Global Bioadhesive Market Outlook: Share, Size, Growth, Trends And Forecast Till 2023
This can be attributed to the environment friendly nature of bioadhesives coupled with their diverse applications in the food and beverage, and medical industries.
Bioadhesives are natural or synthetic polymers which are designed to adhere to biological surfaces. Natural bioadhesives comprises of microorganisms, such as algae, fungi and bacteria, whereas, synthetic bioadhesives are made from biological monomers like sugar. Increasing consumer awareness about the adverse effects of synthetic materials and growing inclination toward natural products has resulted in an augmented demand for bioadhesives. A new research report by IMARC Group, titled “Bioadhesive Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global bioadhesive market was worth US$ 1.4 Billion in 2017. The report further anticipates the market to reach a value of US$ 3.0 Billion by 2023, at a projected CAGR of more than 13% over the forecast period.
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Global Bioadhesive Market Drivers/Constraints:
In recent years, bioadhesives have rapidly gained popularity as an alternative to synthetic adhesives on account of their environment-friendly nature. This has further been supported by government regulations encouraging the usage of bio-based products, particularly in the developed countries.
The increasing applications of bioadhesives in the medical industry for transdermal drug delivery, skin bonded monitoring devices, surgeries and wound care dressing is projected to augment the demand for bioadhesives across the globe.
The changing preferences of consumers towards sustainable packaging along with the rising usage of bioadhesives in the food and beverage industry for packaging applications due to their nontoxic nature are further fuelling the bioadhesives market worldwide.
The major factors that limit the growth of the market are lower shelf life and reliability, and high cost of bioadhesives. In addition, the lack of skilled resources for the development of improved bioadhesives also hampers market growth.