Bio-Based Adhesive & Sealant Market To Generate Massive Revenue in Future by 2029
The global bio-based adhesive & sealant market size is projected to expand in a steadfast manner as chemical companies come up with exciting innovations based on eco-friendly materials, shares Fortune Business Insights™ in its report, titled “Bio-Based Adhesive & Sealant Market, 2022-2029”. The demand for biodegradable materials has been growing considerably over the past few years owing to the rising awareness about the toxic environmental effects of synthetic chemical formulations. To meet this trend, chemical industry bigwigs have been investing heavily in R&D to innovate bio-based adhesive & sealant products.
For example, in August 2019, Follmann and its subsidiary, Sealock, launched a sustainable adhesive created from renewable raw materials, such as sugarcane and corn. Similarly, the German chemical company, Jowat, introduced GROW, its bio-based hot-melt adhesives that feature a rich content of renewable materials ideal for packaging applications. Another example is TerraCycle, an adhesive recycling program initiated by Henkel in 2019 to bring sustainability in adhesive manufacturing. The introduction of such environment-friendly solutions is, therefore, bolstering the growth prospects of this market.
The eruption of the COVID-19 pandemic in March 2020 brought the world to a standstill, causing unprecedented disruptions in global supply chains, production activities, and business processes. One of the most severely hit industries is construction, where, according to the Royal Institute of Chartered Surveyors (RICS), productivity fell by 12% and a quarter of the construction projects around the globe had been halted in the second quarter of 2020. The adoption of adhesives and sealants, which are critical for the construction, has thus suffered a major setback. However, the strong demand for packaging and agriculture has stabilized the market to a limited extent.
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On the basis of type, the market has been divided into rosin, starch, lignin, soy, and others. Based on end-use industry, the market has been clubbed into building & construction, packaging, healthcare, personal care, and others. By geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Offer?
The report offers a granular analysis of the factors shaping the market size, share, growth, and revenue, along with a microscopic examination of all possible market segments. In addition to this, the report contains tangible insights into the regional developments of the market, as well as a comprehensive evaluation of the dominant strategies of the leading market players.
Phenomenal Growth Projections for the Construction Industry to Fuel the Market
The bio-based adhesive & sealant market growth is set to get boosted by the incredible growth projections for the construction industry released by expert bodies. A recent report by Oxford Economics and Global Construction Perspectives, for instance, forecasts that the value of construction output worldwide will increase by 85% and reach USD 15.5 trillion by 2030. The principal drivers for this growth will be the soaring demand for housing and construction in India, China, and the US, which will account for 57% of this increase. Bio-based adhesive & sealant products are being increasingly preferred by builders and buyers owing to their cost- and energy-efficiency, along with several environmental benefits. Moreover, with health consciousness gaining a new level of significance amid the COVID-19 pandemic, the demand for biodegradable construction materials has heightened and is likely to remain dominant over the next few decades.
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Packaging Advancements to Aid Europe Market Growth, Predicts Fortune Business Insights™
Europe is expected to lead the bio-based adhesive & sealant market share in the upcoming period owing to the promising advancements made in packaging technologies, especially in the UK and Germany. Further, the tightening emission regulations of the European Union (EU) are also anticipated to accelerate the adoption of eco-friendly construction materials in the continent.
In North America, the market will be primarily driven by the incredible growth of the construction industry, where bio-based adhesive & sealant solutions are gaining rapid traction. In addition, strict regulations on the use of petrochemical adhesives in the region will also support market growth.
The market in Asia Pacific is set to enter a period of lucrative growth due to the exponential expansion of urban areas, particularly in India and China, which has escalated the demand for construction activities in the region.
Launch of Inventive Products to be the Marquee Growth Strategy for Key Players
As the demand for bio-based adhesive & sealant solutions proliferates across industries, the key players in this market are focusing on ramping up their R&D and production capacities to capitalize on the new sustainability trends. This strategy is enabling them to engineer novel products and introduce them to widen their businesses and attract new customers.
- September 2020: Toyochem launched a new product line of biodegradable polyurethane adhesives for the agriculture, construction, and packaging industries, where recoverable materials are preferred.
List of Key Players Profiled in the Bio-Based Adhesive & Sealant Market Report:
- Will & Co.
- Foreverest Resources Ltd
- Acme-Hardesty Company
- Weiss Chemie
- Croda International Plc
- Technik GmbH & Co. KG
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