Bioadhesives market is expected to witness growth on account of gaining importance of eco-friendly products in construction, packaging, pharmaceutical and automotive applications. European Commission and EPA have passed numerous regulations, aiming to reduce green house gas emission and facilitating manufacturers to produce bio-based products. Bioadhesives are majorly used as binding agents in pharmaceutical, packaging and construction applications. Application growth in aforementioned segments is expected to play an important role in driving market demand over the next six years.
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Increasing use of drug delivery technology during surgery in healthcare industry is expected to drive bioadhesives market demand over the next six years. Pharmaceutical companies such as Lupin and Archimedes have developed their own bioadhesives technology, for delivering product offerings. Drug delivery technology market growth in Europe is expected to play an important role in promoting bioadhesives demand over the next six years. Australian government’s initiative Australian Packaging Covenant (APC) aims to promote sustainable packaging in industrial applications and is expected to augment bioadhesives market growth over the next six years. Sustainable packaging growth in India and China is expected to have a positive impact on market over the next six years.
Fluctuating crude oil prices and diminishing conventional resources have forced chemical manufacturers to search for alternate options. Companies such as Henkel and Ashland are key market players, which have their market presence through brand names Proloc and Gantrez S, respectively. Availability of raw material such as soy and corn in Brazil is expected to open new market avenues over the next six years.
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