Bioadhesive Market - Global Industry Analysis, Size, Share, Growth, Trends, Forecast 2016 – 2024
Featuring a consolidated vendor landscape, the global bioadhesives market is dominated by three players with a cumulative share of nearly 70%. These companies are SCION, Cryolife, and Ecosynthetix Inc. Of these, Ecosynthetix Inc. however emerged dominant with a large margin, finds Transparency Market Research (TMR).
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For sustainable growth, some of the most prominent market players have taken up expanding geographic footprint and the size of their existing production units, and the development of novel products as their key market strategies. With vast opportunities for growth in the near future, the market as per experts is highly conducive to the entry of new players. “The challenge posed by strong brand image can be addressed by introducing innovative products with niche applications,” observed the TMR report’s author. “This will provide strong foothold for new entrants at the start,” he added.
As per TMR, the global bioadhesives market will exhibit a promising CAGR of 12.9% between 2016 and 2024. By revenue, the market’s worth will reach US$736 mn by 2024, from US$251.6 mn in 2015. Based on the source of raw material, the animal-based bioadhesive segment accounted for nearly 80% of the overall market in 2015. The segment is expected to remain highly attractive through the course of the forecast period. The increasing use of bioadhesives in the medical industry for specialty applications such as open surgeries and wound closures, will augment the demand for animal-based bioadhesives. Regionally, the dominance is expected to remain with Europe, which held over 40% of the global bioadhesives market in 2015.
Aversion to Synthetic Adhesives, to Steer Transition towards Bioadhesives
The demand for bioadhesives is rising in tandem with the increasing demand for eco-friendly products. As awareness regarding the negative impacts of using synthetic adhesives on animal health and environment spread around the world, it is expected to give significant boost to the global bioadhesives market. Besides this, the increasingly stringent government regulations such as the Registration, Evaluation, and Authorization of Chemicals (REACH) are spreading awareness regarding the ways in which the use of petroleum-derived products and be minimized. Such regulations will help the market expand in the coming years.
Moreover, the enterprises in the global bioadhesives market is also gaining from the relative cheaper price of bioadhesives due to the easy availability of raw materials. Due to their excessive dependence on the petroleum industry for raw materials, the synthetic bioadhesives market often has to deal with price fluctuations. This in turn is fuelling the demand for bioadhesives.
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Scope of Application is Limited for Bioadhesives Due to their Low Performance
On the flip side, certain bioadhesives, derived from cent percent bio-based raw materials, often show weak adhesion properties and lower resistance to chemical, heat, and water. Therefore, bioadhesives are often treated with synthetic adhesives to boost their performance. Moreover, they are also known to possess low dry and wet strength compared to their synthetic counterpart, which may create a few difficulties in their acceptance across industries. As bioadhesives also face the issue of limited-shelf life, their use is still limited. The cumulative effect of these factors could hamper the market’s expansion over the course of the report’s forecast period
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