Global Bio-Based Adhesives Market

Report
GLOBAL BIO-BASED ADHESIVES MARKET

(STUDY PERIOD: 2017–2027)
Domain: Chemicals and Materials
Base Year: 2021
Forecast Period: 2022 - 2027
Market Intelligence/Advisory
+1 617 765 2493
info@mordorintelligence.com
www.mordorintelligence.com
GLOBAL BIO-BASED ADHESIVES MARKET REPORT Copyright © 2022 Mordor IntelligenceTM

TABLE OF CONTENTS
1 INTRODUCTION 4.3 Industry Value Chain Analysis
1.1 Study Assumptions And Market Definition 4.4 Porter's Five Forces Analysis
1.2 Scope Of The Study 4.4.1 Bargaining Power Of Suppliers
4.4.2 Bargaining Power Of Buyers
2 RESEARCH METHODOLOGY 4.4.3 Threat Of New Entrants
2.1 Research Framework 4.4.4 Threat Of Substitute Products And Services
2.2 Secondary Research 4.4.5 Degree Of Competition
2.3 Primary Research
2.4 Data Triangulation And Insight Generation 5 MARKET SEGMENTATION
5.1 By Raw Materials
3 EXECUTIVE SUMMARY 5.1.1 Rosin
5.1.2 Starch
4 MARKET DYNAMICS 5.1.3 Lignin
4.1 Drivers 5.1.4 Soy
4.1.1 Increasing Demand From Packaging Sector 5.1.5 Other Raw Materials
4.1.2 Stringent Regulations For Conventional Adhesives 5.2 By End-user Industry
4.2 Restraints 5.2.1 Building And Construction
4.2.1 Low Shelf Life And Performance In Comparison To Petroleum-based Adhesives 5.2.2 Paper, Board, And Packaging
2 UNITED KINGDOM DIAGNOSTIC IMAGING EQUIPMENT MARKET REPORT Copyright © 2022 Mordor IntelligenceTM
TABLE OF CONTENTS
5.2.3 Healthcare 5.3.3.3 United Kingdom
5.2.4 Personal Care 5.3.3.4 Italy
5.2.5 Woodworking And Joinery 5.3.3.5 Rest Of Europe
5.2.6 Other End-user Industries 5.3.4 South America
5.3 Geography 5.3.4.1 Brazil
5.3.1 Asia-pacific 5.3.4.2 Argentina
5.3.1.1 China 5.3.4.3 Rest Of South America
5.3.1.2 India 5.3.5 Middle East & Africa
5.3.1.3 Japan 5.3.5.1 Saudi Arabia
5.3.1.4 South Korea 5.4.5.2 South Africa
5.3.1.5 Rest Of Asia-pacific 5.3.5.2 South Africa
5.3.2 North America 5.3.5.3 Rest Of Middle East & Africa
5.3.2.1 United States
5.3.2.2 Canada 6 COMPETITIVE LANDSCAPE
5.3.2.3 Mexico 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations And Agreements
5.3.3 Europe 6.2 Market Ranking Analysis
5.3.3.1 Germany 6.3 Strategies Adopted By Major Players
5.3.3.2 France 6.4 Company Profiles
TABLE OF CONTENTS
6.4.1 3m 8 ABOUT US
6.4.2 Arkema (bostik) 8.1 Industries Covered
6.4.3 Artimelt Ag 8.2 Our Customized Research Capabilities
6.4.4 Beardow Adams
6.4.5 Dow
6.4.6 Emsland Group
6.4.7 H.b. Fuller Company
6.4.8 Henkel Ag & Co. Kgaa
6.4.9 Ingredion
6.4.10 Paramelt Bv
6.4.11 Sika Ag
6.4.12 Solenis
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Increasing Application In Engineered Wood Products
7.2 Growing Demand From The Medical Industry
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
#TOC_DIVIDER#
5 GLOBAL BIO-BASED ADHESIVES MARKET REPORT Copyright © 2022 Mordor IntelligenceTM

H INTRODUCTION | METHODOLOGY |
SUMMARY
MARKET DYNAMICS MARKET SEGMENTATION
COMPETITIVE LANDSCAPE |
OPPORTUNITIES
ABOUT US
1.1 STUDY ASSUMPTIONS AND MARKET DEFINITION
BASE YEAR, REVIEW, AND

BASE UNIT & CURRENCY FORECAST TERMS PRIMARY RESEARCH
FORECAST PERIOD
The base currency is considered as the The base year is identified based on the Market-size estimations for the forecast The distribution of the primary
United States Dollar (USD). Conversion availability of annual reports and years are in real terms. The exchange interviews conducted is based on the
of other currencies is based on the secondary research information. The rate conversion for the forecast period regional share of the market and the
average exchange rates of the base year considered for this study is is determined according to the base presence of key players in each of the
respective review period years. 2021. The review period considered for year’s conversion rates. Nominal values demographics pertaining to the market
this study is from 2017 to 2021. The are only considered. Inflation is not to studied.
Base unit considered for market
CAGR considered is for the forecast be considered.
estimation is Kilo Ton (Volume)
period of 2022-2027.
Note: Company revenues mentioned as per the fiscal year in the HQ of the company and currency conversion is as per the account closure date of the company.
MARKET DEFINITION
PRODUCT Bio-based adhesives
Bio-based adhesives are natural polymeric materials used to join two surfaces. These adhesives have high molecular weight and are biodegradable and
DESCRIPTION
biocompatible in nature.

SUMMARY
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1.2 SCOPE OF THE STUDY
RAW MATERIAL END-USER INDUSTRY GEOGRAPHY
• Elemental Sulfur • Fertilizers • Asia-Pacific

• Pyrite Ore • Chemical and Pharmaceuticals • North America
• Other Raw Materials • Automotive • Europe
• Petroleum Refining • South America
• Other End-User Industries • Middle East & Africa

2 RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Data Triangulation and Insight Generation
#TOC_DIVIDER#

SUMMARY
OPPORTUNITIES
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2.1 RESEARCH FRAMEWORK
• Mordor Intelligence (MI) advocates an appropriate mix of secondary and primary research to meet Client objectives.
• MI translates market insights (market dynamics, competition, varying consumer demands, and regulations) into actionable business insights.
• Following phases are practiced at Mordor for efficient delivery of various syndicated and consulting assignments.
STEP 1 STEP 2 STEP 3

SCOPING/ PROJECT INITIATION MARKET ANALYSIS PROJECT DELIVERY
Extensive desk research to identify most relevant Triangulate and analyze data to finalize on actionable
Decipher Client Requirements/ Market to be studied
secondary information available business insights
Tailor made research approach for Contact Mordor’s empaneled experts and identify Finalize report contents and establish a deliverable
customized reports industry experts across the market format
Report delivery with high quality market insights,

Effective use of Mordor’s knowledge repository to Conduct primaries & surveys to gather qualitative
competitive landscape etc.,
gather relevant insights and quantitative insights
as per the proposed contents
Confirm the objectives of the assignment with Client

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2.2 SECONDARY RESEARCH
OBJECTIVE Hypothesis and insights building; get factual data
A thorough synthesis of existing publications across the web to gather meaningful insights on the
Shortlisting market intelligence sources current situation of the market, technology developments, and any other market related
information. The sources include, but are not limited to:
Synthesis of published information • Scientific Papers, Journals and Publications
• Trade information to understand imports, exports, and average traded price of the
commodity, if available.
Data collection and aggregation • Industry and Government Websites for blogs, magazines, and
other publications
Further validated from expert interviews • Conference proceedings and association publications
• Investor presentations, technical brochures, annual reports, press releases, transcripts of key
personnel interviews, and other strategic publications by several competitors in the market.
Insight and hypothesis development • Product information including technical specifications, approvals, patents etc.
• Public Sources Reports (IMF, Trade Map, World Bank, EU Commission, etc.)
To reach out industry experts for interviews • Paid sources (Questel Orbit, Volza, D&B Hoovers, industry specific subscriptions)
Key contact list
Relevance and credibility of sources

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2.2 KEY SOURCES USED IN THIS REPORT

• World Bank • Factiva
• UNSTATS • Statista
• Questel
• IMF
• Orbit
• Global Economic Monitor
• LinkedIn Premium
• WIOD • Rocketreach
• COMTRADE • Lusha
• TRADEMAP
• WTO
• WIPO/EPO
• OECD
• Eurostat
• European Union
• US Census
• D&B Hoovers

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2.3 PRIMARY RESEARCH
OBJECTIVE Gather first-hand insights on the market studied
• At Mordor, we continuously strive to pool in industry experts across the value chain, to gather
Expert profile determination first-hand insights on the market studied. In addition to this knowledgeable industry veterans
or retired experts, consultants and freelancers are a call away to collaborate with Mordor on
Based on industry, role, experience, and any assignment which requires real-time industry insights.
location • Also, we conduct market surveys to gather qualitative insights and opinion of a group of
individuals related to the industry.
• Primary research is used both to validate the data points obtained from secondary research
Expert identification and to fill the data gaps after secondary research.
Using Mordor’s empaneled industry experts
as well as new experts
Discussion guide MODES OF PRIMARY RESEARCH
Semi-structured approach to probe and

prioritize insights
Telephonic Email Chat Interviews Virtual Council Surveys & Others

Interviews Interviews
Reach out and interviews
Targeted industry interviews to fill data gaps

and validate insights

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2.3 PRIMARY RESEARCH APPROACH AND KEY RESPONDENTS
EXECUTIVE LEVEL OPERATIONAL LEVEL INDUSTRY/ NEED SPECIFIC MARKET ECOSYSTEM

INTERVIEWS INTERVIEWS INTERVIEWS INTERVIEWS
• CxOs, owners, founders • Sales Managers • Chemical Process Engineers • Competitors
• Business unit or country heads • Product Managers • Production Managers • Customers
• Directors/VPs of sales and marketing, • Project Managers • Mining In-charge • End-users
procurement, strategy, R&D, Product
• Pricing Managers • Technology Scouts • Agencies/Distributors/Resellers
management and other corporate
functions as required • Regulatory Affairs Managers • Licensing Experts • Retailers
• Finance Managers • Pricing Analysts • Suppliers
• Existing or Potential Partners
• Employees
• Regulatory Agencies
• Industry Associations
• Consultants
Interviews spread across regions based on regional share Blind interviews without revealing the sponsor of this
SPREAD OF INTERVIEWS BLIND/ OPEN INTERVIEWS
in the overall market study
Raw data and intelligence, Insights into market dynamics,

Multiple interviews covering varying profiles of experts
RESPONDENTS INPUTS COLLECTED Market model and other data validations, Strategy
across the entire market value chain
related inputs

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2.4 DATA TRIANGULATION AND INSIGHT GENERATION
VALIDATION FOR MARKET ASSESSMENT ESTIMATES

OBJECTIVE Logical checks and sanity of information
• The market size estimations are carried out through ‘Bottom-up’ & ‘Top-down’ approaches.
• Our top-down and bottom-up approaches are integrated into our ‘In-house Model sheets’ which
TRIANGULATION AND TRANSFORMATION OF INFORMATION EXTRACTED are used to generate the market estimates and growth rates (depending upon the historical trends
of the respective markets along with the various factors like drivers, restraints and recent
Based on the factors identified which are endogenous and exogenous in nature collected during
developments in the market) of the product segment in the respective country.
the secondary and primary phases, our in-house subject matter experts transform quantitative
data extraction and use them for the inferential purpose.
TOP-DOWN BOTTOM-UP
APPROACH APPROACH
SECONDARY RESEARCH EXPERT INTERVIEWS
Macro view of a larger market Revenue analysis of leading
filtered down to the target Expert interviews players or consumption
market centers
DATA
TRIANGULATION VALIDATION POINT
ECONOMETRIC MODELS ANALYST ESTIMATES Expert interviews

3 EXECUTIVE SUMMARY
#TOC_DIVIDER#

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3 EXECUTIVE SUMMARY AND KEY FINDINGS
LARGEST RAW MATERIAL TYPE LARGEST END-USER INDUSTRY

1005.54 1334.42
Market Size in Market Size in 34.26% 35.63%
2021 (Kilo Ton) 2027 (Kilo Ton)
Volume Share, Soy, 2021 Volume Share, Paper, Board, and Packaging,
2021
Paper, board, and packaging hold the major share in the

Soy-based adhesives have great potential as sustainable
2.96 % 5.08% and environmentally friendly adhesives.
global bio-based adhesives market, owing to the
increasing awareness of sustainability and the search for
CAGR CAGR
more sustainable options across the world.
(2017-2022) (2022-2027)
LARGEST REGION FASTEST GROWING REGION

FIRST LEADING MARKET PLAYER
37.78% 5.52% 1st

Volume Share, Europe, 2021 CAGR, Asia-Pacific, 2021
Market Ranking, Henkel AG & Co.
Large demand for bio-based adhesives in Europe is Large demand for bio-based adhesives in the Asia-Pacific is Henkel AG & Co. caters to industrial and consumer
attributed to its extensive use in various industries, such attributed to major consumption in Asia-Pacific countries, businesses through its wide product portfolio. The
as paper, board, and packaging, building and construction, like China, India, Japan, and South Korea. company works with suppliers and other business
healthcare, personal care, and others. partners from 130 countries and has 174 production sites
across the world.

4 MARKET DYNAMICS
4.1 Drivers
o 4.1.1 Increasing Demand From Packaging Sector
o 4.1.2 Stringent Regulations for Conventional Adhesives
4.2 Restraints
o 4.2.1 Low Shelf Life and Performance in Comparison to Petroleum-based
Adhesives
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
o 4.4.1 Bargaining Power of Suppliers
o 4.4.2 Bargaining Power of Buyers
o 4.4.3 Threat of New Entrants
o 4.4.4 Threat of Substitute Products and Services
o 4.4.5 Degree of Competition
#TOC_DIVIDER#
17 GLOBAL BIO_ADHESIVES MARKET REPORT Copyright © 2022 Mordor IntelligenceTM

SUMMARY
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4.1 DRIVERS
4.1 Drivers
4.1.1 Increasing Demand From Packaging Sector
4.1.2 Stringent Regulations for Conventional Adhesives

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4.1 DRIVERS
DRIVER RESTRAINT
HIGH IMPACT
INCREASING DEMAND FROM PACKAGING SECTOR
STRINGENT REGULATIONS FOR CONVENTIONAL ADHESIVES
LOW SHELF LIFE AND PERFORMANCE IN COMPARISON TO

PETROLEUM-BASED ADHESIVES
LOW
IMPACT
SHORT TERM LONG TERM
Source: Mordor Intelligence

SUMMARY
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4.1.1 INCREASING DEMAND FROM PACKAGING SECTOR
BACKGROUND RELEVANCE OF BIO-BASED ADHESIVES TO PACKAGING

INDUSTRY
• Bio-based adhesives contain up to a certain percentage of bio-based materials. The first bio- • Bio-based adhesives are widely used in the packaging industry to produce rigid cardboard boxes,
based adhesives were general-purpose, waterborne solutions that benefitted mainly the multi-layer films, tapes, labels, etc.
packaging industry.
• Versatile temperature performance, good thermal stability, and high setting speed are some of the
• They are natural biodegradable polymeric materials, acting as adhesives, having high properties that have increased the usage of bio-based adhesives in the packaging industry.
molecular weight, and biocompatibility used to join two surfaces. The raw materials used in
bio-based adhesives include starch, natural oil polyols, polyamides, modified starch, soy • Bio-based adhesives increase the product’s performance and elasticity. They also have high binding
strength, durability, and eco-friendly properties, making them ideal for the food packaging industry.
protein, lignin, rosin, furan dicarboxylic acid (FDCA), and esters, among others.
Also, bio-based adhesives can be recycled easily and have a fast-curing time.
• Bio-based adhesives are available in water-based adhesives, pressure-sensitive adhesives, and
• Moreover, these adhesives offer transparent packaging solutions while assisting producers in
hot melt adhesives.
meeting different operational budgets and enabling them to meet the rising demand for
• As these adhesives are sourced from bio-based raw materials, they generate less carbon-di- antibacterial and antiviral packaging.
oxide than conventional adhesives. Hence, it helps in lowering carbon footprint. • Increasing demand for lightweight packaging solutions from the food sector is driving the
• Bio-based adhesives provide excellent hold-down and high-track properties, which are consumption of bio-based adhesives. These adhesives provide good cold and hot resistance to
suitable for applications requiring melt-on-demand systems. These adhesives also offer clean cardboard packages, give excellent adhesion to a broad range of substrates and have a high molten
running properties, with high-strength and thermal stability. tack, which means it has a high holding power even while in a molten state.
• Furthermore, they provide fast curing and short open time, which means these adhesives can • The growing demand for microwave-ready meals enhanced the bio-based adhesives market as they
be used in fast-paced production environments with high-speed processing. provide string bonding to pouches, sachets, bags, and corrugated boards, owing to their great
natural composition to high-surface tension substrates and permeable surfaces.
• Bio-based hot melt adhesives are available at low cost and are entirely scalable to all-size
• Bio-based hot melt adhesives are resistant to extreme temperatures, making them suitable for
productions.
packaging that can be used in ovens and freezers. Therefore, high performance and greater
• They can be applied using the same equipment as conventional adhesives. sustainability are the bio-based adhesives' main characteristics, which are likely to boost their
demand in the forecast period.

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GROWING PACKAGING INDUSTRY GROWING PACKAGING INDUSTRY

• Increasing purchasing power, the rapid growth of the e-commerce sector, rising industrial • Furthermore, according to the Packaging Federation of the United Kingdom, the UK packaging
activities, and increasing demand for ready-to-eat food are the key factors driving the manufacturing industry has annual sales of GBP 11 billion. It employs more than 85,000 people,
packaging industry globally. representing 3% of the United Kingdom’s manufacturing workforce. It is a significant contributor
• In the United States, around 100 billion paper-based boxes are prepared every year, and 75% to the country’s GDP and a vital link in the broader packaging supply chain, likely enhancing the
of them are generally recycled, as per the report of the American Forests and Paper demand for bio-based adhesives in the coming years.
Association. • Italy’s packaging industry is one of the largest industries in Europe. There are nearly 7,000
• The preliminary data of the American Forests and Paper Association indicated that the total significant and minor packaging companies active in the country. The increasing importance of
containerboard production increased by 5.6% in 2021 as compared to 2020. This is the ninth supermarket retailing and the changing consumer buying habits toward more sustainable
increase in the last 10 years. products are increasing the use of bio-based adhesives in the country. The demand for products,
such as consumer goods, has been increasing in the country, with significant demand from the
• Due to the country's expanding economy, China's packaging industry grew rapidly and north and central parts of the country.
consistently in recent years. China is now one of the world's largest packaging markets, with
fast-growing segments like paper packaging, flexible packaging, and rigid plastics packaging. • In Brazil, the packaging sector in the country is experiencing significant growth due to its specific
applications in cold chain solutions, packaging for electronics, consumer goods, and medical
• According to the Packaging Industry Association of India, the India Packaging Market was industries.
valued at USD 50.5 billion in 2019. It is expected to grow to USD 204.81 billion by 2025, at a
CAGR of 26.7% between 2020 and 2025. Packaging is one of India's fastest-growing industries, • The packaging sector in Saudi Arabia accounts for over 70% of the overall packaging sector in
growing at a rate of 22-25% per year and transforming the country into a preferred hub for the the Middle-Eastern region. Developments are being witnessed in the packaging products
packaging industry. The industry, currently the fifth-largest sector of India's economy, has manufacturing sector in the country, with many companies opening up new facilities and
shown consistent growth over the past several years and has significant potential for further expansions in existing production units.
expansion, particularly in the export market.
• The above-mentioned trends are anticipated to generate substantial demand for bio-based
• As per the data published by Statistisches Bundesamt, the revenue of the packaging industry in adhesives products because it provides strong bonds and adhesion in the manufacturing of
Germany in 2021 accounted for EUR 29.59 billion compared to EUR 26.26 billion in 2020. corrugated packaging, paperboard, carton, pouches, etc. Such factors positively impact the bio-
based adhesives market during the forecast period.

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INDUSTRY DEVELOPMENTS IN BIO-BASED ADHESIVES FOR THE INDUSTRY DEVELOPMENTS IN BIO-BASED ADHESIVES FOR THE
PACKAGING INDUSTRY PACKAGING INDUSTRY
• In August 2022, the US-based gluECO Adhesives LLC developed a corn-based adhesive. • In March 2022, the Italy-based company Leuenberger launched a new bio-based hot-
The product offers various environmentally friendly properties, including the ability to melt adhesive named Termomelt C716 BB. This product contains around 55% of io-
be easily removed in paper repulping processes and biodegradability. based content for the packaging industry. The new technical hot-melt adhesive emits
➢ These bio-based adhesives are based on zein, a protein taken from a byproduct of lower carbon-di-oxide while maintaining the performance of the Termomelt C range in
corn milling. The zein-based adhesives are biodegradable and non-toxic. This terms of adhesion, tack, and open time.
product has been certified as GRAS (Generally Recognized as Safe) by the US Food • In December 2021, the adhesive technologies division of Germany-based Henkel
and Drug Administration (FDA). launched the Technomelt Supra ECO, a bio-based adhesive developed to provide
• In June 2022, Japan-based Toyo-Morton Ltd. launched a new bio-based adhesive, sustainable packaging solutions to customers.
ECOAD EA-B3860/EA-B1290, for the packaging industry. ➢ This adhesive contains over 80% bio-based raw material and efficiently reduces the
➢ This product is a high-solid and solvent-based adhesive used in the dry lamination of carbon footprint in the bonding and production stages. The critical area of
multilayered films in flexible packaging structures. application of this bio-based product is paper-based packaging.
➢ It contains more than 40% coating solids by weight and less solvent, which helps • These developments in the bio-adhesives for the packaging industry are likely to boost
bring the overall carbon-di-oxide emissions during lamination by around 25% the demand for the market studied during the forecast period.
compared to general-purpose laminating adhesives of the company. The high-solid
design of the product leads to less waste generation
• In March 2022, the US-based Conagen developed a new high-performing de bondable
hot melt adhesive from natural ingredients to avoid waste generation and help in cost
saving in manufacturing. This product will be used in different industries, including
packaging.

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BIO-ADHESIVES MARKET, REVENUE OF LEADING PAPER PACKAGING BIO-ADHESIVES MARKET, DISTRIBUTION OF E-COMMERCE PACKAGING
COMPANIES IN USD BILLION, GLOBAL, 2021 MARKET (%), GLOBAL, 2022 (ESTIMATED)
25
60.0%
54.0%
20 1… 18.8
50.0%
15
12.3 40.0%
11.5 11.4
10 9.2 8.7 8.3

7.7
6.2 30.0%
5
21.1%
20.0%
0
12.9%
10.0%
6.0%
3.5% 2.6%
0.0%
Asia-Pacific North America Western Europe Central and Latin America Middle East &
Eastern Europe Africa
Source: Statista estimates; Various sources (Company Reports)

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4.1.2 STRINGENT REGULATIONS FOR CONVENTIONAL ADHESIVES

BACKGROUND BACKGROUND
• Adhesives are those substances that can hold or bind various materials and surfaces together • Water contamination also affects aquatic life, which is an important food source, especially for
in a functional manner that resists separation. These adhesives are available in both liquid and coastal people. Research conducted by the United States-based Iowa State University stated
solid forms. that Petrochemical-based adhesives have a 22% higher environmental impact than
• The conventional or synthetic adhesives are made from different raw materials, such as biochemical-based adhesives.
nitrocellulose, polyethylene, polyesters, acrylics, polyvinyl acetate, epoxy, polypropylene, • Bio-based adhesives play an essential role in preserving the environment by averting the
vinyl acetate-ethylene copolymer, cyanoacrylates, polyurethane, silicone, and polyamides. release of harmful chemicals into the atmosphere. They can meet stringent government
• Synthetic adhesives are generally toxic to the environment and human and animal health. standards globally, specifically concerning carbon emissions, while maintaining high
Their manufacturing process produces hazardous materials. These adhesives are costly to performance.
manufacture compared to bio-based adhesives, mainly made using synthetic resins and • Increasing environmental concerns and the need for reducing dependency on fossil fuels
rubbers. owing to their limited supply are the factors that are increasing the adoption of bio-based
adhesives. Sustainability has become an essential concern for both consumers and industries.
• Earlier, the adhesives were formulated using fossil fuel-based chemicals, including methylene It is an evolving trend in the manufacturing and industrial sectors.
diphenyl diisocyanate, urea-formaldehyde, and phenol. However, of late, with increasing • Furthermore, strong regulatory solid California Air Resources Board (CARB), the United States
concern for climate change and health hazards associated with chemicals, companies are now Green Building Council, etc., enhanced the usage of bio-based adhesives in different countries
developing different environment-friendly manufacturing processes and using renewable in the last few decades.
resources for producing adhesive. For instance: • European Union also set the regulations and standards for bio-based products, such as REACH,
• The carbon footprint of a polyolefin hot melt adhesive amounts to 328 tons of carbon-di- CLP, and its circular economy initiative that mandated the use of green adhesives across
oxide annually, at an average consumption of 100 tons of adhesive each year. This is equal to numerous applications.
71 passenger cars driven for an entire year. However, Henkel’s TECHNOMELT Supra ECO, the • Production of bio-based adhesives is helping several industries reduce their carbon footprint.
first carbon-negative hot melt adhesive, helps in saving at least 372 tons of carbon-di-oxide Therefore, initiatives such as construction, paper and packaging, OEMs, and woodworking are
annually, equal to the carbon seized by over 6,100 tree seedlings grown for around 10 years. implementing different strategies for promoting sustainable development while maximizing
• If synthetic adhesives are not disposed of properly, they may contaminate soil and, profits and adding value to society.
eventually, rivers and groundwater, a vital drinking water source. • Generally, low VOC-based adhesives are user-friendly as they do not require any safety
measures in their formulation. These factors will boost the demand for the market studied in
the coming years.

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GOVERNMENT REGULATIONS FOR CONVENTIONAL ADHESIVES GOVERNMENT REGULATIONS FOR CONVENTIONAL ADHESIVES
• Government regulations for conventional adhesives in some of the countries and regions are • At the European Union level, there are no such regulations or directives for adhesives. However,
given below: adhesives for food contact articles must fulfill the requirements of the Framework Regulation
• FDA laid down regulations about the use of adhesives in food packaging. It clears the use of (EC) 1935/2004. Adhesives are mentioned in Annex I of this regulation, along with 16 other
different substances used in adhesive formulations intended for packaging, transporting, or groups of food contact materials. For all other categorized materials in the framework
holding food under Title 21 of the Code of Federal Regulations (C.F.R.) Section 175.105. regulation, including adhesives, special directives or regulations are planned in the future.
➢ Therefore, a manufacturer of an adhesive formulation may use any substance listed under • The Plastics Implementing Measure (PIM) Regulation (EU) 10/2011 is used as a basis for several
Section 175.105(c) in its adhesive formulation subject to any limitations on the use of that pieces of national legislation on the adhesives used on board, wood, cork, paper, and other
substance provided in the regulation. Section 175.105 also limits how the manufacturer of materials. The following European Union member states have national measures for adhesives:
finished food packaging may use adhesive formulations in the finished food contact articles. ➢ Croatia for polymeric adhesives used in any food contact material and France for adhesives
used in wood.
➢ Specifically, under Section 175.105(a)(2), manufacturers of finished food packaging must
ensure that adhesives are either separated from food by a functional barrier or used subject ➢ Germany for adhesives used in paper and cardboard
to the following additional limitations: ➢ Italy for adhesives used in paper and cardboard and regenerated cellulose films (RCF).
✓ The quantity of adhesive contacting packaged dry food does not exceed the limits of good ➢ The Netherlands for adhesives used in wood, cork, paper, and cardboard.
manufacturing practices (GMPs) and ➢ Adhesives in Spain are covered under the national regulation Real Decreto 847/2011, which
✓ The quantity of adhesive contacting aqueous and fatty foods does not exceed trace is for polymeric adhesives that are used in any food contact material.
amounts at the seams and edges of packaging laminates that may occur within the limits • In January 2022, European Chemical Industry Council (CEFIC) announced that the upcoming
of GMPs. European Union Chemical Legislation was expected to create challenges for Europe’s adhesives
➢ FDA issued regulations clearing the adhesives used in multilayer food packaging laminates. industries. As per the study of CEFIC, as many as 12,000 substances could potentially be in the
Both 21 C.F.R. Sections 177.1395 (laminated structures for use at temperatures between 120 scope of upcoming legislative proposals. The legislation is expected to align with the objectives
°F and 250 °F) and 177.1390 (laminated structures for use at temperatures of 250 °F and laid down under the EU Green Deal.
above) permit the optional use of adhesives in such packaging.

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GOVERNMENT REGULATIONS FOR CONVENTIONAL ADHESIVES GOVERNMENT REGULATIONS FOR CONVENTIONAL ADHESIVES
• In October 2021, the National Health Commission (NHC) of China published several draft GB
standards for food and food-related products, which include a few essential standards for food ➢ VOCs include chemicals such as ethylene glycol, formaldehyde, benzene, and xylene,
contact materials of adhesives. which are widely found in various building materials, including adhesives.
➢ The draft Plastic Standard consolidates two standards currently in place in China that apply • In Australia, Good Environmental Choice Australia (GECA), a part of the Australian
to both plastic resins and plastic materials and articles, namely GB 4806.6-2016 (National Ecolabelling program, sets environmental benchmarks for various products, including
Food Safety Standard on Food Contact Use Plastic Resins) and GB 4806.7-2016 (National adhesives. They set standards for adhesives used in various industries, such as food
Food Safety Standard on Food Contact Use Plastic Materials and Articles). packaging, flooring, construction, etc. The total VOC content in general-purpose adhesives
➢ This version of the draft for adhesives also classifies adhesives into two categories (direct should not exceed 65 grams of VOC per liter (g/L).
food-contact and indirect food-contact adhesives). It contains the following lists of base raw • Stringent environmental regulations for conventional adhesives are mandated by various
materials permitted for use in adhesives: governments worldwide, such as the US Environmental Protection Association (USEPA),
✓ Table A.1 of Appendix A has 63 substances for use in direct and indirect food contact Leadership in Energy and Environmental Design (LEED), and the European standards led to
adhesives (as opposed to 66 substances listed in the first draft). the increase in bio-based content in the adhesives.
✓ Table B.1 of Appendix B with 337 substances (including monomers, starting materials, • Hence, these regulations drive the demand for alternatives to conventional (petrochemical)
and polymers) for use in indirect food contact adhesives (as opposed to 236 substances raw-material-based adhesive products.
listed in the first draft).
• In August 2020, China’s State Administration for Market Regulation (SAMR) and the
Standardization Administration of the People’s Republic of China (SAC) published mandatory
national standards for limiting the use of volatile organic compounds (VOCs) and other
substances that are widely used in adhesives, coatings, and inks.
➢ These standards are intended to support China’s 2020 Volatile Organic Compounds
Management Plan. This plan aims to reduce VOC emissions by 10% by limiting the use of
VOCs and promoting the use of other substitute compounds.

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BIO-ADHESIVES MARKET, LIFE CYCLE ENVIRONMENTAL IMPACT COMPARISON
4.0
3.5
3.0
2.4
2.5
Value of Environmental Impacts
(Eco-Indicator 99 Points)
2.0
1.6
1.5
0.1
1.0
0.5
1.3
0.5
0.6
0.0
Petrochemical Adhesive Bio-adhesive
Resources Ecosystem Quality Human Health
Source: Iowa State University

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4.2 RESTRAINTS
4.2 Restraints
4.2.1 Low Shelf Life and Performance in Comparison to Petroleum-based Adhesives

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4.2 RESTRAINTS
DRIVER RESTRAINT
HIGH IMPACT
INCREASING DEMAND FROM PACKAGING SECTOR
STRINGENT REGULATIONS FOR CONVENTIONAL ADHESIVES
LOW SHELF LIFE AND PERFORMANCE IN COMPARISON TO

PETROLEUM-BASED ADHESIVES
LOW
IMPACT
SHORT TERM LONG TERM

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4.2.1 LOW SHELF LIFE AND PERFORMANCE IN COMPARISON TO PETROLEUM-BASED ADHESIVES

LOW SHELF LIFE AND PERFORMANCE OF BIO-BASED ADHESIVES LOW SHELF LIFE AND PERFORMANCE OF BIO-BASED ADHESIVES
• Proteins, natural resin, lignin, starch, and vegetable oils are some of the important components
• Starch-based adhesive's drawbacks include poor water resistance, slow drying process, and
in the formulation of bio-based adhesives. However, these adhesives suffer from a few
poor storage stability.
disadvantages, which are discussed below:
• Synthetic adhesives can be manufactured in a constant supply and have relatively uniform • Furthermore, soy protein is a plant-based protein used to substitute synthetic resin for wood
properties as compared to bio-adhesives. In addition, synthetic adhesives can be modified to adhesives. The application of soy protein-based adhesives is limited owing to their poor water
meet the best characteristics for the required application. resistance. Several methods have been employed to improve the performance of soy protein-
based adhesives, including cross-linking, enzymatic modification, etc.
• The lignin-based adhesive offers low reactivity toward condensation reactions, which is one of
the key obstacles to the widespread usage of these adhesives. ➢ Some other problems, such as the high price and high-water content of the nanocellulose,
usually as high as 97%, remain to be addressed.
➢ Lignin-based adhesives consist of a densely crosslinked aromatic network that shows low
compatibility with most solvents and even decomposes before melting. • High susceptibility to hydrolysis has further limited protein-based adhesives, as their polymer
➢ Another problem with lignin-based adhesives is the heterogeneity of the lignin and the structure degrades when they contact water. Often, this can be a problem when exposed to
associated difficulty in creating well-defined and reproducible structures. This problem can high humidity conditions during its service life. Still, this property can also be a benefit where
be overcome through solvent fractionation of the lignin before its usage, although the the recyclability of the bonded products is essential. This is particularly true for products such
impact on sustainability, product cost, and industrial applicability needs to be evaluated. as adhesive tapes made from renewable polyester-based materials. The same cannot be
achieved with tapes based on acrylic or polyolefin adhesives.
➢ Other problems associated with lignin-based adhesives include the low level of substitution,
reduced curing rate, increased viscosity, low shelf-life, and dependence of the solubility of • Therefore, lower water resistance, reduced shelf life, and performance-related concerns
adhesives on the type of lignin used. related to bio-based adhesives are anticipated to hinder the growth of the studied market
during the forecast period.
• Protein and polysaccharide adhesives are susceptible to hydrolytic degradation (a major
degradation mechanism in which weak bonds in a polymer chain react with water molecules • However, continuous research and innovation in bio-based adhesives to overcome the
and break into smaller chains). Increasing the density of protein adhesive crosslinking through drawbacks mentioned above may provide impetus to this market in the coming years.
the reaction with aldehydes or isocyanates, adding hydrophobic groups, etc., are a few
methods that can be used to counteract this problem.

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4.3 INDUSTRY VALUE CHAIN ANALYSIS
RAW MATERIAL PRODUCTION

FINAL PRODUCT END-USER INDUSTRY
PROCESS
• Soy
• Rosin Bio-refining
• Starch Bio-based Adhesives • Building and Construction
• Lignin • Paper, Board, and
• Vegetable Oil • 100% bio-based adhesives, Packaging
• Other Raw Materials produced with 100% • Healthcare
Biological Conversion renewable materials. • Personal Care
• Bio-based adhesives are • Woodwork and Joinery
produced with renewable • Others
materials but are not fully bio-
• Bio-Based adhesives are referred to as based.
systems that consist of biobased Chemical Conversion
materials up to a certain point. The bio-
based contains enough natural raw
materials and is hence classified as The bio-based building block • These bio-based adhesives majorly find
biodegradable or compostable. intermediaries (such as bio-based applications in industries, such as
monomers, oligomers, and polymers), Some of the companies engaged in the
building and construction, paper, board,
• Bio-based adhesives are produced from additives, and modifiers are produced from development and production of such bio-
based adhesives include Arkema, Paramelt and packaging.
different vegetable-based proteins, and vegetable oils or sugars, through biological
resins, based on soy, starch, rosins, or chemical conversions. Some of the BV, H.B. Fuller, Ingredion Henkel, 3M, Sika, • Some of the major consumers of bio-
natural rubber latex, lignin, etc. Such raw companies producing such intermediaries Dow, etc. based adhesives companies are Ball
materials are extracted from nature and include Dow, BASF SE, Evonik Industries, Corporation, International Paper
are renewable and eco-friendly. Bio-On, PolyOne, and others. Company, Hutramaki, and others.

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4.4 PORTER'S FIVE FORCES ANALYSIS
THREAT OF NEW ENTRANTS

• The bargaining power of suppliers is expected to be moderate in the market
studied.
• The bargaining power of buyers is expected to be moderately high in the

BARGAINING
POWER OF market studied.
SUPPLIERS
• The threat of new entrants is expected to be low over the forecast period.
DEGREE OF • The threat of substitute products and services is likely to be moderately high
THREAT OF COMPETITION over the forecast period.
SUBSTITUTE
• The degree of competition in the market studied is anticipated to be
moderately high over the forecast period.
BARGAINING
POWER OF
BUYERS

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4.4.1 BARGAINING POWER OF SUPPLIERS

MARKET PARAMETERS DETAILED DESCRIPTION
Unfavourable
Low Favourable
High
1 • The number of suppliers is relatively high compared to the number of firms operating in the
FACTORS 0 2 4 6 8 10
0 market. Also, many players in the market, such as Dow, Arkema, and H.B. Fuller, are
backward integrated. Hence, there remains scope for backward integration with other players
in the market, reducing suppliers’ bargaining power.
Supplier Concentration to Firm
Concentration Ratio • Product differentiation of raw materials used in bio-based adhesives is negligible, owing to
which the market players can shift to other raw material suppliers, in case of additives,
modifiers, resins, etc. Hence, this further reduces the bargaining power of suppliers.
• In the market studied, long-term supply contracts are evident among firms and suppliers.
Strength of Distribution Channels
Thus, the distribution channel’s strength is critical. A Large group of raw material suppliers
enjoys a robust worldwide distribution network, therefore, higher bargaining power in the
market.
Impact of Inputs on Cost or Differentiation • The raw materials used in producing bio-based adhesives include soy, starch, rosin, starch,
lignin, natural rubber latex, animals, vegetables, etc. The prices of some of these products
differ seasonally, based on their production, and these raw materials are not equally
distributed geographically. In such a scenario, the bargaining power of the supplier increases,
Degree of Differentiation of Inputs as they can charge higher prices in the name of transportation costs and other duties.
• Hence, overall, the bargaining power of suppliers in the market studied is expected to be
moderate.
Supplier Switching Costs Relative to Firm
Switching Costs
Supplier Competition: the Ability to

Forward, Vertically Integrate, and Cut out
the Buyer

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4.4.2 BARGAINING POWER OF BUYERS

Unfavourable
Low Favourable
High
1 • The major consumers for bio-based adhesives include building, construction, paper,
FACTORS 0 2 4 6 8 10
0 packaging, healthcare, and others.
• The number of buyers or consumers in the market is comparatively high compared to the
Buyer Concentration to Firm Concentration number of firms. This decreases the bargaining power of buyers or consumers, as they have
Ratio limited firms to choose from.
• Product differentiation remains negligible, making it easier for the buyer to switch to the
competitor’s product. Moreover, due to the presence of many companies in the market,
Degree of Dependency upon exisTing consumers have a wide array of products to choose from, thus, increasing their bargaining
Channels of Distribution power.
• The presence of substitute - synthetic adhesives, which offer better properties and
performance than bio-based adhesives, always remain an option for the buyers.
Levels of Market Penetration
• Buyer price sensitivity in the case of bio-based adhesives is present when considered along
with the efficiency of the product. Any increase in the price of bio-based adhesives can
make the buyer switch to either competitor’s product or create demand for synthetic
adhesives.
Buyer Information Availability
• Hence, overall, the bargaining power of buyers in the market studied is expected to remain
moderately high.
Force Down Prices
Availability of Existing Substitute Products

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4.4.3 THREAT OF NEW ENTRANTS

Unfavourable
Low Favourable
High • In the current scenario, the market studied is dominated by many major and small players,
1
0 2 4 6 8 10
0 such as Henkel, Arkema, H.B Fuller, 3M company, Dow, and Paramelt BV.
FACTORS
• Another major barrier to market entry is increased international competition. The
industry's environmental and governmental regulatory requirements are also increasing
Government Policy operating costs. This discourages new players from venturing into the market.
• With the increasing environmental concerns related to the impact of synthetic adhesives,
the industry initiated the production of bio-based adhesives. Hence, this market is still in
the development phase. Moreover, 100% bio-based adhesives remain inefficient in
Capital Requirements replacing synthetic adhesives.
• In such a scenario, new entrants are less likely to enter the bio-based adhesives market
directly. They are more likely to start with the production of hybrid adhesives, where
Economies of Scale adhesives are produced with some or high bio-based content.
• The technologies, which are used in the production of such hybrid adhesives, are expensive.
Moreover, the sector is capital intensive, which may be a discouraging factor for the new
players.
Product Differentiation
• Access to distribution is moderate for new entrants, as current manufacturers have access
to the most efficient distribution channels. This discourages new players from venturing
into the market.
Access to Distribution • Thus, the threat of new entrants stands low in the market studied.
Industry Profitability (Market CAGR)

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4.4.4 THREAT OF SUBSTITUTE PRODUCTS AND SERVICES

MARKET PARAMETERS
DETAILED DESCRIPTION
Unfavourable
Low Favourable
High
1 • Synthetic adhesives serve as a substitute for bio-based adhesives. As synthetic adhesives
FACTORS 0 2 4 6 8 10
0 exhibit superior properties and performance compared to bio-based adhesives, the threat
of substitutes remains high for the market.
• Besides this, regarding raw material supply, economies of scale, and cost, the certainty
Relative Price Performance of Substitutes remains in the production of synthetic adhesives, which further reduces the popularity of
bio-based adhesives.
• However, the increasing environmental regulations related to synthetic adhesives provide
advantages to the bio-based adhesives market over the substitute market.
Buyer Switching Costs
• Thus, considering such factors, the threat of substitutes remains moderately high in the
market.
Perceived Level of Product Differentiation
Number of Substitute Products Available In

The Market
Ease of Substitution
Availability of Close Substitutes

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4.4.5 DEGREE OF COMPETITION

MARKET PARAMETERS
DETAILED DESCRIPTION
Unfavourable
Low Favourable
High
1 • The global bio-based adhesives market (henceforth, referred to as the market studied is
FACTORS 0 2 4 6 8 10
0 fragmented, with no company holding a significant share. As the market is fragmented,
there is intense competition among the major manufacturers to increase their market share
and customer base.
Sustainable Competitive Advantage in
Future through Innovation • The market players resort to competitive strategies, such as technological innovation,
expansions, etc., to sustain and increase their market share in the studied market. For
instance,
❑ Arkema finalized the acquisition of the Performance Adhesive business of Ashland. The
Levels of Market Penetration acquisition helps to strengthen Arkema’s adhesive solutions segment and aligns with the
company’s strategy to become a pure Specialty Material player by 2024.
❑ H.B. Fuller Company announced that it had acquired the Belgium-based company
Fourny NV, a provider of various adhesives. The company is also engaged in developing
bio-based adhesives. The company is expected to increase its manufacturing and
Powerful Competitive Strategy product offerings in Europe through this partnership.
❑ H.B. Fuller announced a strategic partnership with Covestro to provide a bio-based
adhesive with a lower climate effect for the woodworking, composites, textiles, and
automotive industries.
Barriers to Exit • Overall, the degree of competition is expected to be moderately high.
Degree of Transparency

5 MARKET SEGMENTATION
5.1 By Raw Materials
5.2 By End-user Industry
5.3 By Geography
#TOC_DIVIDER#

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5.1 BY RAW MATERIALS

5.1.1 Rosin
5.1.2 Starch
5.1.3 Lignin
5.1.4 Soy
5.1.5 Other Raw Materials

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5.1 BY RAW MATERIALS
BIO-BASED ADHESIVES MARKET, VOLUME IN KILO TONS, BY RAW MATERIALS, GLOBAL, BIO-BASED ADHESIVES MARKET, VOLUME SHARE (%), BY RAW MATERIALS, GLOBAL,
2017-2027 2017-2027
CAGR (2022-2027): 5.08%
1,600.00 100%
90% 21.31% 20.54% 20.45%

1,400.00
80%
1,200.00 272.90
70%
1,000.00 33.45% 34.41% 35.56%
213.92 60%
209.07 203.63 208.36
201.14 474.50
800.00 191.84 50%
358.45 40% 8.02% 7.76% 7.20%

600.00 336.00 332.33 344.46
301.13 318.48
96.12
30%
400.00 77.31 76.00 78.19 80.85
72.20 74.71 25.02% 25.35% 25.51%
340.37 20%
236.91 249.21 246.34 254.47 264.04
200.00 225.24
10%
150.53 12.20% 11.94% 11.28%
109.83 114.03 118.20 116.44 120.06 124.38
0.00 0%
2017 2018 2019 2020 2021 2022 (est.) 2027(f) 2017 2022 (est.) 2027(f)
Rosin Starch Lignin Soy Other Raw Materials Rosin Starch Lignin Soy Other Raw Materials

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5.1.1 ROSIN
BIO-BASED ADHESIVES MARKET, VOLUME IN KILO TONS, BACKGROUND
ROSIN, GLOBAL, 2017-2027 • Rosin, also known as resin acid or rosin, is a natural resin derived from pine and spruce trees. Unlike carbon resins, rosins are not
CAGR (2022-2027): 3.89% polymers but complex mixtures of higher molecular weight and acid molecules such as abietic acid and pimaric acid. They are
important additives in plastics, rubbers, and related products such as adhesives and coatings.
• The three main types of rosins are gum sap, wood sap, and tall sap. Rosin is used in the manufacture of paints and many products. It is
160.00 sticky when heated and has a faint pine-like odor.
150.53
PROPERTIES AND APPLICATIONS
140.00 • Gum Rosin is a natural organic compound. It is mainly composed of resins. It is used for the manufacturing of paper, paint, soap, and
124.38 printing ink, amongst others, as rosin is easily softened and oxidized.
118.20 120.06
120.00 116.44 • Rosin is less stable due to its unsaturation. When exposed to oxygen, it darkens and loses its stickiness. To improve their oxidative
109.83 114.03
stability, they are often treated by disproportionation and hydrogenation. After purification, they are usually converted to esters, as
only esters are compatible with rubber. Important commercial esters include glycerol, methyl triethylene glycol, and pentaerythritol
100.00
esters.
• Rosin esters are compatible with many polymers and are very effective tackifiers. However, they are somewhat more expensive than
80.00 hydrocarbon resins but cheaper than polyterpenes. Because of their superior stickiness, rosin esters are widely used as tackifiers in a
wide variety of products, including sealants, hot melts, pressure-sensitive adhesives, printing inks, vanishes, and lacquers.
60.00 • Rosin and its esters are also used in certain foods and beverages, chewing gum, plastics and rubber, detergents, cosmetics, and
pharmaceuticals. They function as tackifiers, adhesion promoters, emulsifiers, dispersants, performance modifiers (gums),
antibacterial agents, and antifouling agents. Rosin esters are also attracting attention as a renewable resource in polymer synthesis.
40.00
• Rosins are composed of various resin acids that can undergo isomerization at elevated temperatures to exchange shapes and can be
used as rigid building blocks to manipulate mechanical properties and crystallization behavior. Modified rosin epoxy binders are
20.00
recognized as materials with resistance to a wide variety of chemical conditions that can be used to manufacture various reinforcing
structures. Rosin has been used in addition to composite materials in the production of foams, demonstrating its ability as a
0.00 crosslinker.
2017 2018 2019 2020 2021 2022 2027(f) • Therefore, the above-mentioned factors are likely to boost the demand for the studied market.
(est.)

SUMMARY
OPPORTUNITIES
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5.1.2 STARCH
BACKGROUND:
BIO-BASED ADHESIVES MARKET, VOLUME IN KILO TONS,
STARCH, GLOBAL, 2017-2027 • Starch is a ubiquitous carbohydrate in nature and one of the major dietary energy sources for humans. It is regularly eaten in the
form of wheat, rice, potatoes, and other staple foods grown around the world.
CAGR (2022-2027): 5.21%
• Starch is a white granular organic chemical produced by all green plants. It is a soft, white, tasteless powder that is insoluble in
cold water, alcohol, and other solvents. Starch is made in the green leaves of plants from excess glucose produced during
400.00 photosynthesis.
PROPERTIES AND APPLICATIONS:
350.00 340.37
• Starch is an important versatile biomaterial used for many purposes in various industries around the world, including food,
healthcare, textile, chemical, and engineering sectors. The versatility of starch in industrial applications is largely determined by its
physicochemical properties and functionality. The strength of native forms has limited functionality and applications. However,
300.00
advances in biotechnology and chemical technology have led to the extensive modification of starch for a variety of purposes.
264.04
249.21 246.34
254.47 • Starch adhesives are strongly preferred for bonding paper-based materials and are also used to make corrugated boards and wrap
250.00 236.91 pipes. The raw materials are relatively cheap, high quality, biodegradable, and readily available.
225.24
• Since starch is a thermosetting polymer, it also delivers exceptional heat resistance. Various additives can be used to impart
200.00 specific performance characteristics, such as urea-formaldehyde for superior moisture resistance and polyvinyl alcohol/polyvinyl
acetate for improved cold-water resistance. Biocides are also used to control fungal growth.
150.00 • Starch adhesives are ideal for paper packaging applications such as cartons and corrugated boxes. A readily available, easy to
apply, and inexpensive option, the starch adhesive is popular for large jobs and is especially effective on card stock where a strong
bond is required.
100.00
• Starch adhesive is made from natural carbohydrates derived from the roots, tubers, and seeds of plants such as corn, potatoes,
wheat, rice, and tapioca. Apart from being economical and easy to clean, they are available in a wide range of viscosities, making
50.00 them suitable for a thicker consistency.
• Adhesives based on starch play an important role in industrial production, especially in the packaging industry. Starch also finds
applications in binding paper products. Most corrugated boxes used in box manufacturing are glued with starch-based adhesives.
-
2017 2018 2019 2020 2021 2022 2027(f) • All aforementioned factors are likely to propel the demand for starch in bio-based adhesives applications.
(est.)

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5.1.3 LIGNIN
BACKGROUND:
BIO-BASED ADHESIVES MARKET, VOLUME IN KILO
TONS, LIGNIN, GLOBAL, 2017-2027 • Lignin is an important organic polymer that is abundant in the cell walls of certain cells. It has many biological functions, such as
water transport, mechanical support, and resistance to various stresses.
CAGR (2022-2027): 3.52% • Lignin, the second most abundant biopolymer on earth, functions as a binder for juvenile cellular tissue and as a stiffener
(modular structure) for mature cell walls in terrestrial plants. As a cheap and renewable raw material, vegetable lignin is mainly
120.00 used as an energy substance or for the development of new materials.
• Lignin is a hydrophobic polymer, and its purpose is to give mechanical support, act as a decay retarder, form a barrier for
100.00 96.12 evaporation, and help to channel water to critical areas of the plant. Lignin is available in large quantities, being the unwanted
by-product of the pulping process for papermaking. The process produces a pulp rich in cellulose and a liquor rich in degraded
lignin that is typically burned for energy.
80.85
80.00 77.31 76.00
78.19 • The chemical structure of lignin limits its reactivity. As a result, several modifications have been proposed in recent years. The
74.71
72.20 most common methods of modifying lignin are methylation (hydroxymethylation), phenolate, demethylation, and reduction
reactions. Methylation and phenolization are of most industrial interest owing to their low cost. The use of permethylated lignin
in the presence of synthetic PF and pMDI is considered one of the greatest advances in the field of lignin adhesives.
60.00
• Bio-based raw materials such as lignin are used in the manufacture of wood and wood composite adhesives and are widely used
as an alternative to petrochemical-based adhesives owing to their availability, low cost, and biodegradability. Biobased
resources such as abundant lignin are rich sources of hydroxyl functional groups, which are considered reactive feedstocks for
40.00 the manufacture of 'glues’.
• Lignin has been attracting interest as an eco-friendly material because of its physical properties and favorable degradation
characteristics. By transforming forest and agricultural feedstocks, new renewable, biodegradable, and biocompatible materials
are being produced. Lignin acts as a reactive component, and the active functional groups in lignin are further utilized for
20.00
biocompatible materials.
• These adhesives are especially effective because of their ability to repel water. In nature, lignin is the natural glue of plants and
helps hold the cellulose fibers of plants together. Lignin acts as a suitable candidate to replace phenol in phenol-based glues.
- Lignin is a polyphenolic compound and accounts for almost a quarter of all tree dry matter.
2017 2018 2019 2020 2021 2022 2027(f)
• All aforementioned factors are likely to propel the demand for the market studied.
(est.)

SUMMARY
OPPORTUNITIES
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5.1.4 SOY
BIO-BASED ADHESIVES MARKET, VOLUME IN KILO TONS, SOY, BACKGROUND
GLOBAL, 2017-2027 • Soybeans are an industrial crop mainly used for the production of oil and human and animal feed. Soybeans are healthy, protein-
rich, and have many nutritional uses. They can be eaten, used in milk substitutes, or taken in supplement form. Manufacturers
CAGR (2022-2027): 5.77% extract the oil from soybeans and use it in eco-friendly fuels, candles, crayons, and engine lubrication.
500.00
474.50 • Soybeans are members of the pea family of vegetables and have been a staple of Asian cuisines for thousands of years. Soy and
soy foods are popular, especially for people following vegetarian and vegan diets. This is due to their high-quality protein
450.00 content and their ability to be processed into milk and meat substitutes.
• Soy-based adhesives are water-based systems formulated with natural soy flour and proprietary cross-linked resins. When
400.00 mixed, the resin reacts with the soy flour proteins to form a durable, water-resistant thermoset adhesive with strength and
358.45 performance comparable to urea-formaldehyde-based adhesives.
350.00 336.00 332.33 344.46
318.48 • Soy ingredients in the adhesive reduces volatile organic compound (VOC) emissions. Sustainably grown soybeans are plentiful.
301.13 Studies have shown that soy flour dries faster, uses less water, and produces less waste than traditional plywood adhesives. In
300.00 addition, soy adhesives also offer exceptional water resistance and can be used with a wide range of adhesive strengths.
• Soy adhesives have great potential as sustainable and environmentally friendly adhesives. The addition of lignin slightly
250.00
increases the viscosity, spreadability, and thermal stability of the soy adhesives.
200.00 • A soy adhesive is chemically modified to achieve a strong, heat-resistant bond when bonding paper substrates.
• Among natural renewable resources suitable for industrial use, soy is a reasonable choice due to its high production volume and
150.00 the small use of soy meal-based products for human food consumption. Soy flour can be an ideal raw material for the
manufacturing of wood adhesives due to its low cost, high protein content, and easy processing. There are also more
100.00 concentrated forms of soy proteins, i.e., concentrates and isolates, which are also suitable raw materials for adhesives.
• Materials derived from natural sources such as soybean products can be used for wood adhesives due to their ability to bond
50.00 with a wide variety of materials.
• All aforementioned factors are likely to support the demand for soy adhesives in the market studied.
-
2017 2018 2019 2020 2021 2022 2027(f)
(est.)

SUMMARY
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5.1.5 OTHER RAW MATERIALS

BIO-BASED ADHESIVES MARKET, VOLUME KILO TONS, OTHER RAW BACKGROUND
MATERIALS, GLOBAL, 2017-2027 • Other raw materials include natural rubber latex, protein-based adhesives (apart from soy), polylactic acid, and
CAGR (2022-2027): 4.99% polyhydroxyalkanoate.
• Natural rubber latex, a milky white liquid composed of very small rubber particles, is derived from plants, mainly
300.00 rubber trees, dispersed in an aqueous medium. Products are formed from natural rubber latex by dipping, extrusion, or
272.90 coating using the Natural Rubber Latex Process.
• Polyhydroxyalkanoates (PHAs) are highly biocompatible, naturally occurring, bacterially derived polyesters produced by
250.00 bacterial fermentation. By changing the conditions of the fermentation process, it is possible to obtain various PHAs
with different properties and decomposition rates.
213.92
209.07 203.63 208.36 PROPERTIES AND APPLICATIONS:
201.14
200.00 191.84
• There is continuing interest in using proteins as greener alternatives to existing synthetic adhesives. Protein-based
adhesives have been used for a long time and are a more biocompatible alternative compared to synthetic adhesives.
Benefits of protein-based adhesives include ease of use, reduced surgical time, improved seal quality and strength, and
150.00 effective seals.
• Natural rubber latex (NRL) is one of the most promising natural adhesives with non-toxicity, moisture resistance, and
mildew resistance. NRL is a milky liquid containing small rubber particles. This consists of two main parts. A mixture of
100.00 hydrocarbons and other non-rubber components, primarily carbohydrates, proteins, and lipids, in the aqueous serum
phase. Its superior flexibility, high tack and tack retention, moderate moisture resistance, and improved strength after
vulcanization are among the beneficial properties of NRLs and their use in environmentally friendly adhesive
formulations.
50.00
• Bio-based polylactic acid is a thermoplastic produced by fermentation from biomass sugars or directly from whey or
milk using suitable bacteria. It is generally recognized that PLA can be useful as an adhesive or as a resin or tackifier
component in adhesive compositions.
-
2017 2018 2019 2020 2021 2022 (est.) 2027(f)
• A wide variety of protein-based adhesives are available and sold in a variety of forms. Overall, it is a patient-compliant
system that has recently grown in popularity.
• All aforementioned factors are likely to propel the demand for the market studied.

SUMMARY
OPPORTUNITIES
ABOUT US
5.2 BY END-USER INDUSTRY

5.2.1 Building and Construction
5.2.2 Paper, Board, and Packaging
5.2.3 Healthcare
5.2.4 Personal Care
5.2.5 Woodworking and Joinery
5.2.6 Other End-user Industries

SUMMARY
OPPORTUNITIES
ABOUT US
5.2 BY END-USER INDUSTRY

BIO-BASED ADHESIVES MARKET, VOLUME IN KILO TONS, BY END-USER INDUSTRY, BIO-BASED ADHESIVES MARKET, VOLUME SHARE (%), BY END-USER INDUSTRY, GLOBAL,
GLOBAL, 2017-2027 2017-2027
CAGR (2022-2027): 5.08%
1,600.00
100%
6.95% 6.45% 5.89%
1,400.00
90%
78.57 15.21%
80% 16.33% 15.82%
1,200.00
203.01 9.26% 9.24%
70% 9.02%
1,000.00 67.15 123.28 8.10% 7.89%
67.09 66.22 8.01%
64.97 65.36 60%
62.57 164.79 105.31
159.37 157.21 160.30
800.00 153.21 50%
147.01 92.40 96.50
89.57 88.85
85.26 84.39 35.77% 36.84%
81.20 78.77 78.00 81.02 40% 35.20%
600.00 75.35 491.65
72.11
30%
351.80 345.79 358.30 372.64
400.00 316.89 334.41
20%
200.00 24.49% 24.59% 24.92%

332.60 10%
220.47 232.05 243.18 239.54 247.30 256.18
- 0%
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) 2017 2022 (est.) 2027 (f)
Building and Construction Paper, Board, and Packaging Healthcare Building and Construction Paper, Board, and Packaging Healthcare
Personal Care Woodworking and Joinery Others Personal Care Woodworking and Joinery Others

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.1 BUILDING AND CONSTRUCTION

BUILDING AND CONSTRUCTION, GLOBAL, 2017-2027 • Construction refers to manufacturing and commercial activities related to the construction, repair, renovation, and maintenance
CAGR (2022-2027): 5.36% of infrastructure.
• The construction industry is considered to be a sector that contributes significantly to the economic and social development of
the country.
350.00 332.60 PROPERTIES AND APPLICATIONS
• Bio-based adhesives make a positive contribution to environmental protection. The use of engineered wood products (EWPs) is a
major contributor to construction worldwide due to their reliable structural performance, weight reduction, renewability, carbon
300.00
storage, rapid on-site installation, and reduced construction waste generation.
256.18
• The adhesives used to manufacture EWP are synthesized from chemicals, primarily derived from oil and natural gas. However,
250.00 243.18 247.30 growing concerns about formaldehyde emissions, environmental safety, and the long-term safety of petrochemical supplies are
232.05 239.54
220.47
the primary drivers for researchers to develop bio-based adhesives.
• Adhesives are used as bonding layers for floor installation between existing floors and substrates. They are mixed into the
200.00 cement used for joints. They are very useful in manufactured or pre-built cases. In addition, it is used for fixing roofing systems
and roof tiles. Moreover, they are also used for surface treatment and application of wall coverings/wallpapers.
INDUSTRY TRENDS
150.00
• The COVID-19 pandemic had a major impact on the global building and construction sector in 2020. The impact is far-reaching,
from months of empty construction sites during lockdowns to disruptions in mortgage lending to material supply chains in
100.00
response to sudden recessions and surges in demand.
• Additionally, the way buildings are occupied and used will change dramatically, from the status quo of job-based employment in
most sectors to a rapid shift to remote work, abandonment of commercial and retail space, warehousing, logistics, and delivery.
50.00 • According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic has forced
investors to focus on supporting critical industries such as buildings and construction, which account for around 4-7% of value
added in most major economies. Several countries are providing investments to support the building and construction industry
0.00 through stimulus packages and measures in response to the global pandemic.
2017 2018 2019 2020 2021 2022 2027(f)
(est.)

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.1 BUILDING AND CONSTRUCTION

• However, the impact of support for decarbonizing the sector is limited. A survey of the world's major economies found that many pandemic financing for buildings and those elements of these
initiatives will have a positive impact on the decarbonization of the sector. However, more efforts are needed to align incentives and future economic investments with the Paris Agreement.
• The global construction market is poised for continued strong growth, fueled by expected increases in government spending on infrastructure and a move towards net zero. However, the transition to
sustainable energy and the adoption of modern construction methods will fundamentally change designs, materials, and construction processes, thus changing the risk landscape.
• According to a recent report by Marsh and Oxford Economics, the global construction industry is expected to grow 42% by 2030. The positive growth outlook is based on several factors, some of them
being population growth, urbanization, and a growing working-age population in emerging markets which, in turn, will increase the need for housing, infrastructure, and employment. The transition to
a low-carbon or net-zero economy requires significant investment in alternative energies such as wind, solar, and hydrogen, energy storage, transmission, and supporting services.
• India is expected to become the world’s third-largest construction market by 2022. In addition, according to the National Investment Promotion & Facilitation Agency, the construction industry
contributes a 9% share of the country’s GDP. India’s construction industry is expected to reach USD 1.4 Tn by 2025. More than 40% of India's population is expected to live in urban areas by 2030
(currently 33%), creating demand for an additional 25 million mid-sized and affordable units. Furthermore, under NIP, India's infrastructure investment budget is USD 1.4 trillion, with 24% for
renewable energy, 19% for roads and highways, 16% for urban infrastructure, and 13% for railways. Programs such as the innovative Smart City Mission (Target: 100 cities) aim to improve the quality
of life through modernized, technology-driven urban planning.
• According to the Associated General Contractors of America (AGC America), the construction industry contributes significantly to the US economy. The industry employs over 7.6 million people and
generates nearly USD 1.4 trillion worth of structure each year.
• The Chinese government rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities over the next ten years, creating a major
scope for construction materials such as adhesives used in various applications during construction activities to enhance the building properties.
• According to China’s five-year plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of about 6% in 2022. Furthermore, the country is also
planning to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites.
• In Mexico, an additional 40 million square meters of hotels will be built by 2030. After raising awareness through a program on energy efficiency in buildings, Mexican hotel chain Grupo Misión plans to
build 20 new energy-efficient hotels, thus eliminating 124 kilotons of CO2 over a 30-year lifetime. Potential remedies range from 'free' measures such as reorienting buildings to measures costing less
than EUR 100,000 per hotel.
• In nearly every region of the world, expectations of large investments in infrastructure and energy support a positive outlook, but the inflation and materials availability factors mentioned earlier
undermine that optimism. However, as always, the industry is resilient and delivering infrastructure growth.

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.2 PAPER, BOARD, AND PACKAGING

BIO-BASED ADHESIVES MARKET, VOLUME IN KILO TONS, PAPER, BACKGROUND
BOARD, AND PACKAGING, GLOBAL, 2017-2027 • Paperboard can be creased, folded, bent, or custom die-cut in a myriad of ways. Embossing allows the text and images to
emerge from the surface of the cardboard, creating attractive aesthetics.
CAGR (2022-2027): 5.70%
• Carton packaging is inherently sustainable, renewable, and recyclable – and today's environmentally conscious consumers
know this.
600.00 PROPERTIES AND APPLICATIONS
• In the packaging industry, sustainability is increasingly the norm rather than being offered by a few companies.
Environmental laws and standards, eco-friendliness by manufacturers, and growing business and consumer awareness have
491.65 led to the development of bio-based packaging adhesive systems that provide eco-friendly adhesive solutions with a reduced
500.00
carbon footprint.
• The bio-based raw materials in adhesives are made from renewable resources. The advantage is that bio-based renewable
raw materials can reduce CO2 emissions compared to fossil raw materials in the supply chain. In this way, the entire product
400.00 actively contributes to climate protection.
358.30 372.64
351.80 345.79
334.41 INDUSTRY TRENDS
316.89
• In 2021, the global packaging market returned to solid growth after a slowdown in 2020 when several end-use industries
300.00 were disrupted by COVID-19. The industry reached USD 1.1 trillion in 2021. China remains the world's largest domestic
market, and in 2021 alone amounted to USD 256 billion. The country surpassed USD 197.2 billion in the United States in
2021, Japan USD 53.2 billion, India USD 48.2 billion, and Germany USD 39.3 billion. The country is also expected to grow
200.00 fastest through 2026, further extending its dominant position.
• Globally, corrugated packaging, including corrugated cartons, folding boxes, and liquid wrappers are projected to grow the
fastest in revenue over the next five years. There is a growing preference for textile-based packaging, in line with brand
owners' sustainability goals and legislation focused on shifting to a circular economy model.
100.00
• While paper and board production is projected to grow at an annual rate of 1.5% through 2030. The industry's energy
consumption will need to grow at an annual rate of 0.5% to align with a net zero emissions scenario by 2050. Furthermore,
the gross demand for paper and paperboard is anticipated to continue increasing through 2030. This is because a decline in
0.00 demand for print-related paper will be offset by increasing demand for packaging and sanitary paper by the population.
2017 2018 2019 2020 2021 2022 2027(f)
(est.)

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.2 PAPER, BOARD, AND PACKAGING

• Global paper production in 2022 is estimated at 416 million tons, still 4 million tons below 2018 levels. However, on the optimistic side, the trend should normalize and move up in 2023. With the rapid
growth of e-commerce, by the end of 2022 (from the 50 years before the COVID-19 pandemic), the corrugated board will account for two-thirds of its global paper output.
• The printing and writing sector has been in decline for many years as the digital age matures. In 2020, this trend accelerated as demand for printing and writing paper declined as a result of global
lockdowns imposed as a precautionary measure to contain the spread of the COVID-19 pandemic. However, the resumption of workplaces in 2021 supported an uptick in demand.
• In line with the growing demand, Domtar, an American manufacturer of paper and pulp products, announced its plans to reopen its Ashdown factory. The plant is expected to resume full operation in
January 2022, with approximately 185,000 tons of uncoated free sheets on the market.
• Furthermore, the pulp and paper industry finds extensive usage in the packaging industry. Throughout 2020, e-commerce soared to unprecedented heights as consumers adapted to new ways of daily
shopping. As the pandemic has increased consumer fondness for convenient on-demand shopping, several manufacturers are focusing on taking new initiatives to gain consumer traction.
o In May 20201, the Brazilian pulp and paper company, Suzano, the largest pulp and paper company in Latin America, announced its plans to build a new pulp mill in the city of Rivas do Rio Pardo.
Upon completion in 2024, the new project will be the largest pulp mill across the globe, with an annual capacity of 2.3 million tons of eucalyptus pulp.
o Essity has worked to develop tissue products using straw pulp that is processed into the final product, bleached pulp. Developing products with pulp made from non-wood sources should have
properties comparable to virgin wood pulp in terms of brightness, strength, and softness. The company’s new pulping process enhances the sustainability of end-use products and helps reduce the
dependency on external pulp purchases.
• The pulp and paper industry finds extensive applications in wrapping & packaging, printing & writing, sanitary, and newsprint, among others.
• According to the Confederation of European Paper Industries (Cepi), the paper and pulp industry recorded an annual turnover of EUR 95 billion, growing by 15.9% annually in 2021. Furthermore, paper
and board consumption increased by 5.8% annually in 2021. Moreover, output also increased by 6.1% during the same period, while the utilization rate of the paper mills reached 90% in 2021 from
85% in 2020.
• Growing consumer awareness of sustainability and the search for more sustainable options have also paid off in recent years. The COVID-19 pandemic has changed consumer purchasing decisions and
led more consumers to adopt more sustainable lifestyles. This shift in attitude has forced businesses to adapt to meet consumer demands.
• Demand for paper-based packaging solutions has increased in Europe for more than two years, and the trend will continue through 2022. Across Europe, demand for folding boxboards stands out, with
demand expected to be 4.9 times in 2022. Especially in the UK, a plastic packaging tax was introduced in April 2022. This means that companies will not allow the use or import of products with less
than 30% of their recycled content in plastic packaging. This, in turn, has accelerated the demand for various sustainable packaging solutions across the country.

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.3 HEALTHCARE
HEALTHCARE, GLOBAL, 2017-2027 • The Healthcare segment consists of companies that provide medical services, manufacture medical devices and pharmaceuticals,
provide health insurance, or otherwise facilitate the provision of healthcare to patients.
CAGR (2022-2027): 4.53%
• Today, the application of bio-based adhesives in the health field is one of the major interests of various researchers due to recent
120.00 advances in their formulation development. Bio-based adhesives are commonly used for wound healing and hemostasis and are
beginning to find use in other biomedical applications such as tissue engineering and regeneration. Discrepancies between tissue
105.31 and biomaterials are related to tissue glue in tissue regeneration.
100.00 • Bio-based adhesives have proven their superiority in clinical applications such as tissue adhesives, hemostats, and tissue sealants.
Due to its inherent stickiness, its applications are expanding into various areas, such as functional wound dressings and even the
84.39
fixation of medical devices.
81.02
78.77
78.00
• Compared to traditional invasive wound closure methods such as sutures, wires, and staples, bio-based adhesives are less likely to
80.00
72.11 75.35 damage tissue and can promote wound healing through multiple mechanisms. For instance, bio-based adhesives have
antimicrobial, anti-inflammatory, and antioxidant properties. Other properties, such as self-healing and injectability, greatly
enhance the convenience of bio-based adhesives.
60.00 INDUSTRY TRENDS
• The entire healthcare system was impacted by COVID-19 but quickly adapted and began adopting new methods of operation,
including implementing the latest healthcare technologies. In a post-COVID-19 climate, COVID tests and vaccines will continue to
40.00 be needed, putting pressure on supply chains and healthcare companies to distribute them. Fortunately, the healthcare sector has
started investing in new technologies that will help ease future pressures to further minimize the impact of COVID-19 on society.
• The need for medical assistance has been increasing throughout the world, owing to growing health concerns. Some of the factors
20.00 which have been significantly contributing to the demand for medicines include a growing population, increasing chronic diseases
among people, rising affordability, growing health consciousness, and population aging. Therefore, all such factors have been
further driving the demand for the healthcare industry.
0.00 • India is an attractive destination for healthcare tourism and is known for its economic treatment. This has led to the growth of the
2017 2018 2019 2020 2021 2022 2027(f) healthcare segment in the region, which in turn, has increased the demand for bio-based adhesives from the industry.
(est.)

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.3 HEALTHCARE
• The healthcare industry in the country is likely to upscale its operations as the government has initiated enhancement activities to provide healthcare facilities to its population. The establishment of
government hospitals and care units in every district is likely to have a positive impact on the market.
• In Europe, Germany holds the largest healthcare market. The total healthcare expenditure in the country amounted to EUR 441 billion and healthcare expenditure per inhabitant in the country
amounted to EUR 5,298 billion in 2021. With demographic changes and digitalization, the country has been investing in mobile healthcare facilities, which is providing a platform for the further
expansion of the German healthcare sector.
• Moreover, the Chinese government has started policies to support and encourage domestic medical device innovation, providing opportunities for the market studied. As the second-largest healthcare
industry globally, behind the United States, the country’s healthcare market has been more rigorous, especially in light of the COVID-19 pandemic in 2020. China is expected to have 25% of the global
medical device industry revenue share by 2030.
• China has the world’s second-largest market for pharmaceuticals and is the fastest emerging market for the sector. The country has a large and diverse domestic drug industry, comprising around 5,000
manufacturers, of which many are small- or medium-sized and base their businesses on generics, active pharmaceutical ingredients (APIs), or traditional Chinese medicine. Also, the country’s 13th Five-
Year Plan prioritizes health and innovation, which is expected to increase investments in the sector during the forecast period.
• In the United States, as of July 2021, the United States Food and Drug Administration’s FY2022 budget demonstrates the investment of USD 21.6 million for a new Resilient Supply Chain and Shortages
Prevention Program (RSCSPP) in CDRH. This funding will provide, for the first time, resources to establish a permanent program for the United States supply chain resilience for the healthcare industry.
• According to MedTech Europe, over 33,000 medical technology companies are present in Europe. Most of them are located in Germany, followed by Italy, the United Kingdom, France, and Switzerland.
Small and medium-sized companies (SMEs) make up around 95% of the medical technology industry. As of June 2021, in Europe, expenditure on medical technology per capita accounted for EUR 265.
Moreover, as of June 2021, an average of ~11% of gross domestic product (GDP) is spent on healthcare in Europe.

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.4 PERSONAL CARE

PERSONAL CARE, GLOBAL, 2017-2027 • Part of the consumer goods sector, the global personal care products industry includes a wide variety of products such as
CAGR (2022-2027): 5.02% fragrances, makeup, hair care, coloring products, sunscreens, toothpaste, bath, personal hygiene, nail care, and shaving
products.
• Given the risks associated with toxic substances in personal care products, companies are investing in research and
140.00 development to make their products safe or explore alternative ingredients such as natural and herbal products.
123.28 PROPERTIES AND APPLICATIONS
120.00 • Personal care products such as baby diapers are made up of a variety of substrates and materials. Adhesives are a small part of
diapers and other personal care products but are critical to the overall construction and design of sustainable personal care
products. This is because adhesives hold together the properties of all other materials. The more diverse the substrates used,
100.00 96.50 the more complex the requirements for the connection mechanism for bonding different types of materials.
89.57 92.40
88.85
85.26 • Personal care adhesives are a growing specialty market that is evolving with consumer demand. Adhesives are a fundamental
81.20
80.00
but often overlooked component in the manufacture of disposable personal care products such as baby diapers, feminine
hygiene products, and adult incontinence products.
• For such products, adhesives allow different materials with different required properties to work together to achieve the
60.00 desired performance. This combination of materials, made possible by adhesives, allows the production of comfortable, thin
(discrete), and safe hygiene products.
40.00
INDUSTRY TRENDS
• According to L'Oréal's cosmetic report, the global cosmetics sector has increased by 8.2% in 2021. The estimated market size
has reached more than EUR 228 billion. The cosmetics market remains a supply-led market driven by innovation, where
20.00 consumers are always on the lookout for quality, performance, and perceived results.
• According to Statista, the beauty and personal care industry is expected to generate a revenue of USD 564.44 billion in 2022,
increasing by 12.08% compared to 2021. It is also projected to grow at a CAGR of 4.76% during the forecast period 2022-2026.
0.00
2017 2018 2019 2020 2021 2022 2027(f) The United States and China have dominated the market with a combined revenue share of over 25% in 2022.
(est.)

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.4 PERSONAL CARE

• The global cosmetic industry has been growing rapidly on account of high demand from various types of consumers. Increasing awareness about the benefits of personal care products among
customers is resulting in higher usage of cosmetics and personal care products. Moreover, growing disposable incomes and purchasing power of the population is further leading to the growth in
demand for cosmetics and personal care products, thereby fueling the growth of the market.
• According to the L'Oréal, North Asia (~35%), North America (~25.7%), and Europe (~22%) are the major contributors to this growing cosmetics sector across the world.
• According to the International Trade Organization, China operates as the second-largest market for cosmetic and personal care across the globe. According to Statista, the retail sales value of cosmetics
in China rose to USD 52.3 billion in 2020. Furthermore, overall cosmetics sales in 2022 are anticipated to surpass USD 70.1 billion, an annual growth rate of 9.6%. Thus, consumption in China's cosmetics
sector is expected to continue growing rapidly, and by 2024, domestic sales are projected to exceed sales in the United States, which has historically led the world in the beauty industry.
• According to Cosmetic Europe the personal care association, Europe’s 500 million consumers use cosmetic and personal care products every day to protect their health, enhance their well-being and
boost their self-esteem. Ranging from antiperspirants, fragrances, make-up, and shampoos, to soaps, sunscreens and toothpaste, and cosmetics.
• The United Kingdom's natural beauty market is estimated to reach EUR 208.6 million in 2022. Natural cosmetics industry statistics show that the market is expected to keep growing at an annual rate of
7.51% between 2022-2026. The goods are becoming more popular as consumers become more concerned about the environmental and health implications of substances. This is expected to increase
the demand for sustainable adhesives used for personal care products, thereby boosting the market studied over the forecast period.
• According to the National Investment Promotion & Facilitation Agency, the beauty and personal care product market in India is currently valued at USD 26.8 billion and is poised to reach USD 37.2
billion by 2025. Growing awareness, easier access, and changing lifestyles have been the key growth drivers for the sector. Herbal cosmetics products are driving growth due to increasing adoption, and
the segment alone is expected to grow at 15-20%.
• Saudi Arabia is one of the prominent markets for cosmetics products in the Middle East. Consumers in the country tend to spend substantially on their appearance, thereby supplementing the growth
of the cosmetic market in the country. A growing number of self-conscious users, penetration of organized retail channels, growth in the aging population, and increased demand for male grooming
products are a few factors that boosted the growth of the market studied.

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.5 WOODWORKING AND JOINERY

WOODWORKING AND JOINERY, GLOBAL, 2017-2027 • Woodworking is defined as carpentry, carpentry, and related arts that make things out of wood. Joinery is defined as the
construction of frames and panels or carpentry work, i.e., the fabrication and installation of hardware within a building.
CAGR (2022-2027): 4.26%
• Wood adhesive suitable for most wood joinery purposes. They are very popular and effective assembly adhesives in the
250.00
woodworking industry. These are ready-to-use adhesives that cure quickly at room temperature and provide users with
excellent bond strength.
203.01 • When manufacturing products for the woodworking industry, it is important to choose adhesives that are suitable for all
200.00 building applications, as woodworking adhesives play a key role in enabling manufacturers to keep up with key market
trends and improve their overall woodworking projects. Adhesives are especially useful in woodworking:
159.37 160.30
164.79 ➢ Improve product performance and durability.
157.21
153.21
147.01 ➢ Reduce production time and costs.
150.00
➢ Improving sustainability and environmental safety.
➢ Expanded design options.
100.00 INDUSTRY TREND

• Increasing demand for wooden aesthetics, along with huge growth in construction and DIY projects, is increasing the
demand for woodworking globally. Increased innovation in the market is paving the way for more attractive wood
designs, with a greater variety of wood furnishings while reducing the traditional risks of termite attack and water
50.00 damage. The increasing reliability of wooden furniture is evident in homes and offices.
• The rapid and steady increase in demand for furniture and handicrafts, as well as the expansion of the construction
industry in developing countries, have boosted the demand for woodworking. Moreover, increasing demand for
processed wood and wooden furniture in the construction and furniture industry is expected to increase applications of
0.00 woodworking and joinery during the forecast period.
2017 2018 2019 2020 2021 2022 (est.) 2027(f)

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.5 WOODWORKING AND JOINERY

• According to the Central for Industrial Studies (CSIL), the size of the furniture industry doubled between 2000 and 2021 to reach about USD 500 million globally and is expected to surpass this in 2022.
The pandemic has had little impact on the furniture market. This is probably because the home has played such a large role during this long period. The lengthy stay-at-home situation has allowed
furniture sales to soar and the industry as a whole to recover very quickly and return to pre-coronavirus levels.
• According to data from Huajing Industry Research Institute, metal furniture (44.6%) and wooden furniture (33.3%) together account for nearly 80% of furniture made in China, and upholstered
furniture accounts for 7.6%. Despite the COVID-19 pandemic and downturn in the real estate market, China's retail furniture sales grew by 4.3% in 2021. As pointed out by China Light Industry
Internet, wooden furniture production increased by 14.1% annually in 2021.
• According to the China National Furniture Association (CNFA) and the China Light Industry Information Center, the total output of furniture increased by 14.5% annually in 2021, thus amounting to
1.12 billion pieces in 2021.
• Extensive modernization and the establishment of sectors such as IT have increased employment opportunities and improved lifestyles. As a result, the demand for functional and innovative office
furniture will boom in the coming years. With space constraints and a growing population, versatile and space-saving furniture designs are proving successful in the global market. A new era calls for
innovation and design improvements, creating healthy competition to increase production rates in the global furniture industry.
• According to the National Investment Promotion & Facilitation Agency, The Indian furniture market in the commercial sector is expected to grow during the forecast period. From 2018 to 2023, it is
expected to achieve a CAGR of 11.97%. India is the world's fifth largest furniture producer and fourth largest furniture consumer. The Indian furniture market was valued at USD 17.4 billion in FY2021.
Factors contributing to the growth of the Indian furniture market are:
➢ Significantly lower wage growth and relatively higher productivity growth compared to other low-wage countries such as China, Vietnam, and Thailand.
➢ Growing costs: Consumer spending will grow 3-4 trillion times by 2025.
➢ Continued urbanization: 40% of India's population will live in urban areas by 2025, up from 31% in 2010, accounting for more than 60% of consumption.
➢ Changes in family composition: The proportion of core households has reached 70% and is expected to reach 74% by 2025. They spend 30% more per capita than in a joint family.
• As a result, all aforementioned factors are likely to propel the demand for the market studied.

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.6 OTHER END-USER INDUSTRIES

BACKGROUND
BIO-BASED ADHESIVES MARKET, VOLUME IN KILO TONS, OTHER END-
USER INDUSTRIES, GLOBAL, 2017-2027 • Other end-user industries include bookbinding, textile, and automotive industries.
CAGR (2022-2027): 3.19% • The textile industry is primarily concerned with the design, production, and distribution of yarns, fabrics, and garments.
Raw materials are natural or synthetic from products of the chemical industry. The modern textile industry is still
closely related to the garment industry, but the production of industrial fabrics has become more important.
90.00
• The automotive industry includes all companies and activities involved in the automotive industry and the manufacture
of automobiles. It Includes most components such as engine and body, but not tires, battery, or fuel. The industry's
78.57
80.00 primary products are passenger cars and light trucks such as pickup trucks, vans, and sport utility vehicles.
70.00 67.09 66.22 67.15
64.97 65.36 • The application of adhesives in the automotive industry has increased significantly in recent years, mainly due to the
62.57
potential for vehicle weight reduction, fuel savings, and reduced emissions. Key benefits include design flexibility and
60.00 the ability to combine different and new materials.
• The textile industry needs to connect different materials that work in different environments. Sewing has been the
50.00 traditional method of joining materials, but adhesives are increasingly being used to reduce costs, enable bonding
between dissimilar substrates, and improve overall quality.
40.00
INDUSTRY TREND
• According to the Organization Internationale des Constructeurs d'Automobiles (OICA), in 2021, around 80.15 million
30.00
vehicles were produced across the globe, witnessing a growth rate of 3% compared to ~77.71 million vehicles in 2020,
thereby enhancing the demand for thermal spray coatings and related services, which are employed for various
20.00 automotive parts, including engines, body panels, steering systems, and others.
• In Asia-Pacific, China and India are major producers of vehicles. According to OICA, China has the largest automotive
10.00 production base in the world, with a total vehicle production of 26.08 million units in 2021, registering an increase of
3% compared to 25.23 million units produced last year.
0.00
2017 2018 2019 2020 2021 2022 (est.) 2027(f)

SUMMARY
OPPORTUNITIES
ABOUT US
5.2.6 OTHER END-USER INDUSTRIES

• Moreover, in India, during 2021, according to OICA, the automotive production in the country stood at 4.4 million units, registering an increase of 30% compared to 3.38 million units produced in the
same period last year. The government's reforms, such as "Aatma Nirbhar Bharat" and "Make in India" programs, are likely to boost the automotive industry in the coming years.
• In Europe, in 2021, France produced 13,51,308 vehicles, which increased by 3%, compared to 13,16,371 vehicles produced in 2020, thereby increasing the demand for the studied market. Moreover, in
2021, Italy's automotive production increased by 2% over 2020 and reached 7,95,856 vehicles.
• In North America, the United States also has one of the largest automotive industries globally. According to OICA, the automotive production in 2021 accounted for 91,67,214 units, an increase of 4% in
comparison to the production in 2020, which was reported to be 88,22,399 units.
• According to United Nations Conference on Trade and Development (UNCTAD) Global Trade Update, the value of global trade reached a record USD 7.7 trillion during Q1 2022, up nearly USD 1 trillion
from Q1 2021. Furthermore, trade growth is anticipated to remain positive, although it continues to slow in Q2 2022. Furthermore, trade-in merchandise goods reached about USD 6.1 trillion, growing
by 25% from Q1 2021 and an increase of about 3.6% from Q4 2021. Merchandise goods trade between developing countries also grew strongly in Q1 2022.
• According to the Ministry of Textiles, India's exports of textiles and garments, including handicrafts, totaled USD 44.4 billion in FY2022, up 41% from FY2021 and 26% from FY2020. Furthermore, the US
remained the top destination for the export of textiles and apparel, accounting for 27% of the overall export share, followed by the European Union (18%), Bangladesh (12%), and UAE (6%).
• According to the European Textile and Apparel Industry, in 2021, the export of textiles in the EU increased by 10.6% annually. The increase in exports was primarily due to the favorable development of
the markets in Switzerland, China, and the United States. Meanwhile, EU sales of textiles and clothing to the UK fell sharply (-23%) due to new Brexit requirements, customs delays, and a shortage of
truck drivers.
• In 2022, the European Union announced a new strategy for sustainable textile, aiming to move the sector toward the path of sustainability. The strategy proposed an extended action plant for the
complete value chain of textile products while supporting the ecosystem in the digital and green transition.
• Adhesives are primarily used in the production of bound books but are also used in the production of hardcover book covers. Bookbinding requires advanced gluing solutions for a very common
product.
• As a result, all aforementioned factors are likely to propel the demand for the market studied.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3 GEOGRAPHY
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 South America
5.3.5 Middle East & Africa
60 REPORT - GLOBAL BIO-BASED ADHESIVES MARKET Copyright © 2022 Mordor IntelligenceTM

SUMMARY
OPPORTUNITIES
ABOUT US
5.3 GEOGRAPHY
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, BY GEOGRAPHY, GLOBAL, 2017- BIO-BASED ADHESIVES MARKET, VOLUME SHARE (%), BY GEOGRAPHY, GLOBAL, 2017-
2027 2027
CAGR (2022 TO 2027): 5.08%
1600.00 100%
90%
1400.00
80%
1200.00
70%
1000.00 60%
800.00 50%
40%
600.00
30%
400.00
20%
200.00 10%
0.00 0%
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) 2017 2022 (est.) 2027 (f)
Middle East & Africa 46.00 47.45 48.97 47.79 48.42 49.24 58.01 Middle East & Africa 5.11% 4.73% 4.35%
South America 77.87 81.53 85.38 83.66 85.80 88.28 111.38 South America 8.65% 8.47% 8.35%
Europe 340.20 357.52 373.97 367.24 379.87 394.76 508.40 Europe 37.79% 37.90% 38.10%
North America 242.08 253.99 265.42 262.71 269.72 277.87 353.80 North America 26.89% 26.68% 26.51%
Asia-Pacific 194.09 204.77 216.05 213.35 221.74 231.49 302.84 Asia-Pacific 21.56% 22.22% 22.69%
Asia-Pacific North America Europe South America Middle East & Africa
Asia-Pacific North America Europe South America Middle East & Africa

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1 ASIA-PACIFIC
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1 ASIA-PACIFIC
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, ASIA-PACIFIC, 2017-2027 BIO-BASED ADHESIVES MARKET, VOLUME SHARE (%), ASIA-PACIFIC, 2017-2027
CAGR (2022 TO 2027): 5.52%
350.00 100%
90%
300.00
80%
250.00 70%
60%
200.00
50%
150.00 40%
30%
100.00
20%
50.00 10%
0%
2017 2022 (est.) 2027 (f)
0.00
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) Rest of Asia-Pacific 5.63% 5.35% 4.76%
Rest of Asia-Pacific 10.93 11.39 11.89 11.58 12.00 12.39 14.41 South Korea 9.89% 9.51% 8.88%
South Korea 19.20 19.98 20.85 20.46 21.21 22.01 26.89 Japan 24.23% 24.06% 23.69%
Japan 47.03 49.46 51.95 51.53 53.49 55.70 71.74 India 15.60% 15.66% 15.86%
India 30.28 32.00 33.83 33.34 34.66 36.26 48.04 China 44.65% 45.41% 46.81%
China 86.66 91.94 97.52 96.45 100.38 105.13 141.76
China India Japan South Korea Rest of Asia-Pacific
China India Japan South Korea Rest of Asia-Pacific

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.1 CHINA
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, CHINA, BACKGROUND

2017-2027 • In Asia-Pacific, China is the largest economy in terms of GDP. In 2019, the country witnessed about 6.1% growth in its
CAGR (2022 TO 2027): 6.16% GDP, despite having trade disturbance caused due to its trade war with the United States. In 2020, the Chinese economy
was severely hit by the COVID-19 pandemic. According to the IMF, the country’s economy was estimated to slow down
160 by 2.2% in 2020. However, the Chinese economy grew by 8.1% in 2021 and is expected to grow by 4.4% in 2022.
END-USER INDUSTRY’S GROWTH IN CHINA
141.76
• Bio-based adhesives are widely used in construction as they do not release any harmful VOCs and reduce carbon
140
footprint. The construction sector is a key player in China's continued economic development. The value of construction
output accounted for 25.7% of China's GDP in 2021, up from 11.0% in 2020, according to the National Bureau of
120 Statistics.
105.13 • According to China's Five-Year Plan unveiled in January 2022, the construction industry in the country is estimated to
97.52 96.45
100.38 register a growth rate of 6% in 2022. The prefabricated parts, either partially or wholly manufactured and then
100
91.94 transported to the construction sites for assembly, may account for over 30% of the new construction in the country.
86.66
• Bio-based adhesives are used for end-of-line packaging, clean and efficient bonding of outer coating paper coffee-to-go
80 cups. Bio-based adhesives can also be used as an environmentally friendly alternative to the production of drinking
straws, disposable crockery, and cutlery. They are also used in specialty packaging, flexible packaging, printed sheets
lamination, and cigarettes and filters.
60
• Due to the country's expanding economy, China's packaging industry has grown at a rapid and consistent rate in recent
years. China is now one of the world's largest packaging markets, with fast-growing segments like paper packaging,
40 flexible packaging, and rigid plastics packaging.
• As China's food and beverage market expands, rigid and flexible plastic packaging, which is widely used for food and
beverage packaging, is expected to grow at a fast rate in China. Additionally, the packaging industry witnessed noticeable
20
growth, with an increasing trend of express deliveries. In 2020, the express delivery companies delivered around 65
billion parcels in the country, reflecting an increase over the previous years. With such growth in the industrial and
0
FMCG segments, the demand for packaging has increased in the country, further driving the demand for bio-based
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) adhesives from the packaging industry.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.1 CHINA
• In the healthcare sector, bio-adhesives are used in drug delivery systems, medical devices, pharmaceutical packaging, surgical and wound care, and others. Bio adhesives are also replacing
conventional wound closure methods such as staples, wires, and surgical sutures, due to their antioxidant, antibacterial, better wound healing, anti-inflammatory, and leakage protection properties.
The Chinese healthcare industry has been witnessing a major development, registering a growth rate of more than 10% annually.
• China is the second-largest healthcare market in the world. However, the country imports technologically high-end implants from advanced economies. The public hospitals in the country are leading
consumers of medical devices in the country.
• The Chinese government has started policies to support and encourage domestic medical device innovation, providing opportunities for the market studied. The “Made in China 2025” initiative
improves industry efficiency, product quality, and brand reputation, spurs domestic medical device manufacturers’ development, and increases competitiveness.
• China has a significant position in the global medical devices market. According to the State Administration for Market Regulation (China), around 27,496 medical device companies were operating in
the country till the first half of 2021, up from 26,465 firms in 2020. Some key medical device firms include Mindray Medical, Intco Medical, Lepu Medical, Zhejiang Orient Gene, and Shinva.
• The personal care industry includes a wide range of products that require high standards of purity. According to the International Trade Organization, China is the second-largest market for cosmetic
and personal care globally. According to Statista, the retail sales value of cosmetics in China rose to USD 52.3 billion in 2020. Furthermore, overall cosmetics sales in 2022 are anticipated to surpass
USD 70.1 billion, an annual growth rate of 9.6%. Thus, consumption in China’s cosmetics sector is expected to continue growing rapidly. By 2024, domestic sales are projected to exceed sales in the
United States, which has historically led the world in the beauty industry.
• Bio-based adhesives are widely used in woodworking and furniture applications. As the standard of living has been improving in China, people have become increasingly willing to invest in home
decor. The increasing purchasing power of consumers has driven the furniture market’s growth. The Chinese furniture sector is the world’s largest in terms of production and consumption, and it is
also the world’s largest exporter of furniture. It exports to all the regions of the world, especially to other countries in Asia-Pacific and the Middle East.
• The rapid growth of the furniture manufacturing industry in the country is majorly fueled by the rising domestic demand, coupled with significant demand from foreign markets. China has a very
strong demand for furniture due to its high population. The huge population base and the rising disposable income of consumers have been bolstering the development of the Chinese furniture
industry. Customers have been willing to spend more on floor coverings and furniture. Urbanization, increasing real estate development, strong growth in GDP, and economic stability in the country
are some of the other major factors aiding the growth of the furniture sector. This is expected to drive the demand for bio-adhesives for woodworking in China.
• According to the National Bureau of Statistics of China, the retail trade revenue of furniture was valued at CNY 113.3 billion in the first seven months of 2022. In July 2022, the retail sales of furniture
in China amounted to approximately CNY 13.4 billion, which decreased by 6.3% compared to the same period of the previous year.
• All the above-mentioned factors are expected to drive the growth of the bio-adhesives market in India.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.1 CHINA
OUTPUT VALUE OF CONSTRUCTION WORKS, IN CNY TRILLION, CHINA, 2011-2021
30.00
25.92
25.00
23.27
21.87
20.76
20.00 19
17.19
15.71 16.03
15.00 14.11
10.49 10.02
10.00
5.00
0.00
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: National Bureau of Statistics of China

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.2 INDIA
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, BACKGROUND
INDIA, 2017-2027 • In Asia-Pacific, India is one of the largest economies in terms of GDP. India is a growing economy and holds great potential for
CAGR (2022 TO 2027): 5.79% future market opportunities. However, the stagnation caused in the industrial output, greenfield investment, and flattened
demand led to a decline in the national growth rate during 2019. India’s GDP rose by 3.7% in 2019 but observed a decline of -
6.3 during the pandemic in 2020, and the latest estimates from IMF indicated the country’s GDP growth by 8.9% in 2021. As per
60
IMF forecasts, the country’s GDP is estimated to grow by 8.2% in 2022.
END-USER INDUSTRY GROWTH IN INDIA

50 48.04 • India has a huge construction sector and is expected to become the world’s third-largest construction market by 2022. Various
policies implemented by the Indian government, such as the Smart Cities project, Housing for all by 2022, etc., are expected to
bring the needed impetus to the slowing construction industry.
40 • For instance, in the Pradhanmantri Awas Yojana, the Indian government has decided to provide interest subvention of 3% and
36.26 4% for loans of up to INR 12 lakhs and INR 9 lakhs, respectively, for the lower strata of the society, with respect to buying and
34.66
32
33.83 33.34 building homes.
30.28
30 • Moreover, the Indian government has been actively boosting housing construction, aiming to provide homes to about 1.3
billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next six to seven years.
It is likely to witness the construction of 60 million new homes in the country, which is a major boosting factor for the market
studied.
20
• The availability of affordable housing in the country is expected to rise by around 70% by 2024. By 2022, India is expected to
contribute about USD 640 billion to the construction industry due to government initiatives in infrastructure development and
affordable housing, such as housing for all, smart city plans, etc. All these factors are expected to contribute to the demand of
10 the market studied.
• According to the Packaging Industry Association of India, the India Packaging Market was valued at USD 50.5 billion in 2019. It is
expected to grow to USD 204.81 billion by 2025, at a CAGR of 26.7% between 2020 and 2025. Packaging is one of India’s
0 fastest-growing industries, growing at a rate of 22-25% per year and transforming the country into a preferred hub for the
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) packaging industry. The industry, which is the fifth-largest sector of India’s economy, has shown consistent growth over the
past several years and has significant potential for further expansion, particularly in the export market.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.2 INDIA
• The food industry is among the largest consumer of packaging as bio-based adhesives are widely used in clean and efficient bonding of the outer coating of paper coffee-to-go cups. Bio-based
adhesives are also used as an environmentally friendly alternative for the production of drinking straws, disposable crockery, and cutlery. Increasing demand from these end-user segments is creating a
huge potential for the studied market’s growth.
• Bio-based adhesives are also used for paper and printed sheet lamination. According to Indian Paper Manufacturers Association (IPMA), exports of paper and paperboard from India jumped to around
80% in 2021-22, touching a record value of INR 13,963 crore.
• The healthcare sector in the country is expected to reach USD 372 billion in 2022, mainly driven by increasing health awareness, access to insurance, rising income, and diseases. The medical sector in
India is benefiting from the growing population at a rate of 1.6 % per year. An aging population of over 100 million, rising incidences of lifestyle diseases, rising incomes, and increased penetration of
health insurance are fueling the growth of the industry.
• India is an attractive destination for healthcare tourism and is known for its economic treatment. This has led to the growth of the healthcare segment in the region, which in turn, has increased the
demand for bio-adhesives from the healthcare industry. The Indian government, through the Union Budget 2022-23, allocated INR 86,200 crore to the Ministry of Health and Family Welfare, which is a
nearly 16.5% increase compared to INR 73,932 crore in FY 2020-21.
• The penetration of personal care products in India is comparatively low compared to developed or other developing economies. However, the development of the economic environment and the
increasing purchasing power of the Indian population is expected to drive the adoption of personal care products in the country, thereby driving the demand for bio-based adhesives.
• The rising awareness of hygiene across all population classes is boosting the demand for primary skincare, hair care, and other cosmetics. According to Statista, revenue in the personal care and beauty
market amounts to USD 25.45 billion in 2022. The market is expected to grow annually by 5.20% (CAGR 2022-2026) and reach USD 31.17 billion by 2026. Such factors are expected to drive the demand
for bio-based adhesives from the personal care and beauty industry.
• According to Statista, revenue in the furniture market in India amounts to USD 3.66 billion in 2022. The market is expected to grow annually by 10.56% (CAGR 2022-2026) and reach USD 5.47 billion by
2026. This is expected to boost the demand for bio-based adhesives for woodworking in the country.
• The office sector is one of the crucial markets for furniture. In India, the demand for office spaces has been gradually rising. Growth and improvement in the business environment have benefitted
several sectors in the country, with the commercial office sector being the prime benefactor.
• Therefore, the above-mentioned factors are expected to drive the growth of the bio-based adhesives market in India.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.3 JAPAN
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, JAPAN, BACKGROUND
2017-2027 • In 2019, the GDP of Japan increased to USD 5.1 trillion from USD 4.97 trillion in 2018. The GDP registered a mere 0.6% growth
CAGR (2022 TO 2027): 5.19% in 2018 and -0.2% in 2019. According to the IMF, the GDP growth rate declined sharply to -4.5% in 2020 due to the
uncertainties arising due to the coronavirus outbreak. However, economic growth is projected to witness a slowdown owing
80 to the COVID-19 pandemic and the postponement of the 2020 Tokyo Olympics. The GDP of the country grew to 1.6% in 2021
and is expected to grow to 2.4% in 2022.
71.74
END-USER INDUSTRY GROWTH IN JAPAN
70
• Japan’s construction sector witnessed a high growth rate in 2020 and 2021 due to the Tokyo Olympics. The country added a lot
of infrastructure projects to help make this event successful, which positively affected the demand for bio-based adhesives in
60 the country.
55.7
53.49
51.95 51.53 • The construction of 258 high-rise buildings with 103,100 apartments is planned to be constructed starting from 2022 by various
49.46 construction companies in the Tokyo region. However, due to the pandemic and lockdown, these projects got delayed and
50 47.03
started once things got back to normalcy.
• One of the key projects, Yaesu redevelopment, includes office, hotel, residential, retail, and educational facilities due to be
40 complete by 2023, Shibaura Chome redevelopment, and new Shimbashi building redevelopment with office, retail, and
residential spaces. Such growing construction projects are creating a potential demand for the bio-based adhesives market in
the country.
30
• Another such project includes the Hokkaido Shinkansen (Shinkansen in Hokkaido Area) between Shin-Aomori Station in Aomori
Prefecture on the Island of Honshu and Sapporo Station on the Island of Hokkaido (360 km).
20
• In the packaging sector, bio-based adhesives are used for end-of-line packaging, clean and efficient bonding of outer coating
paper coffee-to-go cups. They are also used as an environmentally friendly alternative to the production of drinking straws,
10 disposable crockery, and cutlery. Japan is the third-largest package food market in the world after the United States and China.
• According to Japan Packaging Institute, the total shipment value of the Japanese packaging industry in 2021 was around JPY 6.2
trillion. The market value of the packaging industry increased slightly compared to around JPY 6.01 trillion in 2020. This is
0
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) expected to augment the demand for bio-adhesives from the paper, board, and packaging sectors.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.3 JAPAN
• Bio-based adhesives are also used for paper and printed sheet lamination. As per Japan’s Ministry of Economy, Trade, and Industry, the country’s total paper and paperboard production was 23,937
metric tons in 2021, compared to 22,869 metric tons in 2020, registering a growth of 4.6%.
• In the healthcare sector, bio-adhesives are used in drug delivery systems, medical devices, pharmaceutical packaging, surgical care, wound closure, hemostats, tissue sealant, and others. In Japan, the
65-and-above demographic represents around 30% of the country’s total population and is expected to reach around 40% by 2050. The rapidly aging Japanese population, increasing the number of
patients with chronic and lifestyle diseases, and universal health insurance coverage and regulatory measures are driving the Japanese healthcare market.
• Japan is ranked third globally in the Medical Tourism Index 2020-2021 by the Medical Tourism Association. Moreover, rising medical tourism in the country is likely to support the demand for the
studied market from the healthcare sector.
• Japan is the third-largest personal care and cosmetics market globally. Although Japanese demographics are shrinking, an upturn in consumer confidence and demand from incoming tourists for
beauty products has been driving the growth of the cosmetics market. Japan has more than 3,000 beauty care companies, including global brands of Shiseido, Kao, Kosé, and Pola Orbis.
• Skincare products hold around 53% of the Japanese cosmetics market. The anti-aging, brightening, and moisturizing products are in great demand. Japanese consumers are known for their
sophistication, demanding high product quality and safety. According to Statista, revenue in the personal care and beauty market amounts to USD 40.60 billion in 2022. The market is expected to grow
annually by 6.23% (CAGR 2022-2026) and reach USD 51.70 billion by 2026. Thus, the expansion of the personal care industry in the country is likely to benefit the market’s growth.
• Bio-based adhesives are widely used in woodworking and furniture applications. Nitori Co. Ltd remains the top player in the Japanese furniture market. IKEA is a significant foreign player. IKEA Japan
KK entered the market studied in 2006 with a vast product offering, fashionable designs, and a DIY selling style.
• The country imports over 25% of its manufactured furniture and homeware products. There is potential for the Japanese furniture market to grow, especially for competitively-priced items designed
for small spaces, such as drawers, cabinets, and cupboards. Manufacturers offering a range of styles are likely to find an ideal market base if the focus is on the tasteful use of color and simple designs
at reasonable prices. All such factors are expected to boost the bio-adhesives market in the country.
• According to Statista, revenue in the furniture market amounts to USD 17.20 billion in 2022. The market is expected to grow annually by 2.26% (CAGR 2022-2026) and is expected to reach USD 18.81
billion by 2026.
• Owing to all the aforementioned factors, the demand for bio-based adhesives in the country may witness a boost in the coming years.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.3 JAPAN
NEW BUILDING STARTS
IN THOUSAND UNITS, JAPAN, 2015 TO 2021
967.23 964.64
942.37
909.3 905.12
856.48
815.34
2015 2016 2017 2018 2019 2020 2021
Source: Statistical survey Japan

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.4 SOUTH KOREA

SOUTH KOREA, 2017-2027 • South Korea is a highly export-oriented economy. The GDP growth rate was 2.9% in 2018 and 2.2% in 2019. The economy of
CAGR (2022 TO 2027): 4.09% South Korea witnessed a slowdown, primarily due to the slow demand in exports to China and other Asian countries and high
household debt (which directly affects the growth rate of all industries), and subdued domestic demand. According to IMF, the
30
CAGR contracted by -0.9% in 2020, grew by 4.0% in 2021 and is expected to grow to 2.5% in 2022.
26.89 END-USER INDUSTRY GROWTH IN SOUTH KOREA

• South Korea’s construction sector witnessed some positivity after the decline of COVID-19 when construction activities restarted.
25 However, the industry has not regained since with continuous falls.
22.01 • In November 2021, construction output in South Korea fell by 5.6% Y-o-Y, following an upwardly revised 0.1% loss the month
20.85 21.21 before. Construction activity fell for the fifteenth month in a row, with civil engineering production dropping 24.5% (from 8.1%)
20.46
19.98 and building activity growth slowing to 1.8% (from 2.8%).
20 19.2
• However, according to statistical office data, construction orders won by South Korean builders in 2021 increased by double due
to robust international demand. According to Statistics Korea, construction orders collected by local builders at home and
overseas totaled USD 245.9 billion in 2021, up 31 trillion won from the previous year. This strong recovery in the construction
15 sector post-pandemic is estimated to propel bio-based adhesives usage in upcoming years.
• Additionally, South Korea is strengthening its position as the home for high-rise buildings, and there are many tall buildings under
construction and in proposal phases, which may enhance the demand in the market studied. The industry is also expected to be
10 supported by the government’s efforts, which may revitalize the economy and subsequent improvements in investor and
consumer confidence.
• Bio-based adhesives are used for end-of-line packaging, clean and efficient bonding of outer coating paper coffee-to-go cups. Bio-
based adhesives can also be used as an environmentally friendly alternative to the production of drinking straws, disposable
5 crockery, and cutlery. They are also used in specialty packaging, flexible packaging, printed sheets lamination, and cigarettes and
filters.
• According to the Korea Institute of Industrial Technology, the market size of packaging in South Korea was around KRW 56 trillion
0 in 2020, which increased more than thrice in a decade. The increasing packaging industry is expected to drive the demand for bio-
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) based adhesives in the coming years.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.4 SOUTH KOREA

• South Korea is one of the world's most densely populated countries, with a total population of around 518 million, and the elderly population aged above 65 years accounted for approximately 16.5%
of the total population in South Korea. Moreover, with increased consumer knowledge and enhanced information dissemination in the country, the relevance of personal healthcare and its products
has risen dramatically in recent years.
• Seoul, the capital of South Korea, is a reliable international destination for tourists seeking medical care owing to its high-quality care, high-tech clinics, and low cost. The cost of the implant in South
Korea is USD 1,160-1,960 compared to USD 3,000-5,000 in the United States. The treatment in South Korea is around 60-80% cheaper than in the United States. This is expected to boost bio-adhesives
demand in the healthcare sector.
• According to the International Trade Organization, South Korea is one of the world's top 10 beauty markets and is known for innovation, gentle ingredients, and attractive packaging. According to
statistics from Korea Customs Service, skincare cosmetics accounted for the largest import item of total cosmetics imports in 2021. Perfumes, fragrances, and hair care products were the second
largest import categories.
• South Korea is the world's third largest cosmetics exporter after France and the United States. Exporting to 153 countries, China is K-Beauty's largest export market, accounting for 53.2% of total
exports. South Korea's exports to the United States and Japan increased by 17.7% and 22.4% annually in 2021. Additionally, cosmetics accounted for 25.7% of South Korea's total trade surplus in 2021.
• South Korea's cosmetics exports exceeded KRW 10 trillion, marking a record high for the first time. South Korea's Ministry of Food and Drug Safety reported that cosmetics exports have increased by
21.3% since 2020, reaching KRW 10.5 trillion (USD 8.1 billion) in 2021.
• According to Statista, revenue in the personal care and beauty market amounts to USD 12.88 billion in 2022. The market is expected to grow annually by 5.42% (CAGR 2022-2026) and is estimated to
reach USD 15.91 billion by 2026.
• Bio-based adhesives are widely used in woodworking and furniture applications. The furniture industry in the country has been expanding, owing to the growing demand for new and better home
furnishing products. According to Statista, revenue in the furniture market amounts to USD 8.05 billion in 2022. The market is expected to grow annually by 2.66% (CAGR 2022-2026) and is estimated
to reach USD 8.94 billion by 2026, thereby driving the demand for bio-based adhesives for woodworking applications.
• Hence, all such trends in the industries are expected to influence the consumption of bio-based adhesives in the country over the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.1.5 REST OF ASIA-PACIFIC

REST OF ASIA-PACIFIC, 2017-2027 • The major countries in the rest of Asia-Pacific include ASEAN Countries, Australia & New Zealand, among others.
CAGR (2022 TO 2027): 3.06% • The Association of Southeast Asian Nations (ASEAN) includes Thailand, Indonesia, Vietnam, the Philippines, Malaysia, Singapore,
Myanmar, Cambodia, Laos, and Brunei. The GDP managed a growth rate of around 3% for the overall ASEAN region in 2021, and it
16.00 is estimated to grow at 5.1% in 2022, as per the IMF forecast.
14.41 • Australia and New Zealand are emerging economies, with annual GDP growth rates of 2.0% and 2.9%, respectively, in 2019.
According to the recent IMF forecast, due to the COVID-19 pandemic, the GDP growth of Australia and New Zealand declined to -
14.00
2.2% and -2.1%, respectively, in 2020 and increased to 4.7% and 5.6%, respectively, in 2021. The growth rates are forecasted to
12.39 reach 4.2% and 2.7% for Australia and New Zealand, respectively, in 2022.
11.89 12.00
12.00 11.39 11.58 • Indonesia is the largest economy in Southeast Asia. The Indonesian economy witnessed a GDP of 5% in 2019. The growth potential
10.93 in the Indonesian market is huge, and the government’s economic reforms have supplemented the growth environment.
According to the IMF forecast, the GDP grew to 3.7% in 2021, recovering from -2.1% in 2020, and it is expected to grow to 5.4% in
10.00 2022.
• In 2019, the Singapore economy expanded by 1.1%, down from 3.7%, which was the slowest in a decade. This poor performance is
8.00 due to output decline in the electronics and transport engineering clusters. The International Monetary Fund projected Singapore’s
GDP growth to decline by -4.1% in 2020 due to COVID-19. However, in 2021, GDP grew to 7.6% and is expected to grow by 4% in
2022.
6.00 • Thailand is the second-largest economy in the ASEAN region (after Indonesia). Thailand’s economy is in a downward trend with a
declining growth rate. The economy grew by 2.2% in 2019 and declined to -6.2% in 2020. However, the labor force and
productivity improvement in this region are key drivers of the growth of GDP. According to the IMF forecasts, GDP growth was
4.00
1.6% in 2021 and is expected to grow to 3.3% in 2022.
• The Philippines registered a GDP of 6.1% in 2019, the highest among the ASEAN nations, aided by increasing consumption, higher
2.00 investments, and a strong rebound in export earnings. According to the IMF forecasts, GDP is estimated to register a growth of
6.5% in 2022, recovering from 5.6% in 2021 and -9.6% in 2020.
• The Bangladeshi economy witnessed a staggering GDP of 8.2% in 2019. The growth potential in the Bangladeshi market is huge,
0.00
2017 2018 2019 2020 2021 2022 2027 (f)
and the government’s economic reforms supplemented the growth environment. The GDP growth registered 3.5% in 2020 due to
(est.) the COVID-19 outbreak. According to the IMF, the GDP registered a growth of 5% in 2021, and it is expected to grow at 6.4% in
2022.

SUMMARY
OPPORTUNITIES
ABOUT US

END-USER INDUSTRY GROWTH IN THE REST OF ASIA-PACIFIC
• Despite a decline in the residential sector, the non-residential sector and engineering constructions are enjoying stable growth due to large-scale construction work by the Australian government in the
eastern states. Non-residential and engineering constructions have been predicted to grow over the next few years, which may uplift the consumption of bio-based adhesives during the forecast period.
• In New Zealand, the government scrapped its target to build 100,000 homes in the next ten years. However, other projects are being executed to tackle the housing crisis. In addition, the demand for
bio-based adhesives in New Zealand is very low compared to its counterpart industry in Australia. The number of dwelling units in New Zealand is anticipated to increase by 39% to a forecast high of
43,000 in 2023. The proportion of multi-units consented is now forecast to increase to 60% of all dwellings in 2023, including 51,000 of the nearly 90,000 multi-unit dwellings consented forecast for
Auckland during 2018-2023.
• The construction industry in Indonesia in 2020 witnessed a slowdown majorly due to the outbreak of the COVID-19 pandemic. However, many construction projects have resumed and are expected to
drive the market demand for bio-based adhesives. For instance, Indonesia is drafting ambitious plans for more than USD 400 billion in building projects, from constructing 25 airports to new power
plants in the forecast period. In addition, according to the Cabinet Secretariat Of The Republic Of Indonesia, in 2020, the government planned to renovate as many as 2,200 low-quality houses in the
eastern Indonesian province, which will be renovated and rebuilt with a total budget of IDR 38.5 billion, in which IDR 17.5 million will be allocated to renovate houses.
• The construction sector in Vietnam declined in 2020, and the government is pushing for high recovery growth with stimulus to the construction sector. With house projects, Vietnam is emerging with
the fourth-fastest construction growth rate in East Asia. For instance, the government is looking to build one million low-cost houses for workers, especially internal migrants, in Ho Chi Minh City by
2025 as part of the city’s post-pandemic reconstruction to improve housing conditions for low-income earners.
• According to Statistics Malaysia, the value of construction work done declined by 5.0% in 2021 to MYR 112.0 billion, compared to MYR 117.9 billion in 2020. Various subsectors recorded the following
growth/decline in the value of construction work done, the Special trades activities subsector increased by 35.8%, Non-residential buildings increased by 0.8%, residential buildings decreased by 9.3%,
and the Civil Engineering subsector declined by 12.1%.
• In Q1 2022, the value of construction work done in Malaysia continued to decline by 6.1% year-on-year basis, amounting to MYR 29.5 billion. Specifically, for the first quarter of 2022, the Special trades
activities subsector continued growth of 24.1%, whereas the non-residential buildings subsector registered an increase of 4.2% in the value of construction work done. Meanwhile, the growth of
residential buildings and civil engineering declined by 11.9% and 15.5%, respectively.
• Bio-based adhesives are used for end-of-line packaging, clean and efficient bonding of outer coating paper coffee-to-go cups. Bio-based adhesives can also be used as an environmentally friendly
alternative to the production of drinking straws, disposable crockery, and cutlery. The major demand for packaging comes from the food and beverage industry.
• The food and beverage industry is one of the largest contributors to the Philippine manufacturing industry. Expansion of the industry is projected to offer growth opportunities for bio-adhesives used in
the food industry packaging in the country.

SUMMARY
OPPORTUNITIES
ABOUT US

• In terms of food packaging, Indonesia has one of the major food industries globally. The growing demand for food in these countries is a major driving factor for the packaging sector, increasing the
demand for bio-adhesives in the country. For instance, in Indonesia, the revenue generated by the food industry is valued at USD 4,630 million in 2021 and is projected to reach USD 5,743 million in
2022. The expansion of the food and beverage industry is projected to boost the demand for bio-adhesives used during packaging and shipment activities.
• Furthermore, in Thailand, the total sales value of packaged food in 2021 reached approximately USD 15.7 billion, which increased from USD 15.48 billion in 2020.
• Australia is the growing hub of life-saving cutting-edge medicines and treatments. Medical research pioneers are drawn to a culture of innovation supported by generous funding and incentives. With a
history of Nobel Prize-winning research and high-tech solutions, Australia has made significant contributions to the world’s medical and scientific discoveries. Australia’s quality and affordable
healthcare system is the envy of the world. It is supported by world-class medical research units fostered in universities, hospitals, medical research institutes, and life sciences companies. Health and
life sciences are among the largest export sectors, with a 2021 valuation of AUD 5.6 billion.
• The Healthcare sector is also a priority on Indonesia’s national development agenda. The central and regional governments continue to build and upgrade healthcare facilities. They are further planning
to equip community health centers (Puskesmas) with inpatient facilities and improve their quality of services throughout the 34 provinces.
• As per the Medical Tourism Index 2020-2021, Singapore is ranked number 2 in destination environment, 3 in the medical tourism industry, and 1 in quality of facility and services out of the 46 global
destinations. The Singapore government ensures the affordability of healthcare within the public system, mainly through a system of compulsory savings through payroll deductions, subsidies, and
price control. In addition, Singapore has a better healthcare infrastructure compared to other Asian countries.
• In terms of the personal care market, New Zealand consumers spend more on personal care per capita than any other country in Asia. Increasing disposable income, a developed e-commerce market,
and a high female workforce are driving the market. According to Statista analysis, the revenue from the personal care segment in New Zealand is expected to reach USD 1.13 in 2022. The revenue is
expected to grow at a rate of 7.13% from 2022-2026.
• According to Statista, revenue in the personal care and beauty market in Indonesia amounts to USD 7.23 billion in 2022. The market is expected to grow annually by 5.91% (CAGR 2022-2026). The
market is driven by increasing interest in natural and organic products, growing income levels, and the financial independence of working women.
• Similarly, the revenue from beauty and personal care products in Singapore amounts to USD 1.13 billion in 2022. The market is expected to grow annually by 2.94% (CAGR 2022-2026).
• In Australia, revenue in the furniture market will amount to USD 9.93 billion in 2022. The market is expected to grow annually by 5.96% (CAGR 2022-2026), thereby driving the demand for bio-based
adhesives.
• Indonesia is the 26th-largest exporter of furniture in the world, behind Slovakia and ahead of South Korea. Almost 50% of all the furniture is exported to the United States. The next biggest importers of
furniture from Indonesia include Japan, the Netherlands, Germany, the United Kingdom, and Australia. The industry revenue of manufacturing furniture in Indonesia was estimated at USD 6.49 billion
in 2021 and is expected to reach USD 6.67 billion by 2025, thereby boosting the bio-adhesives market growth.

SUMMARY
OPPORTUNITIES
ABOUT US

• The furniture industry in Vietnam is expected to grow at a significant rate, with the home décor and furniture industry in the country expected to grow by more than 9% through the forecast period.
With the upcoming free trade agreements (FTAs) between Vietnam and its partners, such as the EU, the United States, and ASEAN member states, coming into effect in the future, the demand for
home décor and furniture exports too will increase as the movement of goods across the border for Vietnam and its partners becomes easier.
• The Malaysian furniture industry is the country’s fastest-growing sub-sector within the wood-based industry. The industry is driven primarily by comparative advantages derived from low-cost factor
inputs, which have eroded in recent years due to escalating production costs. Malaysian furniture products are currently exported to over 160 countries worldwide, with the United States, Japan,
Singapore, Australia, and the United Kingdom as the primary markets for Malaysian furniture.
• Therefore, the expansion of end-user industries in the countries is projected to benefit the market for bio-based adhesives.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2 NORTH AMERICA

5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2 NORTH AMERICA

BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, NORTH AMERICA, 2017-2027 BIO-BASED ADHESIVES MARKET, VOLUME SHARE(%), NORTH AMERICA, 2017-2027
CAGR (2022 TO 2027): 4.95%
400 100%
90%
350
80%
300
70%
250 60%
200 50%
40%
150
30%
100
20%
50 10%
0%
0 2017 2022 (est.) 2027 (f)
2022
2017 2018 2019 2020 2021 2027 (f) Mexico 13.10% 12.57% 11.50%
(est.)
Mexico 31.71 32.74 33.88 33.38 34.05 34.92 40.68 Canada 18.20% 17.81% 17.54%
Canada 44.06 46.09 48.05 47.47 48.43 49.5 62.07 United States 68.70% 69.62% 70.96%
United States 166.31 175.15 183.49 181.86 187.24 193.46 251.05
United States Canada Mexico
United States Canada Mexico

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2.1 UNITED STATES

UNITED STATES, 2017-2027 • The United States is one of the world’s largest and most powerful economies. The economy’s CAGR was 2.3% in 2017, which
CAGR (2022 TO 2027): 5.35% increased to 2.9% in 2018. In 2019, the GDP growth was recorded to be about 2.3%, i.e., 0.6% lower than in 2018.
• However, the GDP of the country declined to -3.4% in 2020, severely impacted by the COVID-19 pandemic. Furthermore, the
300 country recorded a growth of 5.7% in 2021 and is expected to grow to 3.7% in 2022, as per IMF forecasts.
END-USER INDUSTRY GROWTH IN UNITED STATES

251.05
250 • The United States has one of the world’s largest construction industries. According to the US Census Bureau, during February
2022, the construction spending in the country was estimated at a seasonally adjusted annual rate of USD 1704.4 billion, 0.5%
more than the revised January estimate of USD 1,695.5 billion.
200 193.46 • The February 2022 estimation is 11.2% more than the February 2021 estimate of USD 1,533.3 billion. During the first two
183.49 187.24
175.15
181.86 months of this year, construction spending amounted to USD 237.8 billion, 10.4% above USD 215.4 billion for the same period in
166.31 2021.
• According to the American Institute of Architects, overall nonresidential building construction in the United States is expected to
150
grow to 3.1% in 2022. The construction of hotels is expected to rise by 8.8% in 2022 and of office spaces by 0.1%. The
subsequent increase is expected to enhance the growth of the bio-adhesives market in the forecast period.
• Furthermore, the construction spending during March 2022 was estimated at a seasonally adjusted annual rate of USD 1,730.5
100
billion, registering 11.7% growth compared to March 2021. Moreover, during the first three months of this year, construction
spending amounted to USD 376.6 billion, 12% above USD 336.3 billion for the same period in 2021. Therefore, the expansion of
the construction industry in the country is projected to benefit the market for bio-based adhesives over the forecast period.
50 • The United States is one of the fastest-growing packaging markets in North America. The presence of large packaging companies,
such as Amcor Ltd, Mondi PLC, etc., has been driving investments in innovation and R&D activities in the country. Major trends
for packaging on the consumption end incline toward the demographics and rise in demand for convenience packaging.
0
2017 2018 2019 2020 2021 2022 (est.) 2027 (f)

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2.1 UNITED STATES

• According to Statista, industry revenue for packaging and labeling services in the United States was estimated at around USD 9.3 billion, and it is expected to reach USD 10.42 billion by 2024, thereby
driving the market demand.
• Bio-based adhesives are also used for paper and printed sheet lamination. The paper and pulp industry is a significant industry in the country. The United States produces more than 70 million tons of
paper and board every year. The paper and pulp industry in the country represents around 4% of manufacturing GDP and employs nearly 400,000 workers in high-paying jobs.
• The increase in per capita health expenditures, advancement in healthcare infrastructure, availability of insurance policies, and increase in the number of infectious disease and chronic disease cases in
the country have led to the hospitalization of several patients and usage of various medical services, which in turn increase the usage of various medical devices. Thus, enhancing the demand for the
bio-based adhesives market for healthcare applications.
• During 2021-2028, national healthcare spending is projected to grow at an average of more than 5.5% and reach approximately USD 6.192 trillion by 2028. This is further expected to consume bio-
based adhesives for various medical applications.
• Furthermore, according to World Bank data, the population above 65 years of age in the United States stood at around 16.6% of the total population, which requires more medical attention, thereby
driving the demand for market studied from the healthcare sector.
• The personal care & cosmetic industry in the country is notably growing with the rapid adoption of global trends. Consumer spending on cosmetic products in the country has accelerated the sales in
past few years. Moreover, increasing awareness regarding skin problems and hygiene maintenance has positively affected the personal care market.
• Major growth factors for the personal care industry include a rising aging population, consumer preferences for organic & chemical-free products, growing prevalence of skin diseases, and others.
According to Statista, revenue in the personal care and beauty market amounts to USD 85.06 billion in 2022. The market is expected to grow annually by 3.93% (CAGR 2022-2026) and is estimated to
reach USD 99.23 billion by 2026.
• Moreover, the United States is the second-largest producer of furniture in the world, accounting for about 18% of the global production. The newly imposed tariffs have resulted in higher prices for
softwood lumber since domestic producers supply around 70% of the softwood market in the United States. The rest of the demand is met with imports from Canada.
• The furniture market in the country is the largest in the world, consisting of over 39,644 domestic and international businesses. Additionally, the growth in disposable income enabled more consumers
to purchase new household furniture rather than readily available second-hand items. Ashley Furniture Industries, Ikea Williams-Sonoma Inc., HNI Corporation, and Herman Miller are some of the
major companies with production facilities in the country. Technology is a vital trend going forward, with the shift toward smart homes and more attention and appeal for high-end furniture, creating
the market potential for bio-based adhesives from woodworking and furniture applications.
• According to Statista, revenue in the furniture market amounts to USD 229.90 billion in 2022. The market is expected to grow annually by 4.50% (CAGR 2022-2026) and is estimated to reach USD
274.17 billion by 2026, thereby driving the market studied.
• All such factors will affect the demand for bio-based adhesives in the United States over the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2.2 CANADA
CANADA, 2017-2027 • The Canadian economy is a highly developed and mixed economy. The country witnessed about 2.8% growth in GDP during
CAGR (2022 TO 2027): 4.63% 2018. However, the country was affected by the economic slowdown in the final three months of 2019 and recorded a growth
of about 1.9%. Due to the COVID-19 pandemic, the GDP of the country fell to -5.2%. However, it grew to 4.6%. As per IMF
70
forecasts, the country is expected to record a growth of 3.9% in 2022.
62.07 END-USER INDUSTRY GROWTH IN CANADA

60 • According to the Canadian Construction Association, the construction sector is one of Canada’s largest employers and a major
contributor to the country’s economic success. The industry contributes 7% of the country’s Gross Domestic Product (GDP).
48.43 49.5 • As part of the ‘Investing in Canada Plan,’ the government has announced plans to invest nearly USD 140 billion for
50 48.05 47.47
46.09 infrastructure developments in the country by 2028.
44.06
• In addition, various government projects, such as New Building Canada Plan (NBCP) and Affordable Housing Initiative (AHI),
40 are supporting the sector’s growth. In Canada, the residential and commercial sectors have witnessed steady growth in the
recent past. The country witnessed some of the largest construction projects, such as Panda Condominium, Harwood
Condominium, Power and Adelaide Condominium, and Amazon Distribution Centre/Ottawa.
30 • Moreover, there has been a boom in the construction of skyscrapers in Canada (more specifically in Toronto) in recent times.
Over 30 high-rise buildings are expected to be completed by 2025, and another 50 such buildings are in the proposal and
planning phases in Toronto.
20
• Bio-based adhesives are used for specialty packaging, flexible packaging, and cigarettes and filters. The growth of the
packaging industry in Canada is driven by the increased hectic lifestyle, which has created a need for on-the-go, easy-to-
handle, and small-sized packages.
10
• Major demand in the packaging industry comes from food and beverage packaging. The food and beverage industry in the
country includes meat and dairy processing and fruit and vegetable preservation, which is the second-largest processing
0 industry, as per the value of production with shipments. Other large sub-sectors, including hot-melt foods, animal food, sugar
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) and confectionery, and fish and seafood, are creating demand for packaging, thereby boosting the demand for bio-adhesives.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2.2 CANADA
• Bio-based adhesives are also used for paper and printed sheet lamination. Pulp and paper sectors remain a fundamental part of the Canadian economy, particularly for remote and northern
communities of the country. The production capacity of paper and paperboard in Canada was 10.57 million metric tons in 2021, compared to 10.52 million metric tons in 2020, registering a growth of
around 0.5%, per the Food and Agriculture Organization.
• In Canada, provincial governments bear significant financial responsibility for funding health care services and other public programs such as education and social services. Provincial and territorial
government spending accounts for more than 90% of public spending on health care. In the healthcare sector, bio-adhesives are used in drug delivery systems, medical devices, pharmaceutical
packaging, surgical care, wound closure, hemostats, tissue sealant, and others.
• Total health expenditure was valued at CAD 301.45 billion in 2020, which increased from CAD 267.21 billion in 2019. In 2021, total health expenditure in Canada was estimated at CAD 308.04 billion,
thereby increasing the demand for bio-based adhesives in the country.
• According to StatCan, Canada's average annual household expenditure on make-up, skincare, and manicure products witnessed a notable increase in 2021. The inclination of people toward spending
on appearance and an increasing settlement of the ex-pat population in the country is expected to raise the demand for personal care and cosmetics.
• In 2021, the personal care industry in the country generated revenue of more than USD 7.5 billion and was likely to ascend at a CAGR of 4.55% over the forecast period. In 2021, the average revenue
for beauty and personal care per capita was USD 198.92.
• Bio-based adhesives are widely used in woodworking and furniture applications. The Canadian furniture industry is one of the top 10 producers of furniture in the world, and it has a strong reputation
for high quality and its use of the ‘Made in Canada’ branding.
• Currently, Canada has over 7,000 furniture manufacturers. According to the UN Comtrade, Canada emerged as the world’s ninth-largest furniture exporter. Some of the major furniture manufacturers
in the country are Simmons, Amisco, Durham Furniture, Kingsdown, Magnussen, Leather Craft, Palliser, Décor-Rest, and Bermex, among others. However, the manufacturing of furniture in the country
is shrinking with the shift of the manufacturing base toward Asia-Pacific.
• Thus, all the aforementioned trends in the end-user industries in the country are projected to affect the bio-adhesives market over the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2.3 MEXICO
MEXICO, 2017-2027 • The economic growth of Mexico slowed down in 2019, registering a negative growth rate of -0.2%, according to the
CAGR (2022 TO 2027): 3.10% International Monetary Fund (IMF). This decline has forced the government to increase consumer confidence by cutting
interest rates.
45 • According to the IMF, the GDP of the country has further declined to -8.2% in 2020 due to COVID-19. However, it recovered
40.68 reaching 4.8% in 2021 and is expected to reach 2% in 2022.
40 END-USER INDUSTRY GROWTH IN MEXICO
34.92 • The construction sector is the backbone of the Mexican economy. Over the last five decades, Mexico has urbanized faster than
35 33.88 33.38 34.05
32.74 the majority of OECD (Organization for Economic Co-operation and Development) countries. The increasing urbanization and
31.71
public income levels fuel the demand for construction in the country.
30
• The government bodies are responsible for most of the funds (around 68%) provided to the housing sector in Mexico. The
government agencies, such as CONAVI (National Housing Commission), INFONAVIT, FOVISSSTE, and CFE, have been supporting
25 the growth of the housing sector in the country.
• Construction output in Mexico increased 2.79% in December 2021 over December 2020, as per Instituto Nacional de Estadística
20 y Geografía (INEGI).
• In the packaging sector, bio-based adhesives are used for end-of-line packaging, clean and efficient bonding of outer coating of
15 paper coffee-to-go cups. They are also used as an environmentally friendly alternative to the production of drinking straws,
disposable crockery, and cutlery.
10 • The Mexican packaging market is very dynamic owing to its huge manufacturing base. It has been reflecting the changes that
the industrial sectors have witnessed in the country. Though the country’s manufacturing industry growth is slow, the export of
certain manufactured products fueled the development of the packaging industry in the country.
5
• Furthermore, bio-based adhesives are also used for paper and printed sheets lamination. The value of paper manufacturing in
Mexico has experienced an upward trend in recent years. In 2021, paper production in the country amounted to MXN 83.5
0
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) billion, which is an increase of over 10% from the previous year, according to the report of the National Institute of Statistics
and Geography (INEGI). Also, this represents the highest figure since 2013 in Mexico.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2.3 MEXICO
• In February 2022, paper production in Mexico amounted to MXN 7.34 billion, an increase of over 28% from the same month of the previous year. However, this represented a slight decrease in
comparison to a month earlier.
• According to the United Nations COMTRADE database on international trade, exports of paper and paperboard, pulp, paper, and board in Mexico were USD 1.88 billion in 2021, compared to USD 1.77
billion in 2020, registering a growth of over 6%.
• The aging population of Mexico is on the rise, and the increasing number of chronic diseases, infectious diseases, and vaccine adoption across the country has led to the adoption of various new
medical devices and healthcare services, thereby enhancing the demand for bio-based adhesives in the healthcare sector in the coming years.
• Mexico has the second largest population in the North America region, which is over 130 million, with the people aged 65 years and above for Mexico was 7.8% of the total population. Furthermore,
over the past five decades, the increasing annual rate reached a maximum of 2.82% in 2021. Due to the rising aged population and busy lifestyle, people are more prone to health diseases.
• Moreover, Mexico ranks among the world's top 10 markets for cosmetics and personal care products and remains the second largest beauty products market in Latin America. Consumption of
cosmetics in Mexico has steadily increased over the past 15 years, owing to the economic recovery and the availability of various domestic and imported brands. The total local production of cosmetics
and personal care products in the country grew from USD 7.15 billion in 2020 to USD 7.15 billion in 2021.
• Bio-based adhesives are widely used in woodworking and furniture applications. The Mexican furniture industry is still driven by family traditions, even though it has changed considerably over the
years. Factories are mainly small or even micro. Midsize companies are starting to open to the global market, and large companies in the sector are rapidly implementing technological innovations.
• Mexican furniture production takes place mainly in eight states: Jalisco, Mexico City, Coahuila, Nuevo Leon, State of Mexico, Chihuahua, Baja, and Puebla. The remainder is imported from the United
States, Canada, and China. The furniture sector in the country has played a major role in the manufacturing industry. However, it is facing intense competition from China and other low-cost Asian
countries. All such factors are expected to affect the demand for bio-based adhesives in the woodworking sector.
• Furthermore, according to Statista, revenue in the furniture market amounts to USD 8.21 billion in 2022. The market is expected to grow annually by 5.63% (CAGR 2022-2026) and is estimated to reach
USD 10.22 billion by 2026, thereby boosting the demand for the market studied.
• Thus, the expansion of various end-user industry growth in the country is projected to benefit the bio-adhesives market over the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.2.3 MEXICO
MONTHLY PAPER PRODUCTION
IN MXN BILLION, MEXICO, JANUARY 2019 TO FEBRUARY 2022
8.00
7.55
7.32 7.40 7.29 7.37 7.39 7.34
7.09 7.14 7.16
7.01 6.93 6.93 7.03
7.00 6.75 6.71 6.85
6.58 6.56 6.54 6.55 6.56 6.50 6.60
6.44 6.41 6.50 6.40 6.31
6.45
6.15 6.23 6.15 6.26
5.97 6.04
6.00 5.84
5.71
5.00
4.00
3.00
2.00
1.00
0.00
Jan Feb Mar Apr May Jun Jul '19 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul '20 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul '21 Aug Sep Oct Nov Dec Jan Feb
'19 '19 '19 '19 '19 '19 '19 '19 '19 '19 '19 '20 '20 '20 '20 '20 '20 '20 '20 '20 '20 '20 '21 '21 '21 '21 '21 '21 '21 '21 '21 '21 '21 '22 '22
Source: National Institute of Statistics and Geography (INEGI)

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3 EUROPE
5.3.3.1 Germany
5.3.3.2 France
5.3.3.3 United kingdom
5.3.3.4 Italy
5.3.3.5 Rest of Europe

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3 EUROPE
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, BY COUNTRY, EUROPE, 2017- BIO-BASED ADHESIVES MARKET, VOLUME SHARE (%), BY COUNTRY, EUROPE, 2017-2027
2027
CAGR (2022-2027): 5.19%
600.00 100%
90%
500.00
80%
70%
400.00
60%
300.00 50%
40%
200.00
30%
20%
100.00
10%
0.00 0%
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) 2017 2022 (est.) 2027 (f)
Rest of Europe 117.71 123.34 128.33 124.11 128.11 132.83 168.71 Rest of Europe 34.60% 33.65% 33.18%
Italy 41.16 43.21 45.09 44.18 45.63 47.43 60.59 Italy 12.10% 12.02% 11.92%
United Kingdom 56.13 59.03 61.92 60.80 62.99 65.61 84.97 United Kingdom 16.50% 16.62% 16.71%
France 53.07 55.85 58.63 57.95 59.88 62.03 80.01 France 15.60% 15.71% 15.74%
Germany 72.12 76.09 80.00 80.19 83.26 86.86 114.12 Germany 21.20% 22.00% 22.45%
Germany France United Kingdom Italy Rest of Europe Germany France United Kingdom Italy Rest of Europe

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.1 GERMANY
GERMANY, 2017-2027 • The German economy is the largest in Europe and the fifth-largest in the world. In 2019, the German economy grew by
CAGR (2022-2027): 5.61% about 1.1%. Further, according to IMF, in 2020, the country recorded a decline in GDP growth of about -4.6% due to the
COVID-19 outbreak. However, GDP is estimated to pick up to 2.8% in 2021, subject to the post-pandemic global economic
120
recovery. The GDP is forecasted to register a growth rate of 2.1% in 2022.
114.12
END-USER INDUSTRIES TRENDS IN GERMANY
• Germany has the largest construction industry in Europe. The construction industry in the country has been growing at a
100 slow pace, majorly driven by increasing new residential construction activities. This country is one of the leading markets for
bio-based adhesives owing to high demand from the building and construction sector.
86.86
83.26 • As per the stats released by Statistisches Bundesamt (Destatis), the Federal Government has set itself the goal of
80 80.19
80 76.09 constructing 400,000 new dwellings in Germany every year. In 2021, the construction of 293,393 dwellings was completed
72.12 in Germany, compared to 306,376 new dwellings in 2020.
• In 2021, according to the Federal Statistical Office (Destatis), total work declined by 3.2% on a real basis (price adjusted)
60
2021 compared with 2020. In the fourth quarter of 2021, real turnover in building completion work was 9.1% lower than in
the fourth quarter of 2020.
• According to Eurostat, the total construction production in Germany increased by 5.4% in Q1 2022, compared to the Q1
2021 production and increased by 3.6% compared to the previous quarter in the same year, thereby enhancing the
40
consumption of bio-based adhesives from various construction applications in the country. Moreover, in April 2022, the
country’s production from the construction industry declined by 1.2% compared to the same month in the previous year
and declined by 2.1% compared to March 2022.
20
• Furthermore, according to the Federal Statistical Office (Destatis), in March 2022, the construction of 34,794 dwellings was
permitted in Germany, registering a decline rate of 8.9%, or 3,410 building permits compared with March 2021.
• Some of the largest construction projects initiated in Germany in Q1 2022 include Elements Mixed-Use Development,
0 Messeeingang Sparda Bank Tower Mixed-Use Complex, Ostendstraße 1-14 Commercial Buildings, and Krampnitz Housing
2017 2018 2019 2020 2021 2022 (est.) 2027 (f)
Development, among others.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.1 GERMANY
END-USER INDUSTRIES TRENDS IN GERMANY
• Additionally, in Germany, packaging solutions are progressively being used for customized products and developing innovation. Therefore, there has been increased adoption of bio-based adhesives in
the nation, which is aiding the German bio-adhesives market to grow further in the coming years. Smaller pack sizes are in demand across the county in the packaged food and personal care sectors. As
per the data published by Statistisches Bundesamt, the revenue of the packaging industry in Germany in 2021 accounted for EUR 29.59 billion compared to EUR 26.26 billion in 2020.
• In 2021, Germany manufactured around 23.1 million metric tons of paper and board, making it the major paper and board producer in the European region that year, according to the report of the
Confederation of European Paper Industries
➢ Furthermore, in 2021, the German paper packaging industry generated about EUR 13.6 billion in revenue compared to EUT 12.23 billion in 2020. Germany represents a 36.1% share of the 50.7 MT
(Metric Tons) of paper utilized for recycling in Europe in 2021.
➢ The paper industry in Germany recorded a slight increase in production of 2.6% in the first half of 2022, as compared to the same period in 2020, which was still influenced by the corona pandemic.
Graphic papers have shown the strongest growth of 4.2% to 3.3 million tons; paper, container-board, and paperboard for packaging have grown by 1.7%, and technical, and specialty papers
increased by 5.5%.
• In Europe, Germany holds the largest healthcare market. According to Statistisches Bundesamt (Destatis), the total healthcare expenditure in the country amounted to EUR 441 billion, and healthcare
expenditure per inhabitant in the country amounted to EUR 5,298 in 2021. With the demographic changes and digitalization, the country has been investing in the mobile healthcare facility, which is
providing a platform for the further expansion of the German healthcare sector, creating demand for bio-based adhesives.
• According to Cosmetics Europe, Germany operates as the largest cosmetics and personal care market in Europe, with a value generation of EUR 13.6 billion in 2021. In addition, Sustainability is a top
priority in the global market for natural and organic cosmetics and is gaining significant traction among consumers. This, in turn, positively impacts the demand for products with eco-friendly credentials,
thus driving bio-based adhesives demand from the industry.
• The woodworking and furniture market is also an important sector in the German economy, constituting around 7% of the total consumer goods market in Germany. Belonging to a group of growing
industries in the country, the sector has recorded a more than 12% increase in revenue in 2021 over 2020. The high consumer purchasing power creates an opportunity for manufacturers to innovate.
Some of the key players in the German furniture industry include Huls AG & Co. KG, Topstar GmbH, and Rauch GmbH & Co. KG, among others. Most of the companies are in Bavaria, Baden-
Wurttemberg, and North Rhine-Westphalia. Currently, there are over 22,000 furniture manufacturers across the country. This, in turn, increases the demand for the market over the forecast period.
• Hence, all aforementioned factors are enhancing the demand for the consumption of bio-based adhesives in the country over the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.1 GERMANY
NUMBER OF DWELLINGS
IN UNITS, GERMANY, 2012 TO 2021
3,06,376
2,93,002 2,93,393
2,84,816 2,87,352
2,77,691
2,45,325 2,47,722
2,14,817
2,00,466
In Units
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Period
Source: Statistisches Bundesamt (Destatis)

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.1 GERMANY
REVENUE OF THE PAPER PACKAGING INDUSTRY
IN EUR BILLION, GERMANY, 2015 - 2021
16.00
14.00 13.61
12.78
12.52
12.13 12.23
12.00
10.90 11.03
10.00
8.00
6.00
4.00
2.00
0.00
2015 2016 2017 2018 2019 2020 2021
Source: Statistisches Bundesamt, OICA

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.1 GERMANY
REVENUE OF THE PACKAGING INDUSTRY,
IN EUR BILLION, GERMANY, 2011-2021
29.6
27.85
27.08
26.22 26.26
24.50 24.81 25.02
24.15 24.07 24.06
IN EUR BILLION
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Year
Source: Federal Statistical Office of Germany

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.2 FRANCE
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, FRANCE, BACKGROUND
2017-2027
• The French economy is the third-largest economy in Europe and the country. According to IMF, the country recorded a
CAGR (2022-2027): 5.22% decline in GDP growth of about -8.0% in 2020 while recovering to 7% growth in 2021. In 2022, the IMF forecasted a GDP
growth of about 2.9%.
90 END-USER INDUSTRIES TRENDS IN FRANCE
80.01 • France has the second-largest construction industry in the European region. The construction index in the country has been
80 witnessing slow growth, with a gradual increase in the industry turnover index over the past few years. The construction
industry in the country has recently gained momentum after eight long years of decline. The recovery of the residential
70 construction sector from the pandemic and the upcoming 2024 Olympics are estimated expected to drive the market during
the forecast period.
62.03
59.88
60
58.63 57.95 • According to Eurostat, the total construction production in France increased by 0.9% in Q1 2022, compared to the Q1 2021
55.85
53.07 production, and increased by 2.6% compared to the previous quarter in the same year, thereby increasing the consumption
of bio-based adhesives from various construction applications in the country. Moreover, in April 2022, the country’s
50
production from the construction industry increased by 1.5% compared to the same month in the previous year and
increased by 1.2% compared to March 2022, thus, enhancing the demand for the market studied.
40
• Additionally, the French government initiatives to develop the city for hosting the 2024 Olympics are likely to drive the
market studied. For instance, the French government sanctioned approximately USD 3.3 billion for the construction of the
30 Hermitage towers (two 320-meter-1050-foot towers), which are due to be completed by 2024. The essential infrastructure
for the Olympic event requires building 4,500 new dwellings for local people, 100,000 square meters for business activities,
20 and 20,000 new hotel rooms for tourists.
• According to the European Commission, the French government announced several measures to promote the residential
10 construction market. It supports housing access under its Housing First Plan (Le Logement D’abord) (2018-2022). Under the
2020 budget, the housing tax has been entirely removed for 80.0% of French households. For the remaining 20.0%, the
country’s wealthiest households, there was a gradual decrease in this tax rate from 2021, followed by a complete cessation
0
of housing tax by 2023.
2017 2018 2019 2020 2021 2022 (est.) 2027 (f)

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.2 FRANCE
END-USER INDUSTRIES TRENDS IN FRANCE
• Bio-based adhesives are used for end-of-line packaging, clean and efficient bonding of outer coating paper coffee-to-go cups. Bio-based adhesives can also be used as an environmentally friendly
alternative to the production of drinking straws, disposable crockery, and cutlery. They are also used in specialty packaging, flexible packaging, printed sheets lamination, and cigarettes and filters.
• According to the Union Française des Industries des Cartons, Papiers et Celluloses (COPACEL), the production volume of the paper and paperboard industry in France reached 7,356.9 metric tons in
2021, increasing from 6,872.6 metric tons in 2020. In 2021, paper intended for packaging accounted for nearly two-thirds of France's paper production, at almost 66 percent.
• The medical devices industry in France ranks among the top five largest medical device markets in the world. According to SNITEM (Panorama de la Filière Industrielle des Dispositifs Médicaux en
France), the medical device market was estimated at USD 43 billion in 2021 due to a rapid increase in demand with the adoption of new technologies. This is expected to propel the demand for bio-
based adhesives in the healthcare sector.
• France is one of the world’s largest exporters of cosmetic products; the country accounts for almost half of the European exports in this industry. The growing cosmetics and personal care products in
the country are estimated to drive the demand for bio-adhesives in the country. According to Statista, revenue in the personal care and beauty market amounts to USD 14.99 billion in 2022. The market
is expected to grow annually by 3.60% (CAGR 2022-2026) and is estimated to reach USD 17.27 billion by 2026.
• France is one of the largest furniture markets in Europe. Companies like IKEA, Conforama, Nobilia, and Roche Bobois are some of the prominent names in the home furnishings industry, which control
chains of stores that offer a complete range of home furnishings under one roof. According to Statista, revenue in the furniture market amounts to USD 23.28 billion in 2022. The market is expected to
grow annually by 4.65% (CAGR 2022-2026) and is estimated to reach USD 27.92 billion by 2026, thereby boosting the demand for bio-adhesives from woodworking applications.
• All such trends will likely boost the market demand over the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.3 UNITED KINGDOM

UNITED KINGDOM, 2017-2027 • The economy of the United Kingdom is the 2nd-largest in terms of GDP. In 2020, the GDP fell to -9.3%, whereas, in 2021, the
CAGR (2022-2027): 5.31% economy of the United Kingdom resulted in a rapid recovery and reached 7.4%. In 2022, the GDP is expected to rise by about
3.7%, according to IMF Forecast.
90 END-USER INDUSTRIES TRENDS IN UNITED KINGDOM

84.97
• The construction sector is one of the key sectors of the country. To provide better infrastructure to the population across the
80 country, the government has planned to invest 1-2% of its GDP in construction and infrastructure between 2020 and 2050 as part
of the National Productivity Investment Fund (NPIF). Under NPIF, the government has plans to invest USD 122.9 billion on large-
scale housing projects, along with key social infrastructures, such as schools and hospitals. Under this government has promised
70 to build about 1,000,000 homes. This is expected to increase the demand for bio-based adhesives.
65.61
61.92 62.99
60.8 • According to the Office for National Statistics (UK), annual construction output increased by a record 12.7% in 2021 compared
59.03
60 56.13 with 2020, mainly due to the coronavirus pandemic contributing to a very weak 2020. Moreover, total construction new orders
increased by 9.2% (EUR1,121 million) in Q4 2021 compared with Q3 2021.
50
• The monthly construction output decreased by 0.4%, in volume terms, to GBP 14,936 million in April 2022 compared with March
2022, thereby decreased the demand for bio-based adhesives. Various construction projects are active in the United Kingdom,
40 which is expected to enhance the need for bio-based adhesives. For instance:
➢ With the investment of USD 333 million, the construction of a 40-story residential tower and a 14-story office building at
30 Albion Street in Central Manchester was commissioned in the third quarter of 2021, with estimated completion by 2024.
➢ According to New London Architecture, there are nearly 540 planned and under construction high-rise buildings in London,
20 with an existing number of 360 tall buildings. The growing construction of high-rise buildings is estimated to drive the market.
• Further, according to the Packaging Federation of the United Kingdom, the UK packaging manufacturing industry has annual sales
10 of GBP 11 billion. It employs more than 85,000 people, representing 3% of the United Kingdom’s manufacturing workforce. Also,
it is a significant contributor to the UK GDP and a vital link in the broader packaging supply chain, which is likely to enhance the
0 demand for bio-based adhesives in the coming years.
2017 2018 2019 2020 2021 2022 (est.) 2027 (f)

SUMMARY
OPPORTUNITIES
ABOUT US

END-USER INDUSTRIES TRENDS IN UNITED KINGDOM
• In 2021, the United Kingdom consumed around 10 million metric tons of paper and boards, registering an increase of 1% as compared to 2020, according to the report of the Confederation of Paper
Industries.
• As per the Confederation of Paper Industries report, the United Kingdom’s paper and board manufacturing increased to 3.64 million metric tons in 2021, registering an increase of 0.2% compared to
2020. these trends in the paper, paperboard, and packaging industry are anticipated to increase the consumption of bio-adhesives during the forecasted period.
• The largest purchaser of medical products in the United Kingdom is the public healthcare segment, the National Health Service (NHS). It receives funding from the central government but runs as four
separate systems: NHS England, NHS Scotland, NHS Wales, and HSC Northern Ireland. The National Health Service (NHS) spends approximately USD 25 billion annually on medical goods and services.
NHS England serves 84% of the population.
• As of 2020, the United Kingdom's beauty industry worth is USD 15.43 billion in 2021 and ranks as the seventh-largest global cosmetics market. It holds the third spot for the most significant markets
operating in the United Kingdom. Furthermore, personal care and beauty industry revenue in the United Kingdom will rise to 5.81% by 2024, amounting to an additional USD 2 billion.
• Bio-based adhesives are widely used in woodworking and furniture applications. According to Statista, revenue in the furniture market amounts to USD 20.19 billion in 2022. The market is expected to
grow annually by 4.85% (CAGR 2022-2026) and is estimated to reach USD 24.40 billion by 2026, thereby driving the demand for bio-adhesives from the woodworking industry.
• All the aforementioned factors are expected to affect the demand for the bio-adhesives market over the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US

PRODUCTION OF PAPERS AND BOARDS CONSUMPTION OF PAPERS AND BOARDS
IN MILLION METRIC TONS (MT), UNITED KINGDOM, 2015 – 2021 IN MILLION METRIC TONS (MT), UNITED KINGDOM, 2015 – 2021
4
3.97 12
11.3 11.3
10.8
3.89 9.9 10
3.9
10
3.85 3.85 9.2
8.9
3.8 8
3.7 3.68 6
3.64
3.63
3.6 4
3.5 2
0
3.4
2015 2016 2017 2018 2019 2020 2021
2015 2016 2017 2018 2019 2020 2021
Source: Confederation of Paper Industries

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.4 ITALY
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTONS, ITALY, BACKGROUND
2017-2027 • The Italian economy is the fourth-largest economy in the Eurozone. According to IMF, the economy declined by around 9% in
CAGR (2022-2027): 5.02% 2020, and recovery is anticipated during 2021 with a rate of 6.6%. In 2022, the GDP is expected to increase by about 2.3%.
END-USER INDUSTRIES TRENDS IN ITALY
70 • According to the National Institute of Statistics, Italy (Istat), in residential buildings, in 2021, the number of new dwellings
accounted for 61,296 units, compared to 49,255 units in 2020.
60.59
60
• Moreover, during Q4 2021, in residential buildings, the number of new dwellings accounted for 15,690 units, registering a
growth rate of 0.9% compared to 15,551 new homes in Q3 2021.
• Moreover, in non-residential buildings, the total new floor area accounted for 2,281,336 square meters in Q4 2021,
50 47.43 registering a decline rate of 20.3%, compared to 2,864,160 square meters in the previous quarter.
45.09 45.63
43.21 44.18 • Moreover, the construction industry is likely to be driven by residential construction and renovation. The residential building
41.16
segment is expected to grow steadily, owing to the high risk of business failure. However, non-residential buildings and civil
40 engineering activities are expected to be the government's primary focus during the forecast period.
• Moreover, Italy is set to host the 2026 Winter Olympics, which is estimated to drive investments of around EUR 1 billion in
30
various construction projects in Lombardy, Veneto, and South Tyrol.
• Italy’s packaging industry is one of the largest industries in Europe. There are nearly 7,000 major and minor packaging
companies active in the country. The increasing importance of supermarket retailing and the changing consumer buying
20 habits are increasing the use of bio-adhesives applications in the country. The demand for products, such as consumer goods,
has been growing in the country, with major order from the north and central parts of the country.
• The paper industry in Italy is coming back on track. The production in the country witnessed robust growth in 2021 due to an
10 increase in paper packaging and tissue. After being adversely impacted by the COVID-19 crisis, the country recorded a decline
in paper and board manufacturing, which slumped by 4% in 2020 annually. However, the Italian companies manufactured 9.6
million tonnes of paper and board, growing by a significant 12.5% annually in 2021, thus generating an annual turnover of
0 EUR 8.18 billion.
2017 2018 2019 2020 2021 2022 (est.) 2027 (f)

SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.4 ITALY
END-USER INDUSTRIES TRENDS IN ITALY
• Italy's population is expected to grow by 43,020 in 2022, reaching 60,634,688 by the beginning of 2023. There are 8,381,040 young people under the age of 15, including 4,285,043 boys and 4,095,997
females, and 39,938,998 people aged 15 to 64, including 19,750,460 males and 20,189,144 females, as of January 1, 2022. With the increasing population and health care awareness, the demand for
bio-based adhesives is expected to increase.
• The public healthcare expenditure in the country reached EUR 1,23,474 million in 2020 compared to EUR 1,15,710 million in 2020, according to the Ministry of Economy and Finance (Ministero
dell'economia e delle finanze). According to OECD (Organization for Economic Co-operation and Development), the total healthcare expenditure, as the share of the country’s GDP increased from 8.9%
in 2010 to 9.5% in 2021.
• Furthermore, owing to the strong pick-up in cosmetics production in Italy, the exports across the industry grew by 13% annually in 2021; however, they remained below pre-pandemic levels. According
to Cosmetica Italia (the Italian personal care association (CI)), in 2021, the total turnover of the Italian industry was estimated at EUR 11.7 billion, an increase of 10.2% when compared to 2020, when
sales dropped by EUR 10.6 billion. Such factors are expected to augment the demand for bio-based adhesives from the personal care sector.
• The furniture industry plays an important part in the Italian economy. Italy is the world’s fourth-largest furniture manufacturer at the global level. According to FederlegnoArredo, the association of
companies in the Italian furniture sector, Italian furniture production increased by 14.1% compared to 2019 and reached EUR 49 billion in 2021.
• Additionally, the sector witnessed strong growth in exports. For instance, furniture exports increased by 20.6% in 2021 compared to 2020 and by 7.3% in 2019. The major Italian furniture manufacturers
are Natuzzi, Poltronafrau, Scavolini, and Molteni Group, among others.
• All the aforementioned factors are expected to affect the demand for the bio-based adhesives market over the forecast period.
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.3.5 REST OF EUROPE

BIO-BASED ADHESIVES MARKET, VOLUME IN BACKGROUND
KILOTONS, REST OF EUROPE, 2017-2027 • The rest of Europe includes countries such as Belgium, Spain, Poland, Russia, Austria, and the Netherlands, among others.
CAGR (2022-2027): 4.90% • In Belgium, according to the IMF, GDP growth declined to -5.7% in 2020 and accounted for 6.3% in 2021 due to the post-pandemic
global economic recovery. The country’s Fiscal policy is projected to loosen in 2021-22, which will support growth despite the
180 slowdown. Furthermore, in 2022, the country is expected to register a growth rate of 2.1%.
168.71
• According to IMF, the economic growth of Spain is estimated to be 5.1% in 2021, a staggering recovery from that of 2020 due to the
160 virus outbreak. In 2022, GDP growth is expected to rise by about 4.8%.
• Poland’s economy is one of the top performers in the European Union. Poland’s economic growth rate reached to 4.7% in 2019,
140 132.83 driven primarily by the expanding domestic consumption and rebound in investment. According to IMF, the economy grew by 5.7%
128.33 128.11 in 2021, recovering from -2.5% in 2020. It is anticipated that it will register 3.7% in 2022.
123.34 124.11
117.71
120 • In the Netherlands, the GDP growth rate in 2019 was 2%. According to the IMF, due to the outbreak of COVID-19, the GDP growth
rate of the country has increased to -3.8% in 2020 and picked up to 5% in 2021, subject to the post-pandemic global economic
recovery. Furthermore, IMF forecasted that the GDP growth rate is expected at 3.0% in 2022.
100
• Russia registered a 2.2% increase in its GDP in 2019, against 2.8% in 2018. For the whole year 2020, according to IMF, the Russian
economy contracted to -2.7%, and as per the IMF, the growth rate accounted for 4.7% in 2021, considering the post-pandemic
80
global economic recovery. Furthermore, per the IMF forecast, the growth GDP growth rate is expected to contract by -8.5% in 2022.
60
END-USER INDUSTRIES TRENDS IN THE REST OF EUROPE
• In the year 2021, Belgium witnessed a rebound in construction activities, majorly in residential and infrastructure projects, with the
40
economic recovery gaining momentum. The construction output registered a growth of around 7% in 2021.
• Moreover, according to the Belgian Federal Government, the number of permits issued for new residential buildings in 2021 has
20
increased by 11.2% to 31,804 buildings compared to 2020. This increase can be observed in each of the 3 regions: 8.6% in the
Flemish Region, 19.4% in the Walloon Region, and 21% in the Brussels-Capital Region.
0
2017 2018 2019 2020 2021 2022 2027 (f)
(est.)
SUMMARY
OPPORTUNITIES
ABOUT US

• According to Eurostat, the total construction production in Spain declined by 6.2% in Q1 2022 compared to Q1 2021 and declined by 2.4% compared to the previous quarter in the same year, thereby
decreasing the consumption of bio-based adhesives from various construction applications in the country. Moreover, in April 2022, the country’s production from the construction industry declined by
3.8% compared to the same month in the previous year and increased by 0.2% compared to March 2022.
• Additionally, the President of Russia announced his decision to construct 13 new projects, ranging from education and healthcare to infrastructure development. Besides, he ordered the government to
work toward increasing economic growth above the world average by 2025. Such government plans are likely to help the country attain sustainable growth and provide stimulus to construction
activities in the country over the forecast period.
• According to Eurostat, the total construction production in Poland increased by 23% in Q1 2022 compared to Q1 2021, and increased by 13.1% compared to the previous quarter in the same year,
thereby increasing the consumption of bio-based adhesives from various construction applications in the country. Moreover, in April 2022, the country’s production from the construction industry
increased by 11.6% compared to the same month in the previous year and decreased by 5.1% compared to March 2022, thus, decreasing the demand for the market studied.
• According to Eurostat, the total construction production in the Netherlands increased by 6.0% in Q1 2022 compared to Q1 2021, and increased by 2.5% compared to the previous quarter in the same
year, thereby increasing the consumption of bio-based adhesives from various construction applications in the country. Moreover, in April 2022, the country’s production from the construction industry
increased by 1.9% compared to the same month in the previous year and declined by 2.8% compared to March 2022, thus, decreasing the demand for the market studied.
• The packaging industry in Spain is likely to grow in the coming years from various sectors of the country, including e-commerce, food and beverage, and others. Some of the leading packaging companies
in the country are Embalajes Serraenvas SL, Palets Suller SL, Tableprint Internacional SL, Serradora Boix SL, Terrenos y Vasijas SA, and Envases Valero SA, among others.
• According to the Polish Chamber of Packaging, the value of the packaging market in the country accounted for EUR 11.4 billion in 2020 and is expected to reach EUR 13 billion by 2025, thereby, is likely
to enhance the demand for bio-adhesives from the packaging industry in the country.
• According to Eurostat, the industry revenue of packaging activities in Sweden was estimated at USD 263.92 million in 2021 and is expected to reach USD 282.57 million by 2025, thereby, is likely
enhancing the demand for bio-based adhesives in the country.
• In Russia, paper production is primarily concentrated in the northwestern part of the country, with major players such as Mondi Syktyvkar LPK, Arkhangelsk Pulp, and Paper Mill, Karelia Pulp, and Knauf
Petroboard. According to the Russian Federal State Statistics Service, the industrial production volume of industrial pulp and paper in Russia stood at 8.8 million tons in 2021, increasing by 0.7%,
annually. Moreover, paper and cardboard manufacturing grew by 6.7% while labels and tags of paper or cardboard rose by 16.2% annually.
• Moreover, most European countries have proper healthcare facilities and stable healthcare expenditures. This makes it easier to access the population's healthcare system and access the best options.
Overall, the rising old age population and proper access to healthcare facilities are expected to drive the market through the years to come.
SUMMARY
OPPORTUNITIES
ABOUT US

• Spain is one of the leading healthcare markets in the Europe region. The country is one of the advanced manufacturers of medical devices. Healthcare spending in the country is among the top 6
countries in the region.
• According to OECD, Poland’s annual healthcare expenditure per capita increased from PLN 2,438.7 in 2010 to PLN 4,364.6 in 2020. Moreover, according to the Central Statistical Office of Poland,
healthcare spending increased from PLN 80.9 billion in 2016 to PLN 116.3 billion in 2020.
• According to Statista, revenue in the personal care and beauty market in Spain amounts to USD 8.06 billion in 2022. The market is expected to grow annually by 3.77% (CAGR 2022-2026) and is
estimated to reach USD 9.34 billion by 2026.
• As per the Polish Union of Cosmetics Industry, the sale of cosmetics and personal care products declined in 2020 and then regained momentum in 2021, with an increase in consumer spending on
personal hygiene and healthcare. Moreover, the cosmetics industry in the country is likely to witness new investments by leading players for enhancements in production capabilities. This is likely to
support the market demand in the forecast period.
• The Sweden personal care and cosmetics market is mainly dominated by foreign players, such as L'Oréal SA, The Estée Lauder Companies Inc., Shiseido Co. Ltd, Kao Corporation, and Oriflame Holding
AG. Furthermore, to compete with the global players, the local manufacturers are expected to expand their cosmetics business segments, hence creating the demand for bio-adhesives in the forecast
period.
• Furthermore, according to EUROSTAT, the production value of the furniture industry in Spain has decreased to EUR 5,502.9 million in 2020, from EUR 6,170.9 million in the previous year, thereby
affecting the market demand.
• According to Statista, Revenue in the Furniture market in Russia amounts to USD 10.63 billion in 2022. The market is expected to grow annually by 7.92% (CAGR 2022-2026) and is estimated to reach
USD 14.42 billion by 2026.
• According to Statista, revenue in the furniture market in Sweden is expected to amount to USD 9,814m in 2022. The market is expected to grow annually by 4.06% (CAGR 2022-2026) and reach USD
11,645 million by 2026.
• According to STATISTICS AUSTRIA, in 2020, Austrian furniture production was valued at EUR 1.89 billion. The furniture production value witnessed a decline from 2019, which was EUR 2.01 billion,
thereby affecting the demand of the market studied.
• Hence, such factors are likely to significantly impact the growth of the studied market over the forecast period.
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4 SOUTH AMERICA

5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4 SOUTH AMERICA

BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTON, BY COUNTRY, SOUTH AMERICA, BIO-BASED ADHESIVES MARKET, VOLUME SHARE(%), BY COUNTRY, SOUTH AMERICA,
2017-2027 2017-2027
CAGR (2022-2027): 4.76%
120 100%
90%
100
80%
70%
80
60%
60 50%
40%
40
30%
20%
20
10%
0 0%
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) 2017 2022 (est.) 2027 (f)
Rest of South America 26.27 27.38 28.57 27.49 27.93 28.5 35.19 Rest of South America 33.73% 32.28% 31.60%
Argentina 16.86 17.66 18.51 18.02 18.49 19.05 24.08 Argentina 21.65% 21.58% 21.62%
Brazil 34.75 36.49 38.3 38.14 39.38 40.73 52.11 Brazil 44.62% 46.14% 46.79%
Brazil Argentina Rest of South America Brazil Argentina Rest of South America
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4.1 BRAZIL
BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTON, BACKGROUND
BRAZIL, 2017-2027
• Brazil witnessed sluggish economic growth in the past few years. According to the International Monetary Fund, the country’s GDP
CAGR (2022-2027): 5.05% growth rate was 1.8% in 2018 and 1.2% in 2019. The economy of Brazil has been recovering after the downfall, owing to prevailing
political conditions and government decisions. Furthermore, according to the IMF, the GDP growth was -3.9% in 2020 and is
60.00 recovered by reaching 4.6% in 2021. However, it is forecasted to reach 0.8% in 2022.
END-USER INDUSTRIES TRENDS IN BRAZIL
52.11 • In Brazil, several multi-family housing construction projects started in the last two quarters of 2021, which can create ample
50.00
opportunities for the bio-based adhesives market in the country. Some of the projects are:
➢ Jundiai Reserva Alta Vista Residential Complex, which is expected to be complete by Q3 2023, involves the construction of a
residential complex in Jundiai, Sao Paulo. The estimated cost of the project is USD 50 million.
40.73
39.38 ➢ Nex One Alto da Boa Vista Residential Complex is expected to be complete by Q2 2023 and involves the construction of a
40.00 38.30 38.14
36.49 residential complex at Santo Amaro in Sao Paulo. The estimated cost of the project is USD 30 million.
34.75
➢ Itapema Shard Tower Resindential Complex, which is expected to be completed in Q4 2024, involves the construction of a
residential tower in Itapema, Santa Catarina, Brazil. The estimated cost of the project is USD 30 million.
30.00
• In the packaging sector, bio-based adhesives are used for end-of-line packaging, clean and efficient bonding of outer coating of
paper coffee-to-go cups. They are also used as an environmentally friendly alternative to the production of drinking straws,
disposable crockery, and cutlery.
20.00
• The packaging sector in the country is experiencing significant growth. The packaging industry has specific applications, such as cold
chain solutions, packaging for electronics, consumer goods, and medical industries. The increasing importance of supermarket
retailing and the changing consumer buying habits are increasing the bio-adhesives demand in the packaging applications in the
10.00 country.
• The paper and pulp industry in Brazil offers bright prospects owing to its increasing applications in the packaging industry. Paper
usage during H1 2021 grew by 9.5% compared to the same period in 2020.
0.00
2017 2018 2019 2020 2021 2022 2027 (f)
(est.)
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4.1 BRAZIL
END-USER INDUSTRIES TRENDS IN BRAZIL
• Brazil's spending on health accounted for around 10% of the country's GDP. Due to the high prevalence of various diseases and ongoing R&D activities, Brazil is now the world’s seventh-largest
healthcare market, with more than USD 42 billion annually in private healthcare. This increasing ongoing research has helped in expanding the overall healthcare market. Various manufacturers started
setting up their own plants or signed joint venture agreements with local manufacturers to increase the production of medicines.
• Private investments in the healthcare sector have increased over the years. The growing population of older adults is anticipated to increase the instances of chronic diseases in the future. Hence, the
advancement of pharmaceutical and medical technology in the field of urology and chronic respiratory diseases is expected to increase the demand for bio-based adhesives during the forecast period.
• The revenue from the beauty and personal care sector of the country increased from USD 17.39 billion in 2020 to USD 18.11 billion in 2021. The revenue is further expected to grow at a rate of 8.39%
from 2022 to 2026 and reach USD 28.74 billion by 2026, thereby creating opportunities for the bio-based adhesives market.
• Brazil is the sixth largest producer of furniture globally. Brazilian furniture companies and designers are investing in innovative solutions that speed up production, shipping, and delivery. As a result of
these efforts, furniture exports grew 50.9% from 2020 to 2021. 35% of Brazil’s exports in the furniture industry are specifically destined for American stores. Moreover, demand continued to go up in
2022, with exports increasing by 42% in the first quarter of the year in comparison to the previous year. All such factors are expected to boost the demand for bio-adhesives from the woodworking
sector.
• Furthermore, according to Statista, revenue in the furniture market amounts to USD 12.36 billion in 2022. The market is expected to grow annually by 9.08% (CAGR 2022-2026) and is estimated to reach
USD 17.51 billion by 2026, thereby boosting the market studied.
• All these factors are projected to raise the demand for bio-based adhesives in coming years.
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4.2 ARGENTINA
ARGENTINA, 2017-2027 • Argentina is the second-largest economy in South America, just after Brazil. Argentine GDP registered -2% in 2019.
CAGR (2022-2027): 4.80% Furthermore, the government’s plans to tackle the inflation rates in the country were hit by the COVID-19 pandemic, which
hindered economic growth.
30 • However, the GDP of Argentina shrank to -9.99% in 2020 and recovered by reaching 10.2% in 2021. It is estimated to grow by
4.0% in 2022, according to IMF forecasts.
END-USER INDUSTRY GROWTH IN ARGENTINA
25 24.08
• According to the Instituto Nacional de Estadística y Censos (INDEC), GDP from construction in Argentina increased to ARS
22,467.32 million in Q1 2022 from ARS 21,123.99 million in Q4 2021.
• According to the Instituto Nacional de Estadística y Censos (INDEC), the construction activity has increased by 0.4% in May 2022
20 19.05 compared to the previous month. The accumulated index for the first five months of 2022 of the original series index shows a
18.51 18.49
17.66 18.02
rise of 6.3% compared to the same period in 2021.
16.86
• In Argentina, about 25% of the construction industry is occupied by the commercial sector and 75% by the residential sector. In
15 April 2021, the construction activity reflected a rise of 322% compared to the same month of 2020. The accumulated figure for
the first four months of 2021 showed an increase of 70.9% compared to the same period in 2020.
• However, Argentina faces a large structural housing deficit. As per the Department of Urban Development and Housing, ~25%
10
of Argentine families need improved housing. This strong and growing housing demand faces a daunting lack of supply. Hence,
this is also expected to increase the demand for the market studied.
• Additionally, investments in commercial spaces have also been increased, mainly in Argentina. For instance, 49 hotels are at
various development stages, adding a critical count of 5,038 to the country. Of these, 36 will be 4-star and first-class hotels,
5
while the remaining 13 will be luxury 5-star properties. Overall, the demand growth of the bio-based adhesives market in the
country is expected to be moderate to low during the forecast period.
• Argentina’s paper, paperboard, and packaging industry are expected to see positive growth trends with necessary expansions
0 lined up in the forecast period. For instance, in 2022, ARCOR SAIC announced its plan to invest USD 6.5 million to enhance the
2017 2018 2019 2020 2021 2022 (est.) 2027 (f) capacity of its paperboard mill and packaging plant in Lujan, Buenos Aires.
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4.2 ARGENTINA
END-USER INDUSTRIES TRENDS IN ARGENTINA
• The COVID-19 pandemic has increased investment in the Argentinian healthcare sector. Despite the increased investment, the Argentine government continues to face financial and political challenges,
which the pandemic further intensified. Argentina is one of the top attractive healthcare markets in Latin America, owing to the increasing revenue-generating opportunities for manufacturers, which is
why the country has been registering a steady stream of investment in recent years.
• The Argentine medical device market is controlled by imports and accounts for around 70-75% of the total market. The United States is the leading supplier of imported medical products and currently
holds a 25% market share, followed by China, Germany, and Japan.
• Furthermore, revenue in the personal care and beauty market amounts to USD 4.57 billion in 2022. The market is expected to grow annually by 5.89% (CAGR 2022-2026) and is estimated to reach USD
5.74 billion by 2026, thereby creating opportunities for the market studied.
• The furniture industry in the country accounts for more than 2,000 registered companies, out of which 90% of the companies are SMEs. A significant share of the furniture industry lies in the “grey
production” of informal manufacturers, who may account for up to even 40%-50% of the overall market. The leading players in the industry include companies such as Fiplasto, Fontenla, Cuyoplacas/
Platinum (RTA), Ricchezze (home furniture segment), Amoblamientos Reno (kitchen furniture), Johnson Acero, and Color Living (upholstered furniture).
• Moreover, according to Statista, revenue in the furniture market amounts to USD 4.69 billion in 2022. The market is expected to grow annually by 5.25% (CAGR 2022-2026) and is estimated to reach
USD 5.76 billion by 2026, thereby boosting the demand for bio-adhesives from woodworking applications.
• All such factors are expected to influence the demand for bio-based adhesives in the country.
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4.3 REST OF SOUTH AMERICA

BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTON, REST OF BACKGROUND
SOUTH AMERICA, 2017-2027 • Rest of South America includes countries such as Colombia, Chile, Peru, and Venezuela, among others. In an increasingly
CAGR (2022-2027): 4.31% globalized world, this area is beginning to express its own identity. This region's countries offer several chances for growth
and development.
40.00 • The Colombian economy registered a growth rate of about 3.2% in 2019. This rise in GDP is attributed to the higher
capacities of expenditure and an increase in the demand in Columbia and abroad. Among the South American countries,
35.19 Colombia is poised for new economic activities. It is expected to spearhead the growth trajectory in the Andes sub-region of
35.00 South America. However, according to IMF, the GDP growth recorded a dip to -7% in 2020. While in 2021, the economy
recovered back by 10.6% positive change. It is forecasted to reach 5.8% by 2022.
30.00 28.57 28.50 • Chile is an emerging economy in South America. Chile has the highest sovereign credit rating, indicating that its public sector
27.49 27.93
27.38 debt is less than 20% of GDP. Furthermore, according to the IMF, COVID-19 was expected to cause a -6.1% reduction in GDP
26.27
in 2020. However, according to IMF, it is estimated to grow by 11.7% in 2021. Moreover, in 2022, the GDP is forecasted to
25.00 rise with a growth rate of about 1.5%.
• Peru is an emerging economy, with exports contributing to more than half of the country’s revenue. Peru has a higher
20.00 human development score, with about 60% of GDP generated from the service sector. The Peruvian economy grew by 2.2%
in 2019. Later, in 2020, COVID-19 negatively affected the country’s economy. According to the IMF, Peru’s GDP dropped to -
11% in 2020. However, it grew by 13.3% in 2021. Furthermore, according to IMF forecasts, the country’s GDP is expected to
15.00 reach 3% by 2022.
END-USER INDUSTRY GROWTH IN THE REST OF SOUTH AMERICA
10.00 • The construction sector is facing a few challenges due to corruption scandals. The scandals involve the licensing of
construction and environmental licenses, which have led to the sluggish growth of the sector. The increasing collaboration of
public and private investment, coupled with public housing plan implementation, is a significant factor boosting the
5.00
Colombian construction sector.
• Furthermore, in December 2021, Smurfit Kappa, a paper-based packaging manufacturer, announced the completion of a
0.00 two-phase modernization of its Barranquilla Paper Mill facility in Colombia. Such projects are expected to boost the market
2017 2018 2019 2020 2021 2022 2027 (f) studied.
(est.)
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.4.3 REST OF SOUTH AMERICA

END-USER INDUSTRY GROWTH IN THE REST OF SOUTH AMERICA
• With a population of about 50 million, Colombia is the third most populous country in Latin America after Mexico and Brazil. Colombia's public health spending nearly tripled from 2017 to 2020, from
USD 3.2 billion to USD 9 billion. Colombia is an attractive market for pharmaceutical manufacturers, as the dynamism of its healthcare system has created universal coverage for the provision of medical
services, including surgery and other high-cost procedures. The country also has the fastest of registration time in Latin America and has free trade agreements with the United States and the European
Union that facilitate the rapid importation of healthcare products.
• The beauty and personal care market in Columbia reached USD 2.81 billion in 2021. It is expected to grow at a rate of 7.45% from 2022 to 2026 and reach USD 4.17 billion by 2026. The growing beauty
and personal care of Colombia are expected to drive the demand for bio-based adhesives.
• According to Statista, revenue in the furniture market amounts to USD 2.77 billion in 2022. The market is expected to grow annually by 7.35% (CAGR 2022-2026) and is estimated to reach USD 3.67
billion by 2026.
• Venezuela has been facing a dire economic scenario for the past few years, and no rapid growth is expected to be witnessed in the country’s economy, as well as the infrastructure sector. The country
has been seeing hyperinflation rates, and the situation is not expected to stabilize during the forecast period.
• To bring a considerable improvement in the living standards of its population, the government of Venezuela continues to deliver affordable homes to low-income families under ‘The Great Housing
Mission of Venezuela.’ By April 2022, the government has delivered a record 4 million homes to its citizens. Going firm in its commitment, the government aims to provide 5 million homes by 2024.
• Further, to protect the environment and reduce waste, Chile passed Law 21368 on Aug. 6, 2021, banning single-use plastic items in the food sector, which is expected to boost demand for paper
packaging, thereby augmenting the need for bio-based adhesives.
• The business environment is favorable for investors, and the Peruvian construction market is expected to follow a high-performance trajectory through the upcoming years. Several new construction
projects have been announced by the Peruvian government, which is expected to increase the construction rate of the country.
• Chile’s annual healthcare expenditure totals approximately 5% of GDP. Public healthcare expenses were estimated at USD 13.5 billion by the end of 2021, an 8.9 percent increase from 2020.
• In Peru, the average investment in health is only 4% of GDP. Peru is the second-smallest medical device market in the South American region and has one of the lowest rates of per capita medical
device spending in the region. However, the national government announced plans to address the infrastructure and medical equipment shortfall through further public-private partnerships (PPPs) in
2019 and 2020.
• Furthermore, the revenue in the furniture market amounts to USD 485.20 million in 2022. The market is expected to grow annually by 7.08% (CAGR 2022-2026) and is estimated to reach USD 638.05
million by 2026.
• Hence, owing to the abovementioned factors, the market demand is low and expected to increase in countries of the rest of the South America region in the coming years.
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.5 MIDDLE EAST & AFRICA

5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of the Middle East & Africa
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.5 MIDDLE EAST & AFRICA

BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTON, BY COUNTRY, MIDDLE EAST & BIO-BASED ADHESIVES MARKET, VOLUME SHARE (%), BY COUNTRY, MIDDLE EAST &
AFRICA, 2017-2027 AFRICA, 2017-2027
CAGR (2022-2027): 3.33%
70.00 100%
90%
60.00
80%
50.00
70%
40.00 60%
50%
30.00
40%
20.00
30%
10.00 20%
10%
0.00
2022 0%
2017 2018 2019 2020 2021 2027 (f)
(est.) 2017 2022 (est.) 2027 (f)
Rest of Middle East & Africa 23.04 23.65 24.30 23.57 23.78 24.08 27.81 Rest of Middle East & Africa 50.08% 48.91% 47.95%
South Africa 17.90 18.57 19.26 18.91 19.27 19.71 23.75 South Africa 38.90% 40.03% 40.95%
Saudi Arabia 5.07 5.24 5.41 5.30 5.36 5.45 6.44 Saudi Arabia 11.02% 11.06% 11.10%
Saudi Arabia South Africa Rest of Middle East & Africa Saudi Arabia South Africa Rest of Middle East & Africa
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.5.1 SAUDI ARABIA

SAUDI ARABIA, 2017-2027 • According to the IMF, the GDP growth of Saudi Arabia recorded around -4.1% in 2020. However, the country’s economy recovered
CAGR (2022-2027): 3.41% with a GDP growth of 3.2% in 2021. In 2022, the GDP is forecasted to rise with a growth rate of about 7.6%.
END-USER INDUSTRIES TRENDS IN SAUDI ARABIA
7.00
• The construction industry contributes nearly 6-7% of the total GDP of the country. The Saudi government is focusing on developing
6.44
education, healthcare, infrastructure, and industrial sectors for economic diversification. This, in turn, is anticipated to increase the
demand for the institutional, residential, industrial, and commercial construction segments and likely enhance the demand for bio-
6.00
adhesives.
5.41 5.36 5.45
5.30
5.07
5.24 • The announcement of Vision 2030 and the associated National Transformation Plan (NTP) have increased investments in various
5.00 sectors, such as healthcare and education, to support the country’s economic growth. The government has expansive plans for the
development of social infrastructure in the country. The government and private investments in different sectors of the country are
expected to lead to a rise in commercial building construction activities in the country.
4.00 • Saudi Arabia is amid Vision 2030, a major transformation agenda that is underpinned by megaprojects, such as the tourist
destination of the Neom super-city, the 334 km2 entertainment city of Qiddiya, the development at the UNESCO World Heritage
site of Al-la, and the luxury and sustainable tourism focused Red Sea Project.
3.00 • Additionally, the Saudi Ministry of Housing announced its goal to construct about 100,000 new housing units in partnership with
real estate developers at a total value of SAR 65 billion (~USD 17.3 billion). Currently, 19 projects in nine regions of the country have
already been announced, with additional 40 private projects expected to provide 14,000 “villa” housing units in the country.
2.00
• Saudi Arabia is embarking on many residential and commercial projects, which are expected to increase the construction activities
in the country. Some of such projects undertaken or in various phases of development include a USD 500 billion futuristic mega-city
‘Neom’ project, the Red Sea Project – Phase 1, which is due to be completed in 2022 and includes 14 luxury and hyper-luxury hotels
1.00 that may comprise 3,000 rooms, all across five islands and two inland resorts, Qiddiya Entertainment City, Amaala – the uber-luxury
wellness tourism destination, Jean Nouvel’s Sharaan resort in Al-Ula, Ministry of Housing’s Sakani homes, and Jeddah Tower.
0.00
2017 2018 2019 2020 2021 2022 2027 (f)
(est.)
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.5.1 SAUDI ARABIA

END-USER INDUSTRIES TRENDS IN SAUDI ARABIA
• The packaging sector in Saudi Arabia accounts for over 70% of the overall packaging sector in the Middle-Eastern region. Developments are being witnessed in the packaging products manufacturing
sector in the country, with many companies opening up new facilities and expansions being witnessed in existing production units. This is expected to boost the demand for bio-adhesives in the
packaging sector.
• The healthcare industry in Saudi Arabia accounts for the largest expenditure in the GCC region, and there is a rising demand for the increase in hospital bed capacity and long-term care centers. The
increasing healthcare expenditure in the country, along with the privatization of several public hospitals, is expected to drive the demand for healthcare equipment in the country. This, in turn, is
expected to increase the demand for the market studied at a moderate rate during the forecast period.
• Saudi Arabian government currently pays for almost 80% of healthcare expenditures. In Saudi Arabia, cases of non-communicable diseases, like cardiovascular disease and cancer, have been increasing
in the recent past, which has resulted in an increase in government initiatives.
• In line with Saudi Arabia’s Vision 2030, the government continues efforts to enhance the capabilities of the healthcare sector and research and development. The healthcare sector will experience
moderate expansion driven by growing healthcare privatization, which will reduce the government’s healthcare burden. Such expansion in the sector is expected to enhance the demand for bio-
adhesives from various applications.
• Saudi Arabia is one of the prominent markets for cosmetic products in the Middle East. Consumers in the country tend to spend substantially on their appearance, thereby, supplementing the growth of
the cosmetic and personal care market in the country. A growing number of self-conscious users, penetration of organized retail channels, growth in the aging population, and increased demand for
male grooming products are a few factors that boosted the growth of the market studied.
• Saudi Arabia’s beauty and personal care market revenue is estimated at around USD 4.64 billion in 2022. The market is expected to grow further from 2022 to 206 with a CAGR of 5.35% and reach USD
5.72 billion by 2026.
• According to the General Authority of Statistics, Saudi Arabia, the revenue for manufacturing furniture in Saudi Arabia was around USD 3.07 billion in 2020. The revenue is expected to grow and reach
USD 4.4 billion by 2024. However, exports of various wood products, including furniture, have been decreasing, and the imports have increased from the year 2016. This indicates the decreasing
consumption of bio-adhesives in the woodworking, joinery, and furniture sector in the country.
• Some of the major furniture manufacturers in the country include IKEA, Riyadh Furniture Industries Co., and Saudi Modern Factory Company.
• All such factors are expected to affect the demand for bio-based adhesives in the coming years.
SUMMARY
OPPORTUNITIES
ABOUT US
5.4.5.2 SOUTH AFRICA

BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTON, BY BACKGROUND
COUNTRY, SOUTH AFRICA, 2017-2027 • The South African economy has been growing at a fluctuating rate over the recent past. In 2018, its GDP growth rate
CAGR (2022 TO 2027): 3.80% registered 1.5%, which fell to 0.1% in 2019.
• The South African economy has been growing at a fluctuating rate recently. With South Africa facing the COVID-19
25.00
23.75
pandemic, the country fully witnessed its impact on the economy. Plans to control and manage humanitarian challenges
posed by the virus are underway across the continent. The country’s GDP growth was -6.4% in 2020 and recovered to 4.9%
in 2021. However, according to the IMF forecast, the country’s GDP growth is expected to be 1.9% in 2022.
END-USER INDUSTRY GROWTH IN SOUTH AFRICA
19.71
20.00 19.26 18.91 19.27
18.57 • The construction industry in the country registered a record low in the first three months of 2020, even before the
17.90
pandemic. The trend continued in 2021, owing to the COVID-19 pandemic. The construction industry is expected to recover
and grow with the growth in the number of construction projects and activities across the country.
15.00 • However, the country’s President, in 2020, announced potential pipeline investments of over ZAR 700 billion over the next
10 years, including both government and non-government contributions.
• Under the Sakai program, a collaborative endeavor between the Ministry of Housing and the Real Estate Development Fund,
Saudi Arabia has set an ambitious goal of increasing homeownership rates among Saudis in the country to 70% by 2030.
10.00 Thereby increasing the demand for bio-adhesives from the construction sector.
• The construction sector in South Africa can act as a revival for the dip in the economy with investments and various activities
in the pipeline. In the 2021 budget, the South African Government announced plans to enhance the economy with
approximately USD 45.3 billion for infrastructure development, including the advancement of energy, agriculture, transport,
5.00 housing, water and sanitation, and digital infrastructure.
• Furthermore, the South African retail sector witnessed an all-time high of 95.10% in April 2021. On the other hand, the e-
commerce sector in the country is expected to witness a CAGR of over 8% in the next five years. This factor is expected to
increase the demand for packaging in the country. The South African government is also focusing on sustainable food
- packaging solutions, packaging of various electronic equipment and food boxes which will drive the demand for bio-
2017 2018 2019 2020 2021 2022 2023 (f) adhesives in the packaging sector.
(est.)
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.5.2 SOUTH AFRICA

• The South African retail sector witnessed an all-time high of 95.10% in April 2021. On the other hand, the e-commerce sector in the country is expected to witness a CAGR of over 8% in the next five
years. This factor is expected to increase the demand for packaging in the country. The South African government is also focusing on sustainable food packaging solutions and packaging of various
electronic equipment and food boxes which will drive the demand for bio-adhesives in the packaging sector.
• South Africa’s government increased the health share in the total budget from 11.8% to 12.1% for FY2020. Expenditure on the FY2020 national health budget has grown by 5% (ZAR 2.9 billion) from its
FY2020 baseline allocation to finance COVID-19 health responses. Such growth will likely drive the healthcare sector's demand for bio-adhesives.
• Moreover, population growth, growing quadruple disease burden, increased life expectancy, and increased domestic healthcare spending, owing to the steady introduction of a national health system,
are expected to spur demand for healthcare services.
• The cosmetic and personal care market in South Africa witnessed a low demand in 2020 owing to an exemption of these products from the essential list, resulting in low production and order in the
country. However, in 2021 the demand for cosmetic and personal care products led to the overall growth of the industry. According to Statista, revenue in the personal care and beauty market
amounts to USD 3.55 billion in 2022. The market is expected to grow annually by 4.89% (CAGR 2022-2026) and is estimated to reach USD4.30 billion by 2026.
• The South African Furniture Initiative (Safi) has indicated that the proposed Furniture Industry Master Plan (FIMP) is likely to focus on the development and support of the local industry. The furniture
manufacturing industry contributes approximately 1% to the country’s gross domestic product.
• According to the South African Furniture Initiative (Safi), by improving domestic and export sales by 100% by the end of 2024, the objective of FIMP is to build a growing, profitable, inclusive, and
sustainable furniture industry in the country, which, in turn, may enhance the consumption of the bio-based adhesives in the country.
• Thus, the expansion of various end-user industry growth in the country is projected to benefit the bio-based adhesives market over the forecast period.
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.5.3 REST OF MIDDLE EAST & AFRICA

BIO-BASED ADHESIVES MARKET, VOLUME IN KILOTON, REST OF BACKGROUND
MIDDLE EAST & AFRICA, 2017-2027 • Major economies in the rest of the Middle East & Africa include Iran, Qatar, Kuwait, United Arab Emirates, Egypt, Algeria,
CAGR (2022-2027): 2.92% and Bahrain.
• Iranian GDP remained positive in 2020, with a growth of 1.8%. Moreover, the country felt the impact of COVID-19 in 2021
30 by hampering international trade and supply. The country witnessed an increase of 4.0% in 2021. The IMF predicts the
27.81 GDP in the country is likely to grow at 3.0% in 2022.
• Qatar registered a GDP growth of 0.7% in 2019. According to the IMF, due to the COVID-19 outbreak, GDP growth declined
25 24.3 24.08 to -3.6% in 2020, while the GDP growth rate accounted for 1.5% in 2021. Furthermore, as per the IMF forecasts, the
23.65 23.57 23.78
23.04 country’s economy is likely to register a GDP growth of 3.4% in 2022.
• Kuwait is another critical consumer in the region. Kuwait witnessed a growth of -0.6% in 2019, estimated to dip to -8.9% in
20 2020 (According to IMF). According to IMF, GDP accounted for 1.3% in 2021. Furthermore, the country is expected to pick
up a GDP rate of 8.2% in 2022.
• The United Arab Emirates witnessed a growth of 3.4% in 2019 and dipped to -6.1% in 2020, owing to the COVID-19
15 pandemic. According to the IMF, the GDP growth rate accounted for 2.3% in 2021 and is expected to grow by 4.2% in
2022.
• The Egyptian GDP remained positive in 2020, with a growth of 3.6%. COVID-19 outburst in the country affected a bit late,
10
and the industrial operation remained working till the third quarter of 2020. However, the GDP in 2021 slightly declined to
3.3% because of the inverse effect of global trade suspension. The IMF predicts a growth of 5.9% in GDP in 2022.
END-USER INDUSTRY GROWTH IN THE REST OF MIDDLE-EAST AND AFRICA
5 • In United Arab Emirates, the construction sector has a promising outlook in the country of various government initiatives,
such as the Ministry of Education Strategic Plan 2017-2021, National Strategy of Higher Education 2030, the Energy
Strategy 2050, the Sheikh Zayed Housing Program, and Dubai Tourism Strategy. These initiatives expect investment in the
residential, energy, and utility sectors and infrastructure and commercial construction projects, thereby driving the
0
demand for bio-based adhesives during the forecast period.
2017 2018 2019 2020 2021 2022 (est.) 2027 (f)
SUMMARY
OPPORTUNITIES
ABOUT US
5.3.5.3 REST OF MIDDLE EAST & AFRICA

END-USER INDUSTRY GROWTH IN THE REST OF MIDDLE-EAST AND AFRICA
• The United Arab Emirates is home to almost 36% of the furniture factories in the GCC. Owing to the presence of some of the global furniture players in the country, such as IKEA and Vision Furniture and
Decoration Factory, the furniture industry is expected to grow during the forecast period. This scenario is estimated to provide the chance for furniture manufacturers to enter the market, which, in
turn, is likely to increase the demand for bio-based adhesives in the country.
• Egypt has the most significant construction industry in the African region. The construction industry is growing in the country; as reported by the Egyptian Ministry of Finance, the country’s building and
construction industry represent approximately 16.2% of the country’s GDP. This is boosting the bio-based adhesives market in the country.
• As of April 2021, Egypt has planned to ban single-use packaging plastics for food and other application, which is expected to boost the paper packaging sector, thereby creating demand for bio-based
adhesives.
• Egypt is minorly involved in the production of medical products, and most of the market depends on imports. The government pledges to improve healthcare, which has resulted in a recent boost in the
purchase of medical products, the proliferation of privately owned hospitals and clinics has steeply raised the demand for high-tech medical products, thereby driving the bio-adhesives market.
• The Egyptian furniture industry is one of the top sectors in terms of exports in Egypt, owing to the quality of the product and its foreign reputation. Some of the leading furniture manufacturers in the
country include Good Wood, ARO Art, and Abu Khaled Wood Trade, among others.
• The construction industry in Nigeria continued on a steady recovery path in the past three years, which boosted the market. However, in 2020 and 2021, the construction industry was affected due to
COVID-19, which hindered the market growth in the country. But conditions are expected to recover from 2022, thereby boosting the market studied.
• At present, Nigeria holds the largest number of projects in West Africa, with 21 projects (28%), valued at USD 54.2 billion. Some of the ongoing construction projects in Nigeria include Centenary City,
which is one of the largest and most expensive construction projects in Nigeria. It is estimated to cost USD 18 billion. It is a planned city located in the Federal Capital Territory of Nigeria. Centenary City
is a master-planned development overseen by Centenary City Developers FZE, in a joint venture agreement with Front Range Developers FZE and Centenary City PLC, as part of Nigeria’s vision to create
the smart city of the future along the same lines as Dubai, Monaco, and Singapore.
• Nigeria's public health care spending is just 3.75% of its GDP. In 2021, the government's spending on healthcare was estimated at NGN 1,478 billion. On the other hand, private spending on health was
estimated to add NGN 4,284 billion in 2021.
• The healthcare expenditure in Qatar is expected to increase at an average annual rate of around 2%. Political uncertainty is the prime reason behind the slow growth of spending. On the contrary, the
government’s collaborations with private players to expand the national healthcare sector are expected to support the demand for bio-based adhesives in the country. The Qatar National Vision 2030
aims at achieving self-sufficiency in the medical industry.
• Personal care and cosmetic market in the rest of the Middle East and Africa is likely to attract investments as consumer demand is witnessing high levels. Skincare, haircare, and hygiene products are
gaining high demand as consumer inclination toward a healthy lifestyle are gaining prominence.
• Owing to all the aforementioned factors, the demand for bio-based adhesives is expected to remain moderate to low in the region during the studied period.
6 COMPETITIVE LANDSCAPE
#TOC_DIVIDER#
SUMMARY
OPPORTUNITIES
ABOUT US
6.1 MERGERS, ACQUISITIONS, JOINT VENTURES, COLLABORATIONS AND AGREEMENTS

DATE TYPE OF KEY DEVELOPMENT DETAILS
Arkema finalized the acquisition of the Performance Adhesive business of Ashland. The acquisition helps to strengthen Arkema’s
February 2022 Merger and Acquisition adhesive solutions segment and aligns with the company’s strategy to become a pure Specialty Material player by 2024. The value
of the transaction was USD 1.65 billion.
H.B. Fuller Company announced that it acquired the Belgium-based company Fourny NV, a provider of various types of adhesives.
February 2022 Merger and Acquisition The company is also engaged in developing bio-based adhesives. Through this partnership, The company will increase its
manufacturing and product offerings in Europe.
H.B. Fuller has announced a strategic partnership with Covestro in order to provide a bio-based adhesive with a lower climate
July 2021 Partnership
effect for the woodworking, composites, textiles, and automotive industries.
Bostik, a part of Arkema, announced its participation in PRESERVE, a European Commission initiative aimed at boosting the
April 2021 Collaboration circular use of bio-based packaging. The company has decided to work on the lamination process of bio-sourced films, using a
mostly bio-sourced-based adhesive.
Henkel and Dow partnered on bio-adhesives with the development of high-performance, bio-based polyolefin elastomer AFFINITY
February 2021 Collaboration
RE which is currently used as a raw material for Henkel’s TECHNOMELT Supra ECO line of sustainable adhesives.
Source: Company Website
121 REPORT – GLOBAL BIO-BASED ADHESIVES MARKET Copyright © 2022 Mordor IntelligenceTM
SUMMARY
OPPORTUNITIES
ABOUT US
6.2 MARKET RANKING ANALYSIS

BIO-BASED ADHESIVES MARKET, RANKING, BY TOP PLAYER, GLOBAL, 2021 • The market studied is fragmented, with the top level consolidated and dominated by
well-established players, including Henkel AG and Co. KGaA, H.B Fuller, Arkema, Sika, and
3M company, among others.
• These companies develop niche application products to maximize their product
penetration in various industries like healthcare, construction, personal care, and
Henkel AG
packaging.
& Co. KGaA
• Henkel AG and Cp. KGaA holds the leading position in the market studied, whereas H.B
fuller ranks second in the market studied.
• Henkel uses renewable materials, such as starch, cellulose, and proteins, in their bio-
H. B Fuller based adhesives products, such as adhesive sticks, wallpaper paste, and packaging.
Arkema Adhesives used for bottle labels contain as much as 45% renewable raw materials.
1
• H. B fuller launched two compostable adhesive solutions for the flexible packaging
Sika market in April 2021. These products are fully compostable according to EN13432 and
2
3M Company
3
ASTM D6400 specifications and certified by the Biodegradable Products Institute (BPI).
4
• Arkema ranks third in the market, whereas Sika and 3M company rank fourth and fifth in
5
the global bio-based adhesives market.
• 3M has developed an adhesive comprising 67% plant-based and 100% recycled material.
• Other players operating in the market include DOW, Solenis, Emsland Group, Artmelt AG,
Beardow Adams, and others.
*Market ranking has been calculated, based on publicly available data (company websites, annual
reports, SEC filings, association data, etc.), third party paid sources (D&B Hoovers), and our
estimation of the companies’ revenue in the relevant market (in case of unavailability of specific data
in public domain).G

SUMMARY
OPPORTUNITIES
ABOUT US
6.3 STRATEGIES ADOPTED BY MAJOR PLAYERS
HENKEL H. B FULLER
• H. B fuller is the second largest player in Asia-Pacific, North America, and EMEA and is a
• Henkel aims to expand into emerging markets while leveraging its strong positions in mature manufacturer and marketer of adhesives and other specialty chemical products. Industrial
markets. Henkel aims to promote sustainability in all business activities and reinforce its leading adhesives represent the company’s core product offering.
position in those markets. The strategy will likely help the company meet the increased demand
• The Company has strengthened its singular focus on industrial adhesives and has expanded
for adhesives from the automotive industry. Additionally, the company is entering partnerships
applications and process expertise with exceptional customer service. The company invests
with local players to distribute its specific products. This scenario will likely help the company
heavily in R&D and has many patent licenses and other technology agreements.
penetrate the market and generate additional revenue.
• In 2021, the company plans to reduce its debt, acquire small strategic assets, focus on growth
• The company is also working on the 2030 sustainability ambition framework in which they are
and service to the customers, and create more sustainable and innovative products.
working to attain a circular and net-zero carbon future by transforming the business, products,
and raw materials. • In 2021, the company invested in a range of initiatives that will facilitate H.B. Fuller’s ongoing
success Companywide, they focused on building manufacturing and supply chain systems that
• In the adhesive and sealant business, Henkel has been recognized as a Sustainability Champion
promoted flexibility and created a defined and common set of standards, tools, and processes
for 2021 for its customized adhesive solutions for Debatin products. Debatin is a leading
that will enable them to meet the strategic objectives. The company is systematically delivering
producer of packaging materials, shipping bags, and secure packaging. This award acknowledges
better performance by improving processes and culture at all 69 manufacturing sites globally.
our focus on sustainability and a resource-efficient solution tailored to the customer’s needs.
• In 2021, manufacturing and supply chain process improvements across the three global business
• Debatin’s packaging, made with Henkel products, is used successfully in a wide variety of sectors
units resulted in savings in operational expenses and freed up capacity to deliver record amounts
around the world.
of adhesives to meet high customer demand.
Source: Mordor Intelligence Analysis

SUMMARY
OPPORTUNITIES
ABOUT US
6.4 COMPANY PROFILES
6.4.1 3M
6.4.2 Arkema (Bostik)
6.4.3 Artimelt AG
6.4.4 Beardow Adams
6.4.5 Dow
6.4.6 Emsland Group
6.4.7 H.B. Fuller Company
6.4.8 Henkel AG & Co. KGaA
6.4.9 Ingredion Incorporated
6.4.10 Paramelt B.V.
6.4.11 Sika AG
6.4.12 Solenis
SUMMARY
OPPORTUNITIES
ABOUT US

Global Revenue
# Company Established Headquarters Financial Year Employees Key Brands/Products
(USD million)
Scotch Recycled Corrugate Tape 3073, 3M Acrylic Adhesive 210MP, 3M

Acrylic Adhesive 310LSE, 3M Bioderived Multi-Purpose Adhesive Transfer
2021 (Year Ended Tape 994-50P & 994-100P, 3M Bioderived LSE Double Coated Adhesive Tape
6.4.1 3M 1902 Minnesota, United States 35,355 95,000
December 2021) 995-050P & 995-100P, 3M Bioderived Multi-Purpose Adhesive Transfer Tape
990-050P & 990-100P, 3M Bioderived Multi-Purpose Double Coated Tape
991-050P & 991-100P
2021 (Year ended 11,262.40

6.4.2 Arkema (Bostik) 2004 Colombes, France 20,200 Water-based adhesives and packaging and lamination adhesives
December 2021)
6.4.3 Artimelt AG 1981 Sursee, Switzerland NA ~81.98 ~346 Bio-based Adhesives
Buckinghamshire, United 2021 (Year ended BAM 1544 (EVA), BAM 418 (EVA), BAM 2211, BAM 776 + W, Prodas 2278,
6.4.4 Beardow Adams 1976 141.26 105
Kingdom December 2021)
BAM 418, Pressen 1968, BAM 1506, Pressen 765, Pressen 2016
2021 (Year ended

6.4.5 Dow 1897 Michigan, United States 54,968 35,700 AFFINITY RE
December 2021)
Paper bag adhesives

2021 ( Year ended
6.4.6 Emsland Group 1928 Niedersachsen, Germany 518.55 ~1350+ Wet Adhesive Strips
June 2021)
Emplak
2021( Year ended

6.4.7 H.B. Fuller Company 1887 Saint Paul, United States 3,278.03 ~ 6500 Bio-Based Adhesive, Industrial Compostable Adhesive, and others.
November 2021)
2021 (Year Ended

6.4.8 Henkel AG & Co. KGaA 1876 Düsseldorf, Germany 23,741.09 51,800 LOCTITE HHD 3544F, TECHNOMELT Supra ECO, AQUENCE LAM E9500 ECO
December 2021)
SUMMARY
OPPORTUNITIES
ABOUT US
Global Revenue (USD

# Company Established Headquarters Financial Year Employees Key Brands/Products
Million)
Westchester, 2021( Year ended December

6.4.9 Ingredion 1906 6,894 ~12,000 Bio-based Adhesives
United States 2021)
Heerhugowaard,
6.4.10 Paramelt B.V. 1898 NA 39 ~500 Water Based Adhesives
Netherlands
2021 (Year ended December Bio-based Sika ViscoCrete

6.4.11 Sika AG 1910 Baar, Switzerland 10,123.94 ~27,415
2021) SikaSeal-106
Delaware, United 2020 ( Year ended December

6.4.12 Solenis 1907 901 3,700 Soyad adhesives
States 2020)
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.1 3M
CORE BUSINESS SEGMENTS

17,531 M Safety and Industrial
Global Net Sales in USD Transportation and Electronics
H1 FY 2022 (All Segments) Health Care
Consumer
www.3m.com DUNS NUMBER: 00-617-3082
GLOBAL OVERVIEW
3M is a diversified technology company that serves 95,000
automotive, electronics and energy, appliance, paper and
printing, packaging, food and beverage, construction, Employees
clinics and hospitals, pharmaceuticals, dental and
orthodontic practitioners, drug and pharmacy retail, and
other markets.
Through its four operating segments, the company
produces more than 60,000 products including adhesives, 1902
ceramics, filtration products, closure systems for personal Established
hygiene products, acoustic system products, automotive
components, abrasion-resistant films, and paint finishing.
Some of the brands of products offered are Aqua-Pure,
Diamond Grade, PELTOR, Scothchlite. Scott, Novec, and
many others.
3M owns manufacturing facilities in 37 countries, enabling Minnesota, United States
sales in more than 200 countries. Headquarters
Source: Source: Company Website, Half Year Financial Report (H1) FY 2022 and D&B Hoovers, accessed September 2022 H1 – Half Year Ended on June 30, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.1 3M – MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS BIO-BASED ADHESIVES SAFETY AND INDUSTRIAL
3M’s Safety and Industrial segment constitutes seven MARKET SEGMENT COMPANY VERTICAL
business areas including Industrial Adhesives and Tapes which
markets the bio-based adhesives portfolio.
The company’s bio-based adhesive product line encompasses
61% and 68% plant-based acrylic adhesives, 10% bio-based KEY INFORMATION
corrugate tape, and multi-purpose adhesive transfer tapes. COMPANY HIGHLIGHTS
3M produces high-quality bio-based adhesive solutions The company strengthened its adhesives business with its
3M’s adhesives work on a variety of substrates including sporadic indulgence in acquisitions of adhesive industry
that ensure speed, convenience, and ease of use for a
metals, ceramics, glass, wood, and many plastics. Its low players in the past.
variety of substrate working needs.
viscosity makes it easy to dispense and self-level; and an
The company’s Industrial Adhesives & Tapes business These acquisitions have helped in enhancing 3M’s
effective tool for filleting and potting.
which includes bio-based adhesive solutions is a high adhesives product lineup and enabled deeper penetration
These products serve applications in the packaging, of the company’s brands in the fast-growing adhesives
revenue-generating business as evident from its 23%
automotive, industrial, electronics, and consumer goods market.
share (the second largest) in the total sales exhibited by
sectors.
3M’s Safety and Industrial segment in 2021. The products Further, seeing the growing consumer awareness of
marketed through this business area are recognized as detriments to the environment, the company is focusing
reliable brands among its consumers. on fostering sustainability through its products. Beginning
Relying on its efficient production capabilities, product in 2019, the company has made it obligatory for all its new
advancements, and well-established logistics, the product commercialization to include a “Sustainability
company is continuously striding upward to establish itself Value Commitment”. This strategy is expected to fuel
as a market leader in the adhesives industry. innovations in the bio-based adhesives portfolio in the
forecasted years.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.1 3M – FINANCIALS
NET SALES, USD MILLION, FY 2019 – FY 2021 NET INCOME, USD MILLION, FY 2019 – FY 2021
36,000 35,355 7,000

5,921
35,000 6,000 5,449
5,000 4,517
34,000
4,000
33,000
32,136 32,184 3,000
32,000
2,000
31,000 1,000
30,000 0
FY2019 FY2020 FY2021 FY2019 FY2020 FY2021
REVENUE BREAKDOWN, BY GEOGRAPHY, H1 FY 2022 REVENUE BREAKDOWN, BY BUSINESS SEGMENT, H1 FY 2022
15.1%
17.8%
Safety and Industrial
Americas 34.1%
Transportation and Electronics
Asia Pacific
52.4%
Health Care
29.8%
Europe, Middle East & Africa
Consumer
Source: Annual Report 2021, Half-Year Financial Report (H1) FY 2022 H1 – Half-Year Ended on June 30, 2022 Note: FY 2021 - Fiscal Year Ended on December 31, 2021
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.1 3M – PRODUCTS AND SERVICES
PRODUCT/BRAND DESCRIPTION
• It is a super sticky and versatile corrugate tape that has been made with an adhesive comprising more than 10% bio-based content with core
constituents made of recycled materials. The product is ten times thicker than conventional box sealing tapes.
Scotch Recycled Corrugate Tape 3073
• The product can be applied manually or using a hand-held dispenser for low-volume packaging, while for high-productivity packaging, a 3M-Matic
Case Sealer can be used.
• It is a 68% plant-based acrylic adhesive that is designed for bonding at high surface energy materials such as glass, inked glass, ceramic, aluminum,
powder-coated metals, composites, carbon fiber, acrylic, fiberglass, and some categories of thermoplastics.
• The product exhibits the following features:
➢ Excellent shear strength
➢ Anti-curling properties for precise lay-flat processes
3M Acrylic Adhesive 210MP ➢ Conformable staying performance on curved surfaces
➢ 400°F short-term temperature resistance
➢ Short-term repositionability
➢ Stability for die-cutting, handling, and applying
• The product is widely used in Consumer appliances industrial machinery, automotive & transportation, consumer electronics, membrane switches,
signs & POP displays, graphic overlays, and sporting goods.
• Based on 61% plant acrylic, this adhesive is designed to facilitate bonding with low surface energy materials such as ABS plastic, aluminum with
nylon coating, coated paper, EPDM rubber, foam, metal mesh, painted surfaces, PET film, coated polycarbonate, polypropylene, powder-coated
3M Acrylic Adhesive 310LSE surfaces, printed metal, polyurethane, SIS rubber, and wood.
• The product is ideal for application in automotive & transportation, consumer electronics, and consumer goods.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.1 3M – PRODUCTS AND SERVICES
PRODUCTS DESCRIPTION
• These are multipurpose adhesive transfer tapes of thickness 1.97 mils (994-50P) and 3.94 mils (994-100P) that carry 3M Acrylic Adhesive 310LSE
3M Bioderived Multi-Purpose Adhesive adhesive material.
Transfer Tape 994-50P & 994-100P • The products are applied in low surface bonding materials used in automotive, consumer goods, electronics, and appliances, without the use of
any carrier material.
• These multipurpose adhesive transfer tapes of thickness 1.97 mils (995-50P) and (995-100P) are based on 3M Acrylic Adhesive 310LSE adhesive
3M Bioderived LSE Double Coated Adhesive material.
Tape 995-050P & 995-100P
• The products are applied in low surface bonding materials with the aid of polyester carrier material of thickness 0.5 mils.
• They are multipurpose adhesive transfer tapes that carry 3M Acrylic Adhesive 210MP adhesive material.
3M Bioderived Multi-Purpose Adhesive • These tapes are available in the thickness of 1.97 mils (994-50P) and 3.94 mils (994-100P).
Transfer Tape 990-050P & 990-100P
• The products are applied in high surface bonding materials used in consumer appliances, industrial machinery, membrane switches, electronics,
POP displays, and sporting goods, without the aid of any carrier material.
• Based on 3M Acrylic Adhesive 210MP adhesive material, these multipurpose adhesive tapes are available in thicknesses of 1.97 mils (991-50P) and
3M Bioderived Multi-Purpose Double Coated 3.94 mils (991-100P).
Tape 991-050P & 991-100P
• These products require polyester carrier material for application on high surface materials
NO RECENT DEVELOPMENTS FOUND PERTINENT TO THE MARKET STUDIED
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.2 ARKEMA (BOSTIK)
CORE BUSINESS SEGMENT

6,071 M Adhesives Solutions
Global Sales in EUR Advanced Materials
Till Q2, FY 2022 (All Segments) Coating Solutions
www.arkema.com Intermediates
www.bostik.com DUNS NUMBER: 26-840-1833
Corporate
GLOBAL OVERVIEW
Arkema is a prominent player in specialty materials, with 20,200
three distinct and complementary business sectors – Employees
adhesive solutions, advanced materials, and coating
solutions – as well as a competitive and well-positioned
intermediates segment.
Arkema provides products for various end-user industries,
such as construction, electronics and electrical, food, oil
and gas, and packaging and paper.
2004
Established
Bostik is one of the leading adhesive manufacturers and is
fully owned by Arkema, which is a leading specialty and
advanced material company operating in more than 55
countries worldwide.
In 2021, Bostik reported EUR 2.3 billion in revenue,
making it one of the global leaders in adhesive solutions.
Colombes, France
Headquarters
Source: Company Website, Annual Report 2021, Quarterly Report 2022, Q2
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.2 ARKEMA (BOSTIK) – MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS BIO-BASED ADHESIVES ADHESIVES SOLUTIONS

Under the Bostik brand, which is Arkema's adhesive solution
section, the company offers a variety of bio-based adhesive
products. MARKET SEGMENT COMPANY VERTICAL
The company has been working for many years on bio-based,
recyclable, and compostable packaging adhesive solutions.
The company’s Consumer Goods adhesives, especially the
Kizen range, are manufactured to contribute positively to
reaching the United Nations Sustainable Goal N°12. COMPANY HIGHLIGHTS KEY INFORMATION
Bostik also provides bio-sourced water-based adhesives Arkema completed the acquisition of Bostik in 2015. Bostik's global R&D network, which includes three
under the brand name Aquagrip TLK 115. Bostik is now the world’s third-largest adhesives and international Smart Technology Centers and 11 regional
sealants manufacturer. centers, helps the company to innovate for its customers.
The company has spent around EUR 243 million in 2021
Bostik, a part of Arkema, announced its participation in
on R&D activities.
PRESERVE, a European Commission initiative aimed at
boosting the circular use of bio-based packaging, in April In 2021, Arkema filed 222 new patents, 200 of which are
2021. The company decided to work on the lamination relevant to sustainable development, and 51% of sales
process of bio-sourced films, using a mostly bio-sourced- contributed to the United Nations’ Sustainable
based adhesive. development goals.
Furthermore, in 2021, the company generated 10% of its
total sales from products made up of renewable or
recycled raw materials.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.2 ARKEMA (BOSTIK) – FINANCIALS

SALES, EUR MILLION, FY 2019 – FY 2021 NET INCOME, EUR MILLION, FY 2019 – FY 2021
10,000 9,519 1,400 1,309

8,738
7,884 1,200
8,000
1,000
6,000 800
543
4,000 600
400 332
2,000
200
0 0
FY 2019 FY 2020 FY 2021 FY 2019 FY 2020 FY 2021
REVENUE BREAKDOWN, BY GEOGRAPHY, TILL Q2, FY 2022 REVENUE BREAKDOWN, BY BUSINESS SEGMENT, TILL Q2, FY 2022
3.7% 7.4% France 9.8% Adhesives Solution

23.9%
Rest of Europe
28.1% Advanced Material
26.2%
NAFTA* 0.3%
30.0% Coating Solutions
Asia
Intermediates
Rest of World
36.0% Corporate
34.6%
Note: * NAFTA: USA, Canada, and Mexico.

Source: Annual Report 2021, Quarterly Report 2022 Q2
Note: Financial year ending December 31
Till Q2 FY 2022 refers to the six months ended June 30, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.2 ARKEMA (BOSTIK) – PRODUCTS AND SERVICES
The company offers bio-based water-based adhesives, which reduce carbon footprint, as enable up to 98% of other bio-based materials to be used, and require very less to
Bio-based Water-Based no heating during the application process, which reduces energy consumption. These are low VOC and solvent-free adhesives.
Adhesives Under this range, the company offers Aquagrip TLK 115, which is a bio-sourced water-based adhesive. The product can be used for the lamination of embossed tissue to
produce toilet paper and towels.
The company offers bio-based adhesive solutions for sustainable packaging. These adhesives can be used for resealing and reclosable packaging and consumer goods
Packaging & Lamination packaging. Specifically, for consumer goods packaging, the offers bio-sourced adhesives under the brand name Kizen. Further, Kizen can reduce adhesive usage in
Adhesives comparison to EVA and metallocene conventional hot melt technologies. Apart from reducing adhesive consumption, Kizen technology also offers solutions to reduce
application temperature, allowing 10 to 30% saved energy.
Source: Company website
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.2 ARKEMA (BOSTIK) – KEY DEVELOPMENTS

Arkema finalized the acquisition of the Performance Adhesive business of Ashland. The acquisition helps to strengthen Arkema’s
February 2022 Acquisition adhesive solutions segment and aligns with the company’s strategy to become a pure Specialty Material player by 2024. The value
of the transaction was USD 1.65 billion.
Bostik, a part of Arkema, announced its participation in PRESERVE, a European Commission initiative aimed at boosting the
April 2021 Collaboration circular use of bio-based packaging. The company decided to work on the lamination process of bio-sourced films, using a mostly
bio-sourced-based adhesive.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.3 ARTIMELT AG
KEY PRODUCT OFFERINGS

~81.98 M
UV-curable Pressure-sensitive Adhesives
Annual Sales in USD Hot Melt
Pressure Sensitive Adhesives
Heat Seal Adhesives
www.artimelt.com DUNS NUMBER: 48-011-9148
GLOBAL OVERVIEW
Artimelt AG is a privately run company for hot melt ~346
adhesives. Employees
The company’s broad product portfolio and related
services cater to end-user industries such as medical,
tapes, security, labels, building, and packaging.
The company owns a high-tech testing facility in Sursee
which is dedicated to the development and testing of 1981
new adhesives for various materials such as paper, foils, Established
foam, textiles, and more.
Artimelt AG serves customers located worldwide through
its positioning in Sursee (Switzerland), Georgia (United
States), and Taiwan (Asia).
Sursee, Switzerland
Headquarters
Source: Company Website and D&B Hoovers as accessed in September 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.3 ARTIMELT AG – MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS BIO-BASED ADHESIVES HOT MELT
Artimelt produces hot melt adhesives that offer advantages

such as high resistance to moisture and heat, ease of
MARKET SEGMENT COMPANY VERTICAL
application, and flexibility for pre-coating.
Artimelt produces bio-based adhesives that represent hot
melts of artimelt ecoline.
The bio-based hot melts are made up of renewable raw KEY INFORMATION
material sources that enable far-reaching ecological COMPANY HIGHLIGHTS
advantages. The use of renewable bio-based raw materials Artimelt AG prioritizes the top-class functioning of its testing
Artimelt AG is a specialist in creating hot melts with a
reduces the dependence on petrochemicals along the value facility in Sursee by conducting regular modernization and
unique combination of attributes ranging from removable
chain. upgradation of the premises. In line with expanding its
self-sticking adhesives to radiation-cure systems to heat-
product versatility and market reach, the company launched
These bio-based adhesives demonstrate excellent activated adhesives.
the third-generation testing facility in 2008.
applications in labels or similar self-adhesive applications.
The company focuses on leveraging the latest
Artimelt forayed into renewable raw material-based
technologies to continuously deliver a high level of
adhesive formulation production in 2012.
product quality and services while maintaining
sustainability as well as cost competitiveness. The company’s high-quality products received ISO 9001, ISO
14001, and ISO 13485 certifications.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.3 ARTIMELT AG – PRODUCTS AND SERVICES
• The company produces a lineup of bio-based adhesives that contain renewable raw materials in variable content levels.
Bio-based Adhesives • The bio-based adhesives complement all basic hot melt applications.
• The adhesives carrying a high content level of renewable raw materials are ideal for laminating various composite structures.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.4 BEARDOW ADAMS

Bio-based Adhesives
141.26 M
Sales in USD Packaging Adhesives
FY 2021 (All Segment) Pressure Sensitive Adhesives

Labeling Adhesives
www.beardowadams.com DUNS NUMBER: 21-731-3105
Non-woven And Hygiene Adhesives
GLOBAL OVERVIEW Filtration Adhesives

Beardow Adams is engaged in the manufacturing and ~105 Woodworking Adhesives
innovation of various types of adhesive products. Employees Automotive And Transport Adhesives
The product portfolio of the company finds application in Mattress, Spring, And Furniture
packaging, labeling, PSA-tape, label assembly, non-wovens,
woodworking, automotive, and bookbinding. Product Assembly Adhesives
The company also has a subsidiary company Paniker which is Bookbinding And Print Finishing Adhesives
also engaged in the manufacturing of adhesive products. 1976 Anti-graffiti Coatings
The key brand offered by the company is BAMFutura, Established Adhesive Cleaners
Pressen, BAMcare, Signacoll, Prodas, Prodacoll, EUROPANOL,
and NaturaBOND.
The company has a sales network in around 80 countries and
manufacturing sites in the United Kingdom, Sweden, the
United States, Germany, and Spain.
Buckinghamshire, United Kingdom
Headquarters
Source: Company Website, D&B Hoovers as accessed in October 2022 Note : FY 2021 – Fiscal Year ended December 31st, 2021
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.4 BEARDOW ADAMS – MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS BIO-BASED ADHESIVES BIO-BASED ADHESIVES
Beardom Adams manufactures bio-based adhesive products

as hot melt bio-based adhesives.
Bio-based adhesives offered by the company include bio-
based adhesives made up of raw materials including dextrin
and starch.
The bio-based adhesive products offered by the company are
used for different applications including packaging, labeling, COMPANY HIGHLIGHTS KEY INFORMATION
filters, bookbinding and print finishing, self-adhesive tapes,
self-adhesive labels, mattress construction, and pocket Beardom Adams utilizes bio-based raw materials for The manufacturing facility of the company is certified with
springs. various adhesive products accounting for more than 30% BRC 'A' grade packaging, ISO 9001, and ISO 14001.
of its overall product portfolio.
The company is continuously working on exploring
As a part of the company’s sustainability target, the opportunities for reducing waste and cutting emissions to
company has hot melt adhesive products having bio-based help minimize its impact on the environment.
content ranging from <35%, <55%, and ≥55%.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.4 BEARDOW ADAMS – PRODUCTS AND SERVICES
PRODUCT CATEGORY PRODUCTS DESCRIPTION
• The product is a bio-based adhesive with bio-based content <55%, has good hot and cold resistance can effectively work in the
BAM 1544 (EVA)
temperature range of (-)5 oC – 45 oC.
Bio-based Packaging
Adhesives
BAM 418 (EVA) temperature range of 5 oC – 50 oC.
• Other than packaging applications the product is also used for pocket spring applications.
• The product is a bio-based adhesive with high bio-based content ≥55%, has good hot and cold resistance can effectively work in the
Bio-based Labelling temperature range of (-)5 oC – 50 oC.
BAM 2211
Adhesives • The product is used for bonding labels to PET (PolyEthylene Terephthalate) bottles and can be used for both carbonated and still
products.
• The product is a bio-based spine glue adhesive with bio-based content <55%, has good hot and cold resistance can effectively work in
BAM 776 + W the temperature range of (-)5 oC – 45 oC.
Bio-based Bookbinding & • The product is used for unsewn and perfect binding processes, available in both natural (pale amber) or pigmented white colors.
Print Finishing Adhesives
• The product is a bio-based spine glue adhesive with bio-based content <55%, has good hot and cold resistance can effectively work in
Prodas 2278
the temperature range of 5 oC – 55 oC. It is a semi-Pressure sensitive adhesive used for slow and fast line speeds.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.4 BEARDOW ADAMS – PRODUCTS AND SERVICES

PRODUCT CATEGORY PRODUCTS DESCRIPTION
Prodas 2278 temperature range of 5oC – 55oC. It is a semi-Pressure sensitive adhesive used for slow and fast line speeds.
• It is Oeko-Tex certified product used for foam bonding and assembly application.
Bio-based Mattress &
Furniture Assembly
Adhesives
• The product is an Oeko-Tex certified bio-based pocket spring adhesive with bio-based content <55%, has good hot and cold
BAM 418
resistance can effectively work in the temperature range of 5oC – 50oC.
Bio-based Pressure • The product is a bio-based adhesive with bio-based content <55% and is used for security and courier/mail order bag sealing
Pressen 1968
Sensitive Adhesives applications tape, can be used as pre-coated tape or in direct coating applications.
• The product is a bio-based, filter pleating, fast setting adhesive with bio-based content <35%, has high heat resistance can be used
BAM 1506
for temperature range (-)5 oC – 85 oC.
• The product is a bio-based, pressure-sensitive, filter housing adhesive with high bio-based content ≥55%. The product possesses high
Bio-based Filter Adhesives Pressen 765
track and bond strength.
• The product is a bio-based pressure-sensitive adhesive with bio-based content <55%, used for automotive insulation bonding
Pressen 2016
adhesive foam tapes and coatings.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.5 DOW
CORE BUSINESS SEGMENST

30,928 M Performance Materials and Coatings
Global revenue in USD Industrial Intermediates and Infrastructure
Till H1 FY 2022 (All Segments) Packaging and Specialty Plastics
www.dow.com DUNS NUMBER: 00-138-1581
GLOBAL OVERVIEW
35,700
Dow is one of the major chemical manufacturers in the
Employees
global market.
Dow operates 106 manufacturing sites, spread across 31
countries, including, the Americas, Asia-Pacific, Europe, and
the Middle East.
The company operates through three major business 1897
segments namely Performance Materials & Coatings,
Founded
Industrial Intermediates & Infrastructure, and Packaging &
Specialty Plastics.
Dow caters to various markets including, agriculture, beauty
and personal care, building, infrastructure & construction,
food and beverages, chemical manufacturing, consumer
goods, transportation, electronics and oil, gas & mining,
among others.
Michigan, United States
Regional Headquarters
Source: Company Website, Annual report 2020 & 2021, Half-yearly Report H1 2022, D&B Hoovers as accessed in October 2022
Note: H1 (Half-yearly) Ended on June 30, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.5 DOW - MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS BIO-BASED ADHESIVES PACKAGING AND SPECIALTY PLASTICS
Dow provides organic or inorganic adhesive and sealant

formulations in different forms like acrylic, polyurethane,
or silicone-based formulations; and moisture, heat, or UV MARKET SEGMENT COMPANY VERTICAL
curing.
Affinity RE is a low-carbon alternative to fossil-fuel-based
products that provides the same well-known performance
COMPANY HIGHLIGHTS KEY INFORMATION
as the complete Affinity GA range.
AFFINITY RE-based adhesives in packaging help Packaging and Specialty Plastics is a business unit of Dow, a Dow Packaging and Specialty Plastics expanded its bio-based
to reduce the CO2 footprint compared to conventional major producer of polyethylene resins, functional polymers, Affinity RE polyolefin elastomers (POE) in February 2021
Polyolefin Elastomer materials. and adhesives. by enhancing its high-performance Affinity GA POE.
This division is also an innovator and collaborator across the Dow has over 1400 small and diverse suppliers spread
value chain on sustainable application development and worldwide. Some of the company’s key competitors in
.
circular economy life-cycle design for plastics, which is Packaging and Specialty Plastics include Borealis, ExxonMobil,
enabled by Pack Studios. INEOS, Lanxess, LyondellBasell, Nova, SABIC, and others.
The company provides AFFINITY RE products having three
grades with 100% bio-based content on a mass balance basis
which is used to reduce the carbon footprint of hot melt .
adhesives.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.5 DOW – FINANCIALS

REVENUES, USD MILLION, FY 2019 - FY 2021 OPERATING EBITDA, USD MILLIONS, FY 2019 – FY 2021
60,000 54,968 14,000 12,375

50,000 12,000
42,951
38,542 10,000
40,000
8,000 7,290
30,000 5,589
6,000
20,000
4,000
10,000 2,000
0 0
FY 2019 FY 2020 FY 2021 FY 2019 FY 2020 FY 2021
9.9% U.S. & Canada Packaging & Specialty Plastics

19.6%
17.5% 36.4% Europe, Middle East, Africa, and India Industrial Intermediates &
0.4% Infrastructure
51.3%
Asia Pacific Performance Materials &
Coatings
28.8%
Latin America Corporate
36.2%
Note: H1 (Half-yearly) Ended on June 30, 2022

Source: Annual report 2020 & 2021, Half-yearly Report H1 2022 FY 2021 Ended in December 31,2021
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.5 DOW – PRODUCTS AND SERVICES
PRODUCT DESCRIPTION
• AFFINITY RE is a carbon-neutral alternative to fossil-fuel-based products that provides the well-known performance as the AFFINITY GA range.
AFFINITY RE • AFFINITY RE is produced by using bio-based feedstock, such as tall oil, a byproduct of the paper-milling industry which is derived from sustainably
managed forests and helps to reduce the CO2 footprint compared to conventional Polyolefin Elastomer materials.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.5 DOW – PRODUCTS AND SERVICES

Dow Packaging and Specialty Plastics, a business division of Dow, announced the expansion of its bio-based AFFINITY RE polyolefin
February 2021 Expansion
elastomers (POE) to enhance its high-performance AFFINITY GA POE.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.6 EMSLAND GROUP

Construction Industry
650 M Industrial Manufacturing
Global Net Sales in CAD
www.emsland-group.de DUNS NUMBER: 31-563-0665
GLOBAL OVERVIEW
Emsland Group is engaged in the production of potato
starch, and it is also one of the major companies for
~1,350+
flakes, granules, and specialties. Employees
The company has 7 manufacturing plants and a presence

in more than 120 countries globally.
Emsland Group offers customized product solutions in
the areas of adhesives, flocking agents, construction
additives, textile applications, and filter materials.
1928
Founded
The company uses its high-quality products in high-
quality animal feed for domestic and farm animals.
Emsland Group provides cutting-edge product solutions
for trends such as clean label, gluten-free, fiber- and
protein-enriched foods, sustainability, acrylamide
reduction, vegan, GMO-free raw materials, and other
Niedersachsen, Germany
products. Headquarters
Source: Company Website,,D&B Hoovers accessed in October 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.6 EMSLAND GROUP- MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS

BIO-BASED ADHESIVES BIO-BASED ADHESIVES
The company offers a wide range of products in the dried

potato products segment of the food retail sector under MARKET SEGMENT COMPANY VERTICAL
the Mecklenburger Kuche brand.
Emsland Group provides various products which are used
in the field of adhesives and are: COMPANY HIGHLIGHTS KEY INFORMATION
➢ Paper bag adhesives Emsland Group manufactures innovative products for the
The company has 3 industrial sites: Emsland-Starke, Emsland
➢ Cardboards sleeves adhesive processing industry based on raw materials from vegetables.
Food, and Mecklenburger Kartoffelveredelung GmbH.
➢ Wet adhesive strips The company uses renewable raw materials like potatoes
The company has a presence in Australia/ Oceania, South
and peas for their product developments
➢ Wallpaper adhesives America, North America, Europe, and Asia.
The company's starches and starch derivatives, vegetable
Potato-starch-based paper bag adhesives are suitable for The company manufactures innovative and high-quality
potato, pea proteins and fibers, potato flakes, and granules
packaging foodstuffs. adhesive products from renewable raw materials such as
are used in Confectionery, Dairy, Potato, and other food
starch and its derivatives.
items along with the manufacturing of bio-based adhesives.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.6 EMSLAND GROUP – PRODUCTS AND SERVICES

• The company uses potato-starch-based paper bag adhesives which have various advantages like:
➢ excellent wet strength,
Paper bag adhesives ➢ good stability against dissolving
➢ reduced spatter at high production speeds, thereby reducing cleaning efforts
➢ low penetration through highly porous paper
• Emsland Group cooking starch provides fast and high adhesive strength to wet adhesive strips, resulting in extremely strong and secure adhesion to cardboard
Wet adhesive strips packaging of all quality levels.
• Wet adhesive strips are frequently used in the industry when rapid adherence and optimal cardboard strength are required.
• Emplak offers a laminating adhesive for tray packing, displays, and cartons.
Emplak • Emplak is made from modified potato starch and does not contain polyvinyl acetate. Its all products are 100% bio-degradable and renewable, and solvent and
plasticizer-free.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.7 H.B. FULLER COMPANY

Hygiene, Health and Consumable Adhesives
2,790.97 M
Net Revenue in USD Engineering Adhesives
Till Q3, FY 2022 (All Segments) Construction Adhesives
www.hbfuller.com DUNS NUMBER: 00-615-9776
GLOBAL OVERVIEW
H.B. Fuller Company has been a pioneer in the ~6,500
development of adhesives, sealants, and other specialized
chemical products on a global scale. Employees
The company has 69 manufacturing facilities, 38

technological centers, and sales in 125 countries across
the world.
The company offers a wide range of products under the
brand name such as Advantra, CILBOND, Clarity, Clean
1887
Melt, Fast 2K, Full care, Swift, TEC, etc. Established
H.B. Fuller serves customers in electronics, disposable

hygiene, medical, transportation, clean energy, packaging,
construction, woodworking, general industries, and other
consumer businesses.
The company has 10,000 adhesives solutions and 492 Saint Paul, United States
patents. Headquarters
Source: Company Website, Quarterly Report 2022, Q3 Note: Q3 FY2022 – Quarter Ended on August 27, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.7 H.B. FULLER COMPANY – MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS BIO-BASED ADHESIVES HYGIENE, HEALTH & CONSUMABLE ADHESIVES
H.B. Fuller Company offers bio-based adhesives through its

Hygiene, Health & Consumable Adhesives (HHC), business
segment.
The company offers bio-based adhesives products that are
sustainable hot melt adhesive formulations. The company COMPANY HIGHLIGHTS KEY INFORMATION
has developed these adhesives for key adhesive
applications, replacing some of those raw materials with bio- H.B. Fuller Company is one of the leading manufacturers of The company is significantly engaged in R&D for the
based, renewable materials. adhesives, which are being used in almost every application development of new products and to improve its
and it offers these bio-based adhesives in a competitive price manufacturing processes. Apart from R&D, the company is also
The companies’ bio-based adhesives are used in a wide range. considering a sustainable way to manufacture products at their
range of hygiene product applications in the personal care The company is aiming towards developing strategies and sites.
and healthcare end-user industries. partnerships with leading adhesive companies in order to
H.B. Fuller Company has a wide range of distribution networks
The company is highly focused on offering innovative, enhance the bio-based adhesives product portfolio.
for supplying its bio-based adhesives, across the globe and the
recyclable, bio-based, and compostable adhesives products Recently, the company entered a strategic partnership with
key regions including the Americas, EMEA, and the Asia-Pacific.
that support sustainability and efficiency goals. Covestro in 2021, one of the world’s largest polymer suppliers,
to deliver an adhesive with a reduced climate impact for the
woodworking, composites, textiles, and automotive industries,
which is likely to support the company to get competitive edge
market studied.
The company launched two compostable adhesive solutions
for the flexible packaging market, in April 2021. These products
are fully compostable according to EN13432 and ASTM D6400
specifications and certified by the Biodegradable Products
Institute (BPI).
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.7 H.B. FULLER COMPANY – FINANCIALS

NET REVENUE, USD MILLION, FY 2019 – FY 2021 GROSS PROFIT, USD MILLION, FY 2019 – FY 2021
3,400.00 860.00 845.32

3,278.03
3,300.00 840.00
3,200.00 820.00 806.92
3,100.00
800.00
3,000.00 2,897.00 780.00
2,900.00 2,790.27 756.65
2,800.00 760.00
2,700.00 740.00
2,600.00 720.00
2,500.00 700.00
FY 2019 FY 2020 FY 2021 FY 2019 FY 2020 FY 2021
REVENUE BREAKDOWN, BY GEOGRAPHY, TILL Q3, FY 2022 REVENUE BREAKDOWN, BY BUSINESS SEGMENT, TILL Q3, FY 2022
14.4%
17.7%
Americas
Hygiene, Health & Consumable Adhesives
44.9%
EMEA Engineering Adhesives
54.6%
27.7%
40.8% Construction Adhesives
Asia Pacific
Source: Annual Report 2021, Quarterly Report 2022, Q3

FY 2021 – Fiscal year ended November 27, 2021 Note: Q3 FY2022 – Quarter Ended on August 27, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.7 H.B. FULLER COMPANY – PRODUCTS AND SERVICES
PRODUCT DESCRIPTION
• The company offers bio-based adhesives that are biomass-based and optimized with materials sourced in nature. These products support the substitution
of petrochemical components with bio-based and renewable raw materials.
Bio-Based Adhesive
• Based largely on materials derived from natural sources and hence can be replenished naturally with time and retains strong bonding performance across
a wide range of substrates.
• Biomass-based, optimized with materials that can be composted under specific conditions hot melt adhesives that can be broken down into a nutrient-
Industrial Compostable Adhesive rich substrate under specific rules, time frame, and quality of the composting process.
• It contains high levels of bio-based and renewable raw materials for the most efficient life cycle management.
• The company offers the Full-Car Evolution series, sustainable adhesives which address the demand for more sustainable solutions with adhesives for key
adhesive applications, replacing some of those raw materials with bio-based, renewable materials.
Adhesive Solutions for Hygiene And
Nonwovens • Full-Care Evolution adhesives with over 70% bio content also possess desired mechanical and chemical properties which contribute to their efficiency.
• Also, these sustainable hot melt adhesives solutions for hygiene applications offer excellent performance, temperature resistance, and easy conversion.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.7 H.B. FULLER COMPANY – KEY DEVELOPMENTS

February 2022 Merger and Acquisition H.B. Fuller Company announced that it has acquired the Belgium-based company Fourny NV, a provider of various types of
adhesives. The company is also engaged in developing bio-based adhesives. Through this partnership, The company will increase
its manufacturing and product offerings in Europe.
July 2021 Partnership H.B. Fuller announced a strategic partnership with Covestro in order to provide a bio-based adhesive with a lower climate effect
for the woodworking, composites, textiles, and automotive industries
H.B. Fuller Company released two new compostable adhesives for the flexible packaging market under its Flextra Evolution brand,
April 2021 Product Innovation including SF1000CP/XR2000CP and WB1200CP/XR2200CP adhesive solutions. Both of these products are biodegradable in nature.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.8 HENKEL AG & CO. KGAA

10,913 M Adhesive Technologies
Global Sales in EUR Beauty Care
H1 FY 2022 (All Segments) Laundry And Home Care
www.henkel.com DUNS NUMBER: 31-574-1173
GLOBAL OVERVIEW
Henkel AG & Co. KGaA is one of the leading players in the 51,800
global space that caters to industrial and consumer Employees
businesses through its wide portfolio that includes
adhesives, sealants, functional coatings, hair-care products,
laundry detergents, and fabric softeners.
The company operates through three business segments
that have resulted in the recognition of very well-known
brands such as Loctite, Bonderite, Technomelt, Teroson, 1876
Persil, Bonderite, Aquence, and Schwarzkopf. Established
Henkel currently works with suppliers and other business
partners from 130 countries and has 174 production sites
across Europe, Middle East & Africa, Latin America, North
America, and Asian regions.
Düsseldorf, Germany
Headquarters
Source: Company Website, Half Year Financial Report (H1) FY 2022 and D&B Hoovers, accessed September 2022
H1 – Half Year Ended on June 30, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.8 HENKEL AG & CO. KGAA – MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS BIO-BASED ADHESIVES ADHESIVE TECHNOLOGIES
Henkel produces and markets bio-based adhesive solutions MARKET SEGMENT COMPANY VERTICAL
through its Adhesive Technologies segment under the band
name LOCTITE, TECHNOMELT, and AQUENCE.
These products carry 60-100% bio-based content which
facilitates a low carbon footprint along with high industry COMPANY HIGHLIGHTS KEY INFORMATION
performance. The industrial product portfolio for Henkel’s Adhesive
Depending on their properties these products suit different Henkel has a diverse and market-leading portfolio of high- Technologies segment is organized into five cluster brands,
industrial applications such as consumer electronics, impact adhesives, sealants, and functional coatings that Loctite, Technomelt, Bonderite, Teroson, and Aquence, which
consumer goods and packaging, and the tissue and towel cater to diverse industrial applications. serve four business areas that include, Automotive and
industry. With consistent new launches of innovative and Metals, Electronics and Industrials, Packaging and Consumer
sustainable products such as Aquence LAM E9500 ECO, Goods, and Craftsmen, Construction and Professional.
LOCTITE HHD 3544F, and TECHNOMELT Supra ECO, the Henkel uses cutting-edge manufacturing technology for
company is bundling on its adhesive technology expertise product manufacturing and continues to bolster its R&D
to lead in the bio-based adhesive manufacturing growth capabilities. Recently, in September 2022, the company
field. inaugurated the Adhesive Technologies´ Inspiration Center at
The company is focusing on partnerships with key industry Düsseldorf with an investment of EUR 130 million. The center
players (like Dow) along the value chain to foster aims to reinforce the company’s product portfolio and
sustainable sourcing for the development of solutions that prioritize sustainable innovations.
could meet the changing demand of consumers. In 2020, the company expanded its adhesives product
portfolio in India with a new production facility at Kurkumbh,
near Pune.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.8 HENKEL AG & CO. KGAA – FINANCIALS

SALES, EUR MILLION, FY 2019 – FY 2021 NET INCOME, EUR MILLION, FY 2019 – FY 2021
20,200 20,114 20,066 2,500

2,103
20,000
2,000
19,800 1,629
1,424
19,600 1,500
19,400 19,250 1,000

19,200
500
19,000
18,800 0
FY 2019 FY 2020 FY 2021 FY 2019 FY 2020 FY 2021
1.0% Western Europe Eastern Europe

16.8%
28.0% 32.3% Adhesives Technologies
Africa/Middle East North America
6.7%
50.6% Beauty Care
Latin America Asia- Pacific

26.3% 15.3% Laundry & Home Care
5.8% 17.1%
Corporate
Source: Annual Report 2021, Half-Year Financial Report (H1) FY 2022 H1 – Half-Year Ended on June 30, 2022 Note: FY 2021 - Fiscal Year Ended on December 31, 2021
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.8 HENKEL AG & CO. KGAA – PRODUCTS AND SERVICES
• It is a bio-based polyurethane reactive hot melt structural adhesive that demonstrates good bonding performance and provides a suitable open time for
manual or automated assembly.
• Some of its important features include –
➢ Easy processing
LOCTITE HHD 3544F
➢ Excellent bonding to plastics, metal, and glass
➢ Long open time & work life while dispensing or jetting
➢ 60% bio content from renewable feedstock raw materials
• The product is designed for application in consumer electronics assembly.
• This product represents a carbon-negative hot melt adhesive that has been formulated with a prominent portion of bio-based material, AFFINITY RE.
• It combines the performance of the company’s polyolefin Supra technology with a negative cradle-to-gate product carbon footprint.
TECHNOMELT Supra ECO
• The product complies with regulations for food contact and possesses recycling ability in accordance with the EPRC guidelines.
• The product finds applications in the consumer goods and packaging sector.
• This product is characterized as a sustainability-grade lamination adhesive for the tissue and towel industry which has been prepared using bio-based raw
materials.
AQUENCE LAM E9500 ECO
• Being a preservative and plasticizer-free adhesive, it ensures a safe working environment and aids in bringing down the Scope 3 carbon dioxide
emissions.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.8 HENKEL AG & CO. KGAA – KEY DEVELOPMENTS

Henkel launched a new product, Aquence LAM E9500 ECO, under its Aquence ECO line-up of adhesives during its sponsored iTs
April 2022 Product Innovation Tissue 2022 event. The product that is designed for lamination applications is a sustainability-focused grade for the tissue and
towel market. The product is derived from bio-based fossil-free raw materials.
Henkel introduced the industry’s first bio-based PUR hot melt adhesive, LOCTITE HHD 3544F, by making it commercially available
May 2021 Product Innovation for the consumer electronics market. The product represents a sustainable consumer electronics assembly alternative that is
compatible with substrates including plastic, glass, and metals.
Henkel launched TECHNOMELT Supra ECO product range of hot melt adhesives that deliver a lower carbon footprint without
February 2021 Product Innovation compromising on the performance of the Supra range. The product is based on a bio-based polyolefin elastomer developed by
Dow. The product is a suitable low-carbon alternative for the consumer goods and packaging applications.
Henkel and Dow partnered on bio-adhesives with the development of high-performance, bio-based polyolefin elastomer AFFINITY
February 2021 Collaboration
RE which is currently used as a raw material for Henkel’s TECHNOMELT Supra ECO line of sustainable adhesives.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.9 INGREDION
3,936 M North America

Net Sales in USD South America
Till Q2 FY 2022 (All Segment) Asia-Pacific
www.ingredion.com DUNS NUMBER: 00-481-1423

Emea
GLOBAL OVERVIEW
Ingredion is one of the leading ingredient solutions
providers. The company is primarily involved in the sale of
~ 12,000
starches and sweeteners for a wide range of industries. Employees
The company provides animal nutrition ingredients, beauty
and home, beverage ingredient solutions, food ingredient
solutions, biomaterials, and paper and corrugating.
Ingredion turns corn, tapioca, potatoes, plant-based stevia,
grains, fruits, and vegetables into value-added ingredients 1906
and biomaterials range of end-user industries. Established
The company is active across the globe and its customers
operate in more than 100 countries and represent 60
diverse sectors, including food, beverage, animal nutrition,
paper, brewing, and other industries.
Westchester, United States

Headquarters
Source: Company Website, Quarterly Report FY 2022, Q2 Note – Quarter (Q2) Ended on June 30, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.9 INGREDION – MARKET OVERVIEW
Ingredion provides bio-based adhesives products primarily

manufactured using starch. These products find applications MARKET SEGMENT COMPANY VERTICAL
in the paper industry.
These bio-based adhesive products are enough sustainable
to replace synthetic adhesive products and their ingredients
offer strength to lamination adhesive formulations.
KEY INFORMATION
COMPANY HIGHLIGHTS
Ingredion provides competitive pricing, with a superior product
Ingredion is a large-sized firm, with active manufacturing, supply chain in the studied market.
development, and sales of the product in the United States. The company is significantly engaged in R&D for the
The company is consistently focusing on developing a development of new products and to improve its
sustainability strategy and is engaged in bringing together manufacturing processes.
nature and technology to offer bio-based products. The company supplies bio-based adhesive products to various
Additionally, the company’s products’ quality, consistency, end-user industries through its wide distribution network
and supply reliability are its points of strength. spread over 100 countries across North America, South
America, Asia-Pacific, and EMEA.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.9 INGREDION – FINANCIALS

NET SALES, USD MILLION, FY 2019 – FY 2021 OPERATING INCOME, USD MILLION, FY 2019 – FY 2021
7,000 6,894
700
6,800 664
6,600
6,400 6,209
600 582
6,200
5,987
6,000
5,800
5,600 500
5,400
FY 2019 FY 2020 FY 2021
400
REVENUE BREAKDOWN, BY BUSINESS SEGMENT, TILL Q2 FY 2022

310
300
9.9%
200
North America South America
100
62.4%
Asia-Pacific EMEA
0
FY 2019 FY 2020 FY 2021
Note – Year Ended on December 31, 2021, & Quarter (Q2) Ended on June 30, 2022
Source: Sec Filling FY 2021 & Sec Filling for Quarter ended 30 June 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.9 INGREDION – PRODUCTS AND SERVICES
• The company offers bio-based adhesives, produced using starch for the papermaking markets, and are a perfect fit for replacing synthetics with more
Bio-based Adhesives sustainable and economical bio-based alternatives.
• The adhesive ingredients offer good texture, viscosity, tack, controlled drying, and strength to lamination adhesive formulations.

SUMMARY
OPPORTUNITIES
ABOUT US
6.4.10 PARAMELT BV

~39 M Waxes
Global Annual Sales in USD Adhesives
Coatings
www.paramelt.com DUNS NUMBER: 41-930-0645
GLOBAL OVERVIEW
Paramelt BV is one of the leading manufacturers of wax
~500
blends, adhesives, and specialty dispersions across the Employees
globe. Paramelt is part of Ter Group.
The company is active in a diverse range of end-use
applications ranging from packaging, cosmetics, and food
products to materials for aerospace, medical prosthetics,
and even thermostats. 1898
The company has 8 manufacturing sites and operates in Founded
the Netherlands, United Kingdom, United States, and
China.
The company offers its key products under the brand
names Aquaseal, Aquatack, Basewax, Cereplume, Cerita,
Dextrolin, Dilavest among others. Heerhugowaard, Netherlands
Headquarters
Source: Company Website, D&B Hoovers accessed in October 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.10 PARAMELT BV – MARKET OVERVIEW
Paramelt B.V. manufactures water-based adhesives MARKET SEGMENT COMPANY VERTICAL

products that are produced from bio-based materials
including starch, and dextrin, among others.
The products offered by the company provide reliable and
COMPANY HIGHLIGHTS
economical bonds in packaging and technical applications. KEY INFORMATION
Paramelt BV is one of the key chemical companies in the
Some of the key applications of water-based adhesives The company has its distribution spread over all seven
studied market with more than 100 years of experience in the
include paper and board converting, bottle labeling, and continents, and the company serves its product in more than
adhesives business.
product assembly. 80 countries worldwide.
The company has an adhesive manufacturing facility located in
The company’s bio-based adhesives are manufactured in
the Netherlands, United Kingdom, United States, and China.
compliance with the prescribed industry norms and standards
The company has good production and supply capacity along and are certified with ISO 9001:2015, and FSSC 22000.
with good infrastructure. Also, the company is focusing on
Paramelt acquired the bio-adhesives business from BENEO-
extending its reach around the world, in order to cater to the
Bio-based Chemicals, in 2011, to strengthen its position in the
needs of end-user industries.
European adhesives market. The acquisition included starch-
The company consistently focused on delivering high-quality based adhesives and other adhesives.
products and solutions providing reliable performance in
Further, the company is also engaged in research and
various applications. Also, it provides bio-based adhesive
development, to enhance the quality of its products.
products at market-leading prices.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.10 PARAMELT BV – PRODUCTS AND SERVICES
• The company offers water-based adhesives that are produced from a wide variety of starch, dextrin, and other products.
Water Based Adhesives
• These products are widely used in various paper and board applications, bottle labeling, and product assembly.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.11 SIKA AG
5,250.3 M Construction Industry
Global Net Sales in CHF Industrial Manufacturing
H1 FY 2022 (All Segments)
www.sika.com DUNS NUMBER: 48-000-0538
GLOBAL OVERVIEW
Sika AG is a prominent manufacturer and seller of ~27,415
specialty chemicals, such as damping, sealing, bonding, Employees ( As of H1 2022)
reinforcing, and others for the construction and
automotive industries.
The company also manufactures a wide range of
additives, adhesives, sealants, and other products for the
construction and automotive sectors. 1910
The company offers products to various markets, such as Founded
concrete, waterproofing, roofing, building finishing,
flooring, sealing and bonding, engineered refurbishment,
and industry.
Sika AG has subsidiaries in 101 countries, spread across
the Americas, Asia-Pacific, Middle-East, and Africa. The
company has more than 300 production facilities
Baar, Switzerland
worldwide and over 2,00,000 distributors worldwide. Headquarters
Source: Company Website, Annual Report FY 2021 & FY 2020, Half-Yearly Report H1, FY 2022, D&B Hoovers accessed in October 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.11 SIKA AG - MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS

BIO-BASED ADHESIVES CONSTRUCTION INDUSTRY
Sika AG offers bio-based adhesives products through its

construction industry business segment. MARKET SEGMENT COMPANY VERTICAL
Sika is one of the major players in elastic and structural
adhesives and sealants, providing creative and improved
solutions for new joining methods. COMPANY HIGHLIGHTS KEY INFORMATION
Sika provides innovative products like 1C polyurethane
Sika AG is engaged in the manufacturing and supplying of In December 2021, Sika opened a new technology center
sealants and adhesives under the brand name Sikaflex,
high-quality construction chemicals globally. and manufacturing plant for high-quality adhesives and
SikaTack, and SikaBond and develops new technologies
such as i-Cure or PowerCure, as well as Curing-by-Design Recently, Sika AG was involved in the expansion of its sealants in Pune, India. This expansión helped Sika in
and Sika Powerflex for their 2C polyurethane products construction chemicals business segment. The company strengthening its position in the country’s construction
SikaForce. opened a new manufacturing facility in Stafford, Virginia, in and industrial sectors.
the United States; Santa Cruz de la Sierra, Bolivia; Tanzania,
India, China, Ghana, and other regions in 2021.
The company has also acquired various construction chemical
companies, such as United Gilsonite Laboratories (UGL) in
2022, United Gilsonite Laboratories (UGL) and Bexel
Internacional SA de CV, in 2021, and other companies
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.11 SIKA AG – FINANCIALS

NET SALES, CHF MILLION, FY 2019 - FY 2021 NET PROFIT, CHF MILLION, FY 2019 - FY 2021
9,500.0 9,252.3 1200 1,048.50

9,000.0 1000
825.1
758.5
800
8,500.0
8,109.2 600
8,000.0 7,877.5
400
7,500.0 200
7,000.0 0
FY 2019 FY 2020 FY 2021 FY 2019 FY 2020 FY 2021
SALES BREAKDOWN, BY GEOGRAPHY, H1 FY 2022 SALES BREAKDOWN, BY BUSINESS SEGMENT, H1 FY 2022
7.4%
EMEA Americas Construction Industry

21.2%
42.9%
Asia/ Pacific Global Business Industrial Manufacturing
28.5% 82.3%
Note: The above chart does not reflect eliminations of

CHF (151.2) million
Source: Annual Report FY 2021 & FY 2020 , Half- Yearly Report H1, FY 2022 Note: FY 2021 - Fiscal Year Ended on December 31, 2021, Half-yearly (H1) Ended on June 30, 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.11 SIKA AG – PRODUCTS AND SERVICES

• Sika ViscoCrete bio-based polymers are made from renewable raw materials. Polymers are the main component of superplasticizers added to concrete to alter
properties such as workability, setting time, and durability.
Bio-based Sika ViscoCrete • It is produced from renewable vegetable substances in place of oil-based raw materials.
• Bio-based ViscoCrete improves concrete qualities, such as substantial water reduction and robust behavior in fresh concrete, by replacing 80% of the oil-based raw
materials with renewable vegetable substances left over from sugar manufacturing.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.12 SOLENIS

901 M Industrial
Net Sales in USD Consumer
FY 2020 (All Segments)
www.solenis.com DUNS NUMBER: 07-943-6434
GLOBAL OVERVIEW
Solenis is one of the leading producers of specialty 6,000
chemicals focused on providing sustainable solutions for Employees
water-intensive industries.
The company serves its products to various consumer and
industrial markets such as refining and chemical
processing, power generation, oil & gas, pulp, food
packaging & processing, biorefining, and many others. 1907
Solenis has its presence in 120 countries and has 48 Founded
manufacturing facilities, and 4 manufacturing sites
operating at customer facilities.
Solenis' product portfolio offers a broad range of water
treatment chemistries, process aids, and functional
additives, as well as cutting-edge monitoring and control
solutions. Delaware, United States
Global Headquarters
Source:, Company Website, D&B Hoovers accessed in October 2022
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.12 SOLENIS - MARKET OVERVIEW
Solenis supplies and manufactures adhesives, sealants, MARKET SEGMENT COMPANY VERTICAL
paints, inks, coatings, textiles and engineered wood
products.
Soyad adhesive technology is a patented bio-based,
formaldehyde-free adhesive technology used to COMPANY HIGHLIGHTS KEY INFORMATION
manufacture eco-friendly hardwood plywood and
engineered wood flooring. Soyad adhesives provided by Solenis are the adhesive Solenis conducts research and development in Alpharetta,
solution for manufacturers who want to comply with Georgia, Antwerp, Belgium, Charleston, Tennessee, Krefeld,
Soyad adhesives have been used to manufacture over 150
formaldehyde standards and improve indoor air quality. Germany, and Wilmington, Delaware.
million hardwood plywood panels worldwide, making it
the world's leading NAF adhesive for hardwood plywood. Engineered wood products produced by Soyad adhesives The company has a presence in Asia-Pacific, EMEA, Latin
meets all global formaldehyde emission requirements, America, and North America. Solenis owns nearly 2,000
including CARB Phase 2 and European E0. patents, including patents for chemical and equipment
technologies that have transformed important processes in a
wide range of industries.
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.12 SOLENIS – FINANCIALS

REVENUE BREAKDOWN, BY GEOGRAPHY, FY 2021 REVENUE BREAKDOWN, BY END-MARKET, FY 2021
9.0%
EMEA North America
15.0%
40.0% 40.0%
Industrial Consumer
60.0%
APAC Latin America

36.0%
Source: Sustainability Report 2021,
SUMMARY
OPPORTUNITIES
ABOUT US
6.4.12 SOLENIS – PRODUCTS AND SERVICES

PRODUCT DESCRIPTION
• Soyad adhesives are water-based solutions made from natural soy flour and a patent crosslinking resin. When the resin and soy flour are combined,
they react to produce a long-lasting, water-resistant thermoset adhesive that is comparable in strength and performance to urea-formaldehyde-based
Soyad adhesives adhesives.
• Soyad Adhesive 70-90% bio-based content. Soy flour can be a suitable raw material for the production of wood adhesives due to its low cost, high
protein content, and ease of processing,
7 MARKET OPPORTUNITIES AND FUTURE
TRENDS
7.1 Increasing Application in Engineered Wood Products
7.2 Growing Demand From the Medical Industry
#TOC_DIVIDER#

SUMMARY
OPPORTUNITIES
ABOUT US
7.1 INCREASING APPLICATION IN ENGINEERED WOOD PRODUCTS
RELEVANCE OF BIO-BASED ADHESIVES TO ENGINEERED WOOD

BACKGROUND
PRODUCTS
• Presently, most of the conventional adhesives used in plywood, wood veneer, and composite • Rapid economic development and the need for a transition toward a more sustainable society
applications are formaldehyde-based, derived from natural gas and petroleum, thus making it are likely to result in a substantial utilization of bio-based adhesives in the coming years.
a non-renewable and toxic product.
• Superior properties of tannin-based bio-adhesives, such as fast curing, good adhesion and water
• However, owing to rapid research and innovation in bio-based adhesives for the engineered resistance, and high viscosity, are anticipated to drive the demand for the market studied.
wood product industry, the demand for the market studied is likely to increase in the forecast
• Lignin, when used as a raw material in bio-based adhesives, helps improve thermal properties,
period.
modulus of elasticity, and water resistance and offers good bonding strength. Furthermore,
• Factors like rapid industrialization across emerging economies and stringent regulation to limit additional heating of lignin is not required, as is the case with the materials used in making
the use of formaldehyde-based materials in global wood panels are expected to offer impetus synthetic adhesives, thus reducing energy consumption.
to the market studied.
• Starch-based wood adhesives provide a high substitution level and good bonding strength. Thus,
• Some of the bio-based materials used for manufacturing wood adhesives are: starch must be highly modified or cross-linked when used in the wood industry.
➢ Lignin with a phenolic structure is used to replace phenol in synthesizing phenolic resins to • Protein-based bio adhesives provide good thermal stability, adhesion strength, and a high
formulate wood adhesives. substitution.
➢ Starch is a polysaccharide derived from plants’ seeds, roots, and leaves. It is used in • Soy protein has shown great potential to replace formaldehyde adhesives partly, and canola
manufacturing wood adhesives due to its easy accessibility, low cost, good adhesion, and protein has similar properties to soy protein. Recently, carbohydrates are also used as a raw
film formation properties. material in adhesives as they are available at a low cost.
➢ Plant protein is another critical natural resource to produce environmentally friendly wood • However, the above-mentioned adhesives provide such properties only after modifications are
adhesives. Some protein-based adhesives include soy protein-based wood adhesives, done in their chemical structures or when used in combination with conventional raw materials.
canola protein-based wood adhesives, cotton protein-based wood adhesives, etc. These factors are likely to impact the bio-based adhesives market in the forecast period.
➢ Tannins are natural phenolic compounds that are derived from wood and bark. They are
divided into two classes of chemical compounds, namely hydrolyzable tannins and
condensed tannins.

SUMMARY
OPPORTUNITIES
ABOUT US
INDUSTRY DEVELOPMENTS IN BIO-BASED ADHESIVES FOR THE

GROWING WOOD INDUSTRY
ENGINEERED WOOD INDUSTRY
• In August 2022, researchers from Finland-based Aalto University composed a bio-based • Engineered wood furniture goods are gaining popularity worldwide due to towns' demand
adhesive comprising lignin for the wood construction industry. for ready-to-assemble furniture. Moreover, the ease of buying from the E-commerce
platform also encourages the growth of modular and multifunctional furniture in the home
➢ According to the researchers, lignin binds cellulose and hemicellulose together, so wood decoration and convenience market. These factors are likely to boost the wood industry in
gets its tough and strong structure. The production of lignin in substantial quantities in the coming years.
the pulp and bioprocessing industry makes its availability easy and cheap for many
applications, including as an adhesive. • Also, increasing construction activities across the globe have further increased the demand
for wood and wood-based products.
➢ Researchers at Aalto University have used purified kraft lignin to make adhesive and
confirmed that the chemical reaction for manufacturing the adhesive takes just a few • The United States is one of the leading producers and consumers of wood-based products.
minutes compared to the ten hours taken in the production of other adhesives. In the United States, the revenue from wood product manufacturing was USD 103 billion in
2021, compared to USD 97.35 billion in 2020, registering a growth of more than 5%, as per
➢ This new adhesive contains around 90% lignin versus previous lignin-based adhesives the United States Census Bureau report. The country's wood product manufacturing
with just 20% to 50% lignin. revenue is anticipated to be around USD 123,9 billion by 2024.
• In March 2022, a Latvia-based and global producer of birch plywood products company, • India flourishes in the natural resources of several tree species, and the wooden furniture
Latvijas Finieris, switched to bio-based glue in producing plywood. The company has industry uses indigenous and imported wood. India is one of the largest importers of timber
decided to purchase bio-based adhesives from the Finland-based company, Stora Enso. in the world.
➢ Latvijas Finieris has replaced its fossil-based phenols in the glue with bio-based lignin • Rapid urbanization, coupled with an increase in the number of nuclear families and the
Lineo sold by Stora Enso. rising popularity of online distribution channels even in rural areas, are adding to the
• In September 2021, the United States-based H.B. Fuller partnered with the Germany-based demand for wooden furniture products in India.
Covestro to introduce sustainable adhesive solutions for various industries, including • In India, the revenue from the manufacture of wood amounted to USD 2.67 billion in 2021,
woodworking. These bio-based adhesives will help in reducing the climate impact. compared to USD 2.66 billion in 2020, and is expected to reach USD 3.04 billion by 2024, as
per the report of the Ministry of Statistics and Programme Implementation. These trends
are likely to impact the market studied.

SUMMARY
OPPORTUNITIES
ABOUT US

BIO-BASED ADHESIVES MARKET, INDUSTRY REVENUE OF WOOD PRODUCT MANUFACTURING IN USD BILLION, UNITED STATES, 2015-2024
140.00
120.00
29.43 29.98
100.00 26.52
25.58 26.66
24.75
22.07 24.53
20.95 22.99
80.00
38.13 38.75
33.81 34.86 34.64
30.56 32.77
28.97 31.97
60.00 30.08
40.00
51.04 51.93 54.65 55.17

47.27 49.42 50.09 46.59 50.04
20.00 44.28
0.00
2015 2016 2017 2018 2019 2020 2021 2022* 2023* 2024*
Other Wood Product Manufacturing Sawmills and Wood Preservation Veneer, Plywood, and Engineered Wood Product Manufacturing
Source: United States Census Bureau

SUMMARY
OPPORTUNITIES
ABOUT US

BIO-BASED ADHESIVES MARKET, REVENUE FROM THE MANUFACTURING OF WOOD IN USD BILLION, BY COUNTRY, 2021 AND 2022
160.00
149.50
142.70
140.00
120.00 114.30
109.90
100.00
80.00
60.00 52.37
48.01
40.00 34.12 35.18
23.21 21.56
20.00
2.67 2.82
0.00
United States China Germany Canada France India
2021 2022
Source: National Statistical Offices

SUMMARY
OPPORTUNITIES
ABOUT US
7.2 GROWING DEMAND FROM THE MEDICAL INDUSTRY
RELEVANCE OF BIO-BASED ADHESIVES TO THE MEDICAL RELEVANCE OF BIO-BASED ADHESIVES TO THE MEDICAL
INDUSTRY INDUSTRY
• Of late, polymeric bio-based adhesives have become promising alternatives to staples, • Bio-based adhesives play a critical role in medical devices grafting into the human body.
sutures, and wires in the medical industry, as traditional wound closure techniques are The grafting of devices requires a high risk of infection due to the presence of
very painful, time-consuming, and cause additional tissue damage. microorganisms on the surface of the devices and in the environment.
• Also, sutures are impractical to apply in large-scale hemorrhage or minimally invasive ➢ Implantable medical devices are the idyllic location for the growth of microbial
laparoscopic surgery. Instead, newly developed bio-based adhesives are polymers that infections, triggered quickly by bacteria that mainly originate in the body itself.
can be sprayed or dripped over injuries on the skin surface or internal injuries.
➢ It is essential to remember that though this implanting procedure is a beneficial and
➢ After application, these adhesives solidify in situ to form a seal that apposes tissue or important aspect of the healthcare sector, it involves high risks. They encounter
arrests bleeding over large areas. various body fluids. Therefore, they need to be non-toxic. Hence, bio-based adhesives
are regarded as the best adhesive for these implants as they are either less toxic or
• Bio-based adhesives are also used in other biomedical applications, including tissue
non-toxic.
engineering and regeneration. In the long term, bio-based adhesives can play an essential
role in making orthopedic and musculoskeletal tissue engineering clinically feasible. • However, bio-based adhesives application in medical devices is still limited due to the
short life span of some of these adhesives.
• Furthermore, these adhesives are used for repairing certain load-bearing areas of the
human body, such as the intervertebral disc and cartilage. • Bio-based pressure-sensitive adhesives are also used in medical sensors and electrodes,
medical devices for drug delivery, and pharmaceutical packaging, among others.
➢ They are also used in scaffold adhesion which is necessary for anchoring the scaffold
in place and providing sufficient transmission of forces. • Hence, the above-mentioned factors are expected to boost the demand for bio-based
adhesives in the medical sector during the forecast period.
• Globally, researchers are continuously developing new formulations that can exhibit
improved strength, elasticity, biocompatibility, and degradability when used in healthcare
applications.

SUMMARY
OPPORTUNITIES
ABOUT US
GROWING MEDICAL DEVICE INDUSTRY GROWING MEDICAL DEVICE INDUSTRY

• Medical devices are used in various phases of any medical procedure, ranging from essential • The market for medical devices is expected to rise at a higher rate in Asia-Pacific due to rapid
check-ups to surgeries to clinical tests. The increasing frequency of virus outbreaks and growth in the healthcare segment in the region. China has a significant position in the global
numerous ailments, such as cardiovascular diseases, is expected to boost the medical devices medical devices market. According to the State Administration for Market Regulation (China),
market. around 27,496 medical device companies were operating in the country till the first half of
2021, up from 26,465 firms in 2020.
• As per the National Library of Medicine’s report, a staggering 310 million major surgeries are
performed annually worldwide, out of which around 40 to 50 million are done in the United • China's medical equipment sector has experienced robust growth over the past five years,
States and 20 million in Europe. reaching a market size of CNY 840 billion (approximately USD 131.81 billion) in 2020.
• According to National Kidney Foundation, around 10% of the population worldwide is affected Furthermore, under the 14th Five-Year Plan period (2021-2025), the Chinese government also
by chronic kidney disease (CKD). About 4.35 million people worldwide currently receive dialysis reported a new development plan for the medical equipment industry in the country. The
or kidney transplant treatment. Hence, requiring various medical devices. country aims to accelerate the integration of information technology into the medical device
industry and create medical robots and digital health platforms according to plans by 2025.
• The rising geriatric population, the prevalence of multiple diseases, such as chronic kidney
disease (CKD) and end-stage renal disease (ESRD), and the lack of kidney supply for transplants • According to the International Trade Organization, China's medical device market is expected
worldwide are the main factors surging the demand for dialysis treatment, thereby boosting the to grow at a CAGR of 6.2% from 2020 to 2025, reaching USD 38.4 billion by 2025. Public
medical devices market studied during the forecast period, increasing the bio-adhesives market. hospitals remain the major purchasers of medical equipment.
• The need for medical assistance has been increasing worldwide, owing to growing health • India is expected to rank under the top 3 healthcare markets in incremental growth due to the
concerns, such as cardiovascular diseases, cancer, etc. increasing geriatric population.
• In the United States, as of July 2021, the FDA FY2022 budget demonstrates the investment of
➢ The healthcare sector of India will reach around USD 372 billion by 2022. Currently, India
USD 21.6 million for a new Resilient Supply Chain and Shortages Prevention Program (RSCSPP) in
has 750 to 800 medical device manufacturers, with an average investment of INR 170 to
CDRH. For the first time, this funding is expected to provide resources to establish a permanent
200 million and an average turnover of INR 450 to 500 million, which is likely to act as one
program for the United States supply chain resilience for medical devices.
of the major market areas for medical coatings.
• According to MedTech Europe, as of June 2021, in Europe, expenditure on medical technology
per capita accounted for EUR 265. • Of late, the COVID-19 virus outbreak in 2020-2021, the investments in the healthcare sector
grew considerably in the concise term, which is expected further to drive the bio-based
adhesives market during the forecast period.

SUMMARY
OPPORTUNITIES
ABOUT US

BIO-BASED ADHESIVES MARKET, REVENUE FROM MEDICAL DEVICES IN USD
BILLION, GLOBAL, 2016-2027
700
641
607
600 573
534
494
500
455
420
403
400 386 380
368
347
300
200
100
0
2016 2017 2018 2019 2020 2021 2022* 2023* 2024* 2025* 2026* 2027*
Source: Statista, IMF, OECD, WHO

8 ABOUT US
8.1 Industries Covered
8.2 Our Customized Research Capabilities
#TOC_DIVIDER#
185 GLOBAL HYDROCHLORIC ACID MARKET CUSTOM REPORT Copyright © 2022 Mordor IntelligenceTM
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8.1 INDUSTRIES COVERED
ICT CHEMICALS AND MATERIALS CONSUMER GOODS PACKAGING
• IoT, Big Data, M2M • Adhesives & Sealants • Apparel, Footwear, Accessories • Packaging Materials & Types
• Analytics • Advanced Materials • Appliances • Food Packaging
• Cloud Computing • Aromatics and Intermediates • Cosmetics • Beverage Packaging
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• Security & Surveillance • Veterinary Healthcare
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Global Bio-Based Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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Global Bio-Based Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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Report

Domain: Chemicals and Materials

Base Year: 2021

Forecast Period: 2022 - 2027

+1 617 765 2493

GLOBAL BIO-BASED ADHESIVES MARKET REPORT Copyright © 2022 Mordor IntelligenceTM

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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1.1 STUDY ASSUMPTIONS AND MARKET DEFINITION

BASE YEAR, REVIEW, AND

PRODUCT Bio-based adhesives

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1.2 SCOPE OF THE STUDY

RAW MATERIAL END-USER INDUSTRY GEOGRAPHY

• Elemental Sulfur • Fertilizers • Asia-Pacific

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2.1 RESEARCH FRAMEWORK

STEP 1 STEP 2 STEP 3

Report delivery with high quality market insights,

Confirm the objectives of the assignment with Client

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2.2 SECONDARY RESEARCH

OBJECTIVE Hypothesis and insights building; get factual data

Key contact list

Relevance and credibility of sources

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2.2 KEY SOURCES USED IN THIS REPORT

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2.3 PRIMARY RESEARCH

OBJECTIVE Gather first-hand insights on the market studied

Discussion guide MODES OF PRIMARY RESEARCH

Semi-structured approach to probe and

Telephonic Email Chat Interviews Virtual Council Surveys & Others

Targeted industry interviews to fill data gaps

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2.3 PRIMARY RESEARCH APPROACH AND KEY RESPONDENTS

EXECUTIVE LEVEL OPERATIONAL LEVEL INDUSTRY/ NEED SPECIFIC MARKET ECOSYSTEM

Raw data and intelligence, Insights into market dynamics,

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2.4 DATA TRIANGULATION AND INSIGHT GENERATION

VALIDATION FOR MARKET ASSESSMENT ESTIMATES

ECONOMETRIC MODELS ANALYST ESTIMATES Expert interviews

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3 EXECUTIVE SUMMARY AND KEY FINDINGS

LARGEST RAW MATERIAL TYPE LARGEST END-USER INDUSTRY

Paper, board, and packaging hold the major share in the

LARGEST REGION FASTEST GROWING REGION

37.78% 5.52% 1st

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INCREASING DEMAND FROM PACKAGING SECTOR

STRINGENT REGULATIONS FOR CONVENTIONAL ADHESIVES

LOW SHELF LIFE AND PERFORMANCE IN COMPARISON TO

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4.1.1 INCREASING DEMAND FROM PACKAGING SECTOR

BACKGROUND RELEVANCE OF BIO-BASED ADHESIVES TO PACKAGING

Source: Mordor Intelligence

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4.1.1 INCREASING DEMAND FROM PACKAGING SECTOR