TAGS: Natural-based Adhesives
Research and Markets (RM) anticipates that the global bioadhesives 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%, between 2020 and 2025 forecast period. The demand for bioadhesives, especially for green products, is increasing due to their use across varied applications in various vertical industry segments.
The rising need for improved performance, durability, and ease-of-use of eco-products are the key factors contributing to the growth of the bioadhesives industry. The market demand is led by regions, including Europe and North America.
Increasing Demand from End-use Industries
The increasing demand from end-use industries as well as from consumers for sustainable products is the key factor that is expected to drive the bioadhesives market. Bioadhesives are safer in the environment as compared to their commercially available synthetic substitutes. With various research and development initiatives taken by product manufacturers as well as research institutes, various applications of bioadhesives have been discovered over the past few years.
Improved and developing growth opportunities in emerging and growing markets of APAC is a vital driver of the future growth of the medical industry. It is projected that APAC’s demand for medical equipment will increase in double digits in the next five years. This is due to an increase in health awareness and technological development in countries, including India, China, Japan, and South Korea. These are the vital parameters accounting for enhanced demand for bioadhesives from the medical industry.
The APAC bioadhesives market is segmented into China, Japan, India, Indonesia, Thailand, and the Rest of APAC. APAC is expected to be the fastest-growing market during the forecast period, in terms of volume. This is due to the high economic growth rate, increasing standard of living, rise in disposable income, and a surge in construction, packaging, medical, personal care, and other industries.
Source: Research and Markets