The global bioadhesive market size is projected to grow from USD 6.0 billion in 2020 to USD 9.7 billion by 2025, at a CAGR of 10.0%, during the forecast period. The bioadhesive applications are significantly penetrating the end-use industry markets. They have different characteristics as per their manufacturing and application requirements in the end products. The North American region is expected to dominate the global bioadhesive market with its growing demand in different application segments, especially packaging & paper and construction. APAC is a potential market and is projected to grow at the highest CAGR in the next five years, with the application industries expected to boost the overall business requirements in respective regions.
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The growth of the global bioadhesives market is driven by many factors, such as increasing awareness about sustainability and greener products and shift in consumer preferences toward environmentally-friendly products. The global chemical market is investing in the production of innovative bio-based chemicals and pushing manufacturers to create VOC-free products. Thus, the current market need provides ample scope for the growth of environmentally-friendly products in the global chemicals and materials market.
There is also growing demand for environmentally-friendly or green buildings, which provides an opportunity for the development of green and sustainable adhesive solutions. Green adhesive solutions are made from bio-based, renewable, recycled, remanufactured, or biodegradable materials; they are environmentally friendly and provide health benefits to the occupants.
APAC is one of the most promising markets for bioadhesives since there are fewer rules and guidelines laid down by environmental regulators and governments regarding the use of petrochemical-based adhesives. If stringent policies are implemented by regulatory bodies, the region is expected to witness a boom in the production and demand for bioadhesives. Stringent impositions of government regulations to control VOC emissions are yet to be witnessed in most APAC countries.
As compared to North America and Europe, there are very few adhesive companies producing bioadhesives in APAC. The availability of cheap raw materials and labor, along with significant domestic demand, makes this market the most attractive for industry participants. Henkel Corporation (Germany) imports bio-based products to improve biotechnology and cater to the demand for bio-products in APAC. As global companies are demanding bio-based products, global suppliers are offering bioadhesives to these end users to meet the demand in this region.
Bioadhesives are increasingly demanded in applications, such as paper & packaging, construction, and wood, in APAC. In this region, bioadhesives are mainly imported from European and North American countries. Bioadhesives are fulfilling the demand for biocompatibility, biodegradability, and adhesion in various end-use applications. Also, they are gaining government support because of increasing environmental concerns regarding the use of synthetic adhesives and VOC emissions.
APAC has recently witnessed an increase in the demand for chemicals due to large-scale investment in the manufacturing sectors. It is witnessing an increased demand for luxury and better-quality products due to an increase in the purchasing power of consumers. This leads to an increase in the demand for bioadhesives in this market.
The key players in the bioadhesives market are Henkel AG & Company, KGaA (Germany), DuPont de Nemours, Inc., (US), Arkema (Bostik SA) (France), Ashland Global Holdings Inc. (US), Beardow Adams Group (England), Paramelt BV (Netherlands), Jowat SE (Germany), Ingredion Incorporated (US), EcoSynthetix Inc. (Canada), and Tate & Lyle PLC (UK).
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