Growing Application in Flexible Packaging Predicted to Boost the Global Bioadhesives Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research study released by Technavio, the global bioadhesives market is expected to grow at a CAGR of over 13% until 2020.
This research report titled ‘Global Bioadhesives Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. To calculate the market size, the report considers revenue generated from the sales of bioadhesives in the paper and packaging, construction, furniture and wood, personal care, medical, and other markets.
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“Stringent environmental regulations are being imposed on the use of synthetic chemical-based adhesives by regulatory bodies such as Commission for Central Corporation and Environmental Protection Agency. The potential use of bio-based adhesives in many industries are expected to boost the demand for these adhesives,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead analysts for chemicals and materials research.
“Water-based adhesives are non-flammable, environmentally friendly, easy to clean, and have high solid content, approximately 45%-55%. These adhesives are therefore, advantageous in terms of cost and performance, allowing more coverage per volume in application,” added Chandrakumar.
Global bioadhesives market by applications 2015
- Packaging and paper 34.15%
- Construction 24.84%
- Furniture and wood 15%
- Personal care 10.97%
- Medical 10.11%
- Others 4.93%
Source: Technavio research
Global bioadhesives market in packaging and paper segment: largest segment
In terms of revenue, the global bioadhesives market in the packaging and paper segment was valued at USD 360.8 million in 2015. Bioadhesives are used in many paper-bonding applications, including lamination of printed sheets, corrugated box construction, and packaging material used for consumer products. Some of the major paper and packaging applications of bioadhesives include the manufacture of bags, corrugated boards, carton side seams and closures, composite containers and tubes, disposables (non-woven), remoistenable products, specialty packaging, flexible packaging, labels, signs, decals, and film-film and film-foil laminates.
APAC is most likely to be the fastest-growing region in this market. This is attributable to the high economic growth and growing demand for these adhesives from the packaged food and beverages industry in the region. Infrastructural growth in APAC also bodes well for the market as it drives the packaging industry. The bioadhesives market in the packaging and paper segment is growing significantly during the forecast period.
Global bioadhesives market in construction segment: second largest market
In terms of revenue, the global bioadhesives market in construction segment was valued at USD 262.5 million in 2015. The global construction industry represents about 10% of the global GDP. The US was the largest construction market until 2010 and was later overtook by China. Factors such as increased urbanization, population growth, rise in disposable income, and need for infrastructure development (especially in the emerging economies) are likely to boost the construction market in the APAC, thereby driving the demand for bioadhesives during the forecast period.
Bioadhesives are used as a replacement to mechanical fastenings and synthetic adhesives in the construction segment. The regulatory ban on petrochemical-based adhesives is likely to provide growth prospects for the market.
Global bioadhesives market in furniture and wood segment: third largest segment
In terms of revenue, the global bioadhesives market in the furniture and wood segment was valued at USD 158.5 million in 2015.
Bioadhesives find extensive applications in flooring and plywood, subcomponents, windows and doors, cabinets, and others furnishings. The plywood sector accounts for a significant market share and is the primary user of adhesives and sealants in the segment. It is followed by the subcomponents and windows and doors sectors.
Bioadhesives have a lower environmental footprint and are more acceptable than their traditional formaldehyde-based counterparts. Researchers are developing bio-based adhesives using resins extracted from the barks of various coniferous trees that have a lower environmental impact over traditional resins. Due to low cost and abundance of resources for the synthesis of these adhesives, the market will likely witness high potential to replace petrochemicals and synthetic adhesives in many applications during the forecast period.
Browse related reports:
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- Global Adhesives and Sealants Market 2016-2020
- Flexible Packaging Adhesives Technology Market in China 2015-2019
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