Polyglycolic Acid Market Size to Reach USD 1989.578 Million by 2030 at 10.45% CAGR | Market Research Future (MRFR)
Pune, India, Feb. 04, 2021 (GLOBE NEWSWIRE) — Global Polyglycolic Acid Market Overview:
Polyglycolic acid or PGA can be described as an inter-woven, synthetic polymer that is mildly reactive and show impressive resistance to any kind of bacterial contamination. This chemical also notes high demand due it being viewed as a biocompatible element by an array of end-use industries and lately, it has been finding use as filler material combined with polymers that are chemically degraded.
Market Research Future (MRFR) projects the polyglycolic acid market to record a growth rate of 10.45% from 2019 to 2030 (review period) while gaining a valuation of USD 1989.578 Million by 2030.
Future Market Growth Factors:
The accelerated demand and use of polyglycolic acid in the medical sector, sometimes as a raw material for producing hernia meshes, surgical sutures, grafts, scaffolds and drug delivery devices for tissue regeneration can be a huge growth booster for the global market. Moreover, polyglycolic acid’s extensive use as a biodegradable polymer in the packaging sector will also foster the market demand over the evaluation period.
Speaking of the packaging sector, modern trends in view of rising environmental concerns will favor the polyglycolic acid (PGA) market. PGA has been approved by Europe, Japan and the U.S. governments as a biodegradable plastic and this can be an incredible growth inducer for the global industry.
Developments Post COVID-19 Outbreak:
The COVID-19 pandemic has had a detrimental impact on the production of the chief raw materials that are used to manufacture of polyglycolic acid. The novel coronavirus has weakened the supply chains of several raw materials, given the lockdown across various countries. In a nutshell, demand and sales of polyglycolic avid have gone down significantly in line with the hit taken by numerous end-users like medical, packaging and oil & gas extraction following the SARS-CoV-2 outbreak.
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Segmentation:
The global market for polyglycolic acid can be distributed into form and application.
The forms in which PGA is generally available include film, fiber, and others. The fiber segment seized close to 82.8% share in the global industry in 2018 and can procure a CAGR of 10.59% in the given period. Fiber’s demand is quite high due to the its escalating use in the manufacturing of numerous products that are in turn, used extensively in medical and oil & gas industries. Some of these products are PGA bars for frac balls, frac plugs, and medical sutures for reinforcing biodegradable weave fabrics, composites, scaffolds and meshes for tissue engineering. On the other hand, the film segment held a valuation of USD 78,011.5 thousand in the same year and is anticipated to touch USD 2,43,298.2 thousand by 2030-end.
In terms of application, the PGA market caters to packaging, oil & gas extraction, medical, and others. The medical segment has taken the top position in the global market and was worth USD 3,05,590.3 thousand in the year 2018, while the oil & gas extraction segment reached 983.9 tons in that year. The medical application of PGA is robust, given the mounting preference for biodegradable sutures and applications in oil and gas extraction are also significant due to the rise in the number of oil and gas extraction activities, particularly shale gas worldwide.
Key Players Locking Horns:
Most of the renowned manufacturers in the global market spend considerably on rigorous research and development activities to come up with advanced polyglycolic acid that have improved properties in order to facilitate higher performance and efficiency. These players launch high performing PGA that meet with the escalating demand for excellence among the end-use industries. Expansion of production capacity via acquisition and partnership remains another key competitive strategy usually undertaken by the companies to further establish themselves in the market.
Affluent vendors in the Global Polyglycolic Acid (PGA) Market are:
- Corbion N.V. (The Netherlands),
- Huizhou Foryou Medical Devices Co., Ltd (China)
- BMG Incorporated (Japan)
- Kureha Corporation (Japan)
- Teleflex Inc (US)
- Shenzhen Polymtek Biomaterial Co., Ltd (China)
Browse In-depth Market Research Report (134 pages) on Polyglycolic Acid (PGA): https://www.marketresearchfuture.com/reports/polyglycolic-acid-market-5749
Regional Status:
The polyglycolic acid industry can be geographically split into Europe, the Americas, the Middle East & Africa or MEA and Asia Pacific or APAC. North America, with the biggest share of 60.7 %, emerged as the leading market in 2018 and can record a 11.16% CAGR over the review timeline. The European market took the second lead in 2018, and register a growth rate of 10.21%, while the Asia Pacific market touched USD 80,470.7 in the year 2018 and is projected to reach USD 2,06,365.2 by 2030-end.
North America is currently the top performing market for polyglycolic acid, with the US reported to have generated close to 89.2% of the overall revenue in 2018. The country’s stupendous growth is the result of the escalation in shale gas extraction. In addition, the dense concentration of a number of renowned medical devices companies also bolsters the sales of polyglycolic acid. Robust presence of elderly population that is increasingly undergoing orthopedic, hysterectomy and cardiac surgeries could also add to the market value in North America. The emerging trend of medical tourism in most of the countries in North America also substantiates the market position.
The European market can most likely project growth at a decent rate of 10.21% between 2019 and 2030, with a key growth booster touted to be the thriving medical device sector, especially across France, Germany, Netherlands and the UK. Use of non-degradable and non-recyclable plastic bags is restricted in Ireland and Germany in view of mounting concerns regarding their disposal. These trends are expected to offer bright prospects for polyglycolic acid, in terms of demand for packaging in the coming years, due to its bio-degradable properties.
The PGA market in Asia Pacific can expand at a rate of 8.35% to touch USD 2,06,365.2 thousand by 2030-end. The strong market growth in the region is the result of the surge in shale gas extraction process in China combined with the rising number of exploration activities in India as well as Australia. Soaring number of pharmaceutical vendors in the region also fosters the demand for polyglycolic acid for packaging applications.
The markets in the Middle East and Africa as well was Latin America are can record CAGRs of 7.71% and 7.30%, respectively, thanks to the consistently expanding end-use industries including oil & gas, medical device and packaging. The major rise in shale gas extraction in recent years has fostered the demand for efficient and effective hydraulic fracturing systems, which pushes the need for PGA-based frac plugs and balls. As a result, the polyglycolic acid market in these regions should be able to reach new heights over the conjectured period.
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Latest Developments:
In October 2020, REFUCOAT project successfully designed a set of methods to make bioplastics for food packaging using renewable materials, aimed at replacing conventional raw materials that are fossil-based. These bioplastics are made using polyglycolic acid (PGA) and polyhydroxyalkanoates (PHA) and are used to develop bio-based active packaging systems designed particularly for breadcrumbs, crisps and fresh chicken.
In September 2020, Smith+Nephew launched HealiCoil Knotless suture anchors that have Regenesorb; a biocomposite that has polylactic-co-glycolic acid along with β-TCP, calcium sulfate and dual osteoconductive components. The combination of the biochemical and physical mechanisms of the action assists in absorption of the implant, facilitating its replacement by bone in only 24 months.
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