the segment over the forecast period.
In terms of regions, Europe is estimated to dominate the global bioadhesives market during the forecast period. This growth is owing to stringent government regulations regarding synthetic adhesives and rapid technological advancements associated with the usage of bio-based materials. North America was the second-largest consumer of bioadhesives, driven by the increasing initiatives by the environmental activists, such as Environment Protection Agency (EPA) and the Commission for Environmental Cooperation (CEC). Asia-Pacific, with China and India being the major growth engines, is also expected to offer promising growth opportunities during the forecast period.
Some of the major players in the bioadhesives market are-