Polyglycolic Acid Market In-depth Research Covering Share Analysis & Industry Overview 2022-2028
Market Scenario
The
global Polyglycolic Acid Market could
expect to achieve a significant CAGR during the forecast period (2022-2030),
says Market Research Future (MRFR). MRFR believes that the boost in demand for
polyglycolic acid in the healthcare industry could be one of the chief factors
favoring the said growth.
Growth Drivers and Top Restraints
A
hike in demand for absorbable suture as well as other advanced surgical tools
is a prevalent trend in the medical industry, which has favored the
polyglycolic acid (polyglycolide) market. The United States (U.S.) healthcare
expenditure in 2016 was close to USD 3.3 trillion. Furthermore, healthcare
investment came to about 18% of the overall of GDP the same year. These factors
are set to boost industry growth by 2024. Polyglycolic acid finds a range of
applications in the medical field, such as biodegradable bone graft polymers,
absorbable sutures, dental surgeries, in the regeneration of organs, in drug
delivery vehicles and scaffolds in cell culture & transplantation.
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With
the rising use of absorbable sutures, the need for re-surgery for suture
removal has circumvented. This factor is bound to drive market growth in the
near future. The product has gained widespread acceptance compared to other
synthetic suture materials including poliglecaprone, polyglactin, polydioxanone
and polydioxanone. Other factors like expanding incidence of hypertension,
upward obesity rates, and increasing percentage of geriatric population results
in high potential in the cardiovascular surgeries for PGA.
Latest
trends in the packaging industry serves the PGA market with plenty of
opportunities. It has been approved as a biodegradable plastic by the
governments in Europe, Japan and the U.S. Non-degradable packaging wastes like
bags, bottles and films has elevated the level of pollution in recent years.
Also, non-degradable plastic bags are now either banned or taxed in Germany,
Ireland, Taiwan and South Africa on account of issues regarding their disposal.
These trends offer bright aspects for polyglycolide demand for packaging on
account of its bio-degradable properties, benefitting the market during the
evaluation period.
Significant Companies
DowDuPont (U.S.)
BASF SE (Germany)
SK Chemicals (South
Korea)
Huizhou Foryou Medical
Devices Co. Ltd (China)
DemeTech Sutures (U.S.)
Shenzhen Polymtek
Biomaterial Co. Ltd (China);
Corbion (Netherlands)
Toray Industries Inc (Japan)
Teleflex Incorporated
(U.S.)
SK Chemicals (South
Korea)
Kureha Corporation
(U.S.)
Market Segmentation
The
global market for polyglycolic acid has been segmented on the basis of
application.
With
respect to the application, the market includes segments like bio-medical,
packaging, and shale gas extraction.
Bio-medical
is the leading application segment among others, based on the rising use of
implantable medical devices in manufacturing. Bio-medical devices help get rid
of the need for second surgery as well as the risks associated with it.
Polyglycolic acid’s application is on an upsurge in the controlled drug delivery
and tissue engineering because of its biocompatibility. Also, its use in
perishable food packaging with the aim of elevating the shelf life of the
product drives the market growth. It also finds use in multilayered PET bottles
for improving the production efficiency. To illustrate, Solvay Speciality
Polymer along with Husky Injection Moulding Systems developed a recyclable
Verian High Barrier Polyester (HBP) that is used in PET bottles packaging.
Moreover, owing to its high gas barrier properties, PGA is increasingly being
used in shale gas extraction.
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Regional Outlook
The
polyglycolic acid market is split into the key regions of Asia Pacific, Latin
America, Europe, Middle East and Africa and North America.
In
response to the high demand for polyglycolic acid in the oil and gas extraction
industry, North America currently holds the most substantial portion of the
worldwide market. The region can expect strong demand for polyglycolide in
shale gas extraction during the review period. The U.S.’s prominence as the
producer of shale gas in recent times has secured its position as a major
catalyzer for worldwide energy change. The U.S. Energy Information
Administration (EIA) says that the total natural gas consumption in the country
will increase to 31.6 TcF by 2040, wherein 56% of the natural gas production
will result from the rising development of shale gas.
Europe
will emerge as the second most lucrative region in the global market. The
accelerated demand for PGA in the packaging industry is likely to benefit the
market. In recent years, Europe has made profound investments in projects for
the development of recyclable food packaging solutions, such as RefuCoat. It
aims to formulate a hybrid coating with oxygen as well as water-vapor-barrier
properties. The project involved combining modified silica oxide with
polyglycolic acid to attain savory products, that could be used instead of
metalized packages.
Asia
Pacific could expect tremendous growth with respect to PGA demand in the
subsequent years. The expanding packaging industry, along with the increasing
awareness among consumers pertaining to food hygiene could benefit the regional
market. Other regions across the globe are projected to display a moderate
growth over the next couple of years.
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