Bioadhesive Market Growth, Trend, Price, Demand and Forecasts To 2024 Global Bioadhesive Market

Global Bioadhesive Market: Renewed Focus on Environment-
friendly Adhesives across End-use Industries Broadens Growth
Prospects, says TMR
The global bioadhesive market features a highly consolidated competitive landscape, with the top three
manufacturers, namely Ecosynthetix Inc., Cryolife, and SCION accounting for nearly 70% of the total market
and Ecosynthetix leading the market by a large margin, observes a recent report by Transparency Market
Research. Expansion of existing production sites, exploring new regions, and development of new products
with highly competent adhesion properties are some of the key strategies opted by these manufacturers in
the market.
With vast scope for future growth and several untapped growth opportunities, the market is highly conducive
for new entrants, especially in developing markets. The challenge of strong brand image of key vendors
can be eased by introduction of innovative product varieties for niche applications, such as the EcoSphere
grade of bioadhesives introduced for use in inkjet paper coatings by EcoSynthetix Inc.
TMR estimates that the global bioadhesive market will exhibit a promising 12.9% CAGR over the period
between 2016 and 2024. In terms of revenue, the market was valued at US$251.6 mn in 2015 and is
projected to reach US$736 mn by 2024.
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Animal-based Bioadhesives to Constitute Bulk of Sales
In terms of source of raw material, the segment of animal-based bioadhesive, accounting for nearly 80% of
the market in 2015, is projected to be a highly attractive segment of the global bioadhesive market during
the forecast period as well. Increased usage in the medical industry for specialty applications such as
wound closures and open surgeries is expected to keep the demand for animal-based bioadhesives high
in the near future. Geographically, the Europe market is the leading consumer of bioadhesives, accounting
for over 40% of the market in 2015.
Aversion to Environmentally Harmful and Expensive Synthetic Adhesives Key to Market Growth
Demand for bioadhesives is primarily increasing due to their eco-friendly properties and a significant rise in
awareness regarding the harsh impact of synthetic adhesives on the environmental as well as the health
of living organisms. Increasingly strict government regulations such as the REACH (Registration, Evaluation
and Authorization of Chemicals) are continuously spreading awareness regarding the ways to minimize the
use of petroleum-derived products and formaldehydes across industries.