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.
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.
Moreover, the global demand for bioadhesives is also significantly rising as bioadhesives are cheaper than synthetic adhesives due to the low cost and easy availability of raw materials for the former. Dependence on the highly dynamic petroleum industry for sourcing raw materials lead to fluctuations in the cost of synthetic adhesives. As a result, several industries are focusing on the increased usage of bio-derived products, which is expected to drive the bioadhesive market in the near future.
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