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U.S. bioadhesive market share accounted for more than 80% of global revenue in 2014. Canada is likely to witness significant growth rates in North America up to 2023. Asia Pacific green adhesive market is likely to witness highest gains with an estimated CAGR of over 14% from 2016 to 2023. North America is likely to grow at above average growth rate over the forecast period.
Packaging & paper was the dominant application segment and accounted for more than 37% in 2014. Construction segment was the second largest application and are likely to witness significant growth rates. Medical applications accounted for less than 10% of the market share and are likely to witness highest gains with an estimated CAGR of over 13.5% up to 2023.
Plants were the largest source for green adhesives and accounted for more than 85% of the share in 2014. Animal based products likely to witness steady growth rates with an estimated CAGR of over 13% up to 2023. Raw material will play a critical role in determining bioadhesive market price trend.
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Growing awareness towards sustainable packaging from bio based sources owing to depleting conventional resources is likely to favor growth. It is used in various sustainable packaging applications such as cigarettes & filters, printed sheet laminations, specialty and flexible packaging. Increasing packaging applications from frozen food industry is also likely to drive market.
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