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Polyglycolic Acid Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Category : Chemicals and Materials | Published at : June-2024 | Delivery Format : PDF | Status: Published | Pages : 250

The Polyglycolic Acid Market Size accounted for USD 5.1 Billion in 2023 and is estimated to achieve a market size of USD 11.7 Billion by 2032 growing at a CAGR of 9.7% from 2024 to 2032.

Polyglycolic Acid Market Highlights

  • Global polyglycolic acid market revenue is poised to garner USD 11.7 billion by 2032 with a CAGR of 9.7% from 2024 to 2032
  • North America polyglycolic acid market value occupied around USD 2.3 billion in 2023
  • Asia-Pacific polyglycolic acid market growth will record a CAGR of 9.7% from 2024 to 2032
  • Among form, the fibers sub-segment gathered USD 2 billion revenue in 2023
  • Based on end-user, the medical sub-segment occupied 42% market share in 2023
  • Increased adoption of polyglycolic acid (PGA) in biomedical applications due to its biodegradability and bioabsorbability is a popular polyglycolic acid market trend that fuels the industry demand

Polyglycolic Acid Market Dynamics

Polyglycolic acid (PGA) is a synthetic polymer well recognized for its biodegradable and bioabsorbable qualities. It belongs to the polyglycolide family, which is distinguished by its propensity to degrade into non-toxic metabolites in natural environments. PGA is used extensively in a variety of industries, including biomedical, packaging, and industrial applications. In biomedical fields, PGA is especially recognized for its ability to safely disintegrate within the body over time, decreasing the need for surgical removal and tissue trauma. It is also used in tissue engineering, where its biocompatibility and degradation profile make it an ideal material for scaffolds that promote tissue regeneration.

In the packaging business, PGA is used as a biodegradable alternative to traditional plastics, which assists the environment by lowering plastic waste generation. PGA's industrial applications include utilization as a component in synthetic fibers, such as absorbable surgical meshes and textiles. The versatility of PGA in numerous areas highlights its value as a sustainable material option, harmonizing with worldwide initiatives to promote eco-friendly and recyclable solutions across industries.

Global Polyglycolic Acid Market Dynamics

Market Drivers

  • Growing demand for eco-friendly packaging solutions boosts polyglycolic acid (PGA) market
  • Advancements in medical research spur PGA use in biomedical applications
  • Increasing applications in shale gas extraction drives demand for PGA
  • Rising preference for synthetic fibers fuels the PGA market growth

Market Restraints

  • High production costs hinder widespread adoption of polyglycolic acid
  • Stringent regulations on single-use plastics limit PGA market expansion
  • Limited scalability of PGA production poses challenges for market growth

Market Opportunities

  • Innovations in biodegradable plastics create new growth avenues for PGA
  • Expansion of PGA applications in agriculture and horticulture offers opportunities
  • Collaborations for technological advancements accelerate PGA market development

Polyglycolic Acid Market Report Coverage

Market Polyglycolic Acid Market
Polyglycolic Acid Market Size 2022 USD 5.1 Billion
Polyglycolic Acid Market Forecast 2032 USD 11.7 Billion
Polyglycolic Acid Market CAGR During 2023 - 2032 9.7%
Polyglycolic Acid Market Analysis Period 2020 - 2032
Polyglycolic Acid Market Base Year
2022
Polyglycolic Acid Market Forecast Data 2023 - 2032
Segments Covered By Form, By End-User, And By Geography
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled BMG Incorporated, Corbion, Durect Corporation, Evonik Industries AG (Resomer), Foster Corporation, Huizhou Foryou Medical Devices Co., Ltd., Kuraray Co., Ltd., Kureha Corporation, Lactel Absorbable Polymers, Merck KGaA, Qingdao Future Group, Shenzhen Polymtek Biomaterial Co., Ltd., Tepha, Inc., Teleflex Incorporated, W. R. Grace & Co., and Xiantao Jiamei Non-woven Fabric Products Co., Ltd.
Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis

Polyglycolic Acid Market Insights

The polyglycolic acid (PGA) market is expanding rapidly due to its wide range of applications in numerous sectors. PGA, a synthetic polymer noted for its biodegradability and bioabsorbability, is widely used in biomedical, packaging, and industrial applications. PGA is commonly used in biomedical absorbable sutures because of its ability to dissolve harmlessly within the body over time, decreasing tissue stress and the necessity for surgical removal. This property has led to greater use in tissue engineering applications, where PGA acts as a scaffold material to aid in tissue regeneration.

In the packaging business, PGA is gaining popularity as an environmentally friendly alternative to standard plastics. Its biodegradable nature answers environmental worries about plastic waste accumulation, which aligns with worldwide sustainability programs. Furthermore, PGA has a wide range of applications in industry, particularly in the creation of synthetic fibers and specialty chemicals. Technological improvements that improve PGA's characteristics and broaden its area of uses across new sectors and geographies are driving market expansion even further.

However, the PGA market confronts constraints such as high production costs and restricted scalability in manufacturing techniques. Stringent regulatory frameworks governing single-use plastics also limit market expansion in certain places. Nonetheless, opportunities exist for improvements targeted at improving PGA performance and increasing its uses, particularly in emerging nations where environmental rules are driving demand for sustainable materials. Collaborations among leading players to enhance technology and expand into unexplored markets are expected to shape the polyglycolic acid market's future growth trajectory.

Polyglycolic Acid Market Segmentation

The worldwide market for polyglycolic acid is split based on form, end-user, and geography.

PGA Market By Form

  • Fibers
  • Films
  • Others

According to the polyglycolic acid industry analysis, the fibers often dominate because of their diverse applications across industries. PGA fibers are widely employed in biomedical applications, including absorbable surgical sutures and tissue engineering scaffolds, where their biodegradability and strength are highly appreciated. These fibers have significant benefits in medical settings because they promote healing while gradually integrating into the body, eliminating the need for surgical removal and minimizing patient suffering.
Fibers are widely used in healthcare and biology, while films and other forms of PGA play important roles in packaging and industrial applications.

PGA Market By End-User

  • Medical
  • Oil & Gas
  • Packaging
  • Others (Agriculture, Civil Engineering, and Filters)

As per the polyglycolic acid market forecast, the medical sector is expected to be the largest end user. PGA's biodegradability, bioabsorbability, and strength make it ideal for medical applications, particularly sutures and tissue engineering. PGA sutures are commonly utilized in surgical operations because of their ability to dissolve safely within the body over time, lowering the risk of problems and reducing patient discomfort.

While the medical sector accounts for a sizable portion of the PGA market, other industries include oil and gas, packaging, and other industrial applications (including agriculture, civil engineering, and filters). These industries use PGA for its various qualities, including biodegradability and strength, in applications ranging from biodegradable packaging to improved oil recovery techniques. However, the medical sector continues to be the key driver of PGA demand because to its crucial and widespread usage in healthcare and biotechnology breakthroughs.

Polyglycolic Acid Market Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

The Middle East & Africa

  • South Africa
  • GCC Countries
  • Rest of the Middle East & Africa (ME&A)

Polyglycolic Acid Market Drivers

Polyglycolic Acid Market Regional Analysis

North America dominates the worldwide PGA market, owing to superior healthcare infrastructure and huge investments in biomedical research. The region's emphasis on sustainability and environmental legislation drives up demand for biodegradable materials such as PGA in packaging and industrial applications. Furthermore, strong adoption in medical sectors such as surgical sutures and tissue engineering supports to North America's PGA market leading position.

In Europe, rigorous environmental legislation and growing awareness of sustainable practices are driving the use of PGA in the packaging and industrial sectors. Countries including as Germany and the United Kingdom are pioneering the use of PGA, utilizing its biodegradability to meet severe regulatory standards while encouraging environmentally beneficial alternatives. The Asia-Pacific region's PGA market is expanding rapidly, owing to expanding healthcare infrastructure, rising disposable incomes, and increased environmental awareness. Countries such as China, Japan, and India are major producers, with rising investments in healthcare and industry driving demand for PGA in a variety of applications, including biomedical devices and biodegradable packaging. Strategic alliances and technology improvements are projected to drive market growth in these regions, underscoring the PGA's global leadership in sustainable and creative solutions.

Polyglycolic Acid Market Players

Some of the top Polyglycolic Acid companies offered in our report include BMG Incorporated, Corbion, Durect Corporation, Evonik Industries AG (Resomer), Foster Corporation, Huizhou Foryou Medical Devices Co., Ltd., Kuraray Co., Ltd., Kureha Corporation, Lactel Absorbable Polymers, Merck KGaA, Qingdao Future Group, Shenzhen Polymtek Biomaterial Co., Ltd., Tepha, Inc., Teleflex Incorporated, W. R. Grace & Co., and Xiantao Jiamei Non-woven Fabric Products Co., Ltd.

Frequently Asked Questions

The polyglycolic acid market size was valued at USD 5.1 billion in 2023.

The CAGR of polyglycolic acid industry is 9.7% during the analysis period of 2024 to 2032.

The key players operating in the global market are including BMG Incorporated, Corbion, Durect Corporation, Evonik Industries AG (Resomer), Foster Corporation, Huizhou Foryou Medical Devices Co., Ltd., Kuraray Co., Ltd., Kureha Corporation, Lactel Absorbable Polymers, Merck KGaA, Qingdao Future Group, Shenzhen Polymtek Biomaterial Co., Ltd., Tepha, Inc., Teleflex Incorporated, W. R. Grace & Co., and Xiantao Jiamei Non-woven Fabric Products Co., Ltd.

North America held the dominating position in polyglycolic acid industry during the analysis period of 2024 to 2032.

Asia-Pacific region exhibited fastest growing CAGR for market of polyglycolic acid during the analysis period of 2024 to 2032.

The current trends and dynamics in the polyglycolic acid industries include growing demand for eco-friendly packaging solutions, advancements in medical research spur PGA use in biomedical applications, and increasing applications in shale gas extraction drives demand for PGA.

The fibers held the maximum share of the polyglycolic acid industry.


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