Polyglycolic Acid Market Analysis 2018 – 2023 Emerging Industry Reviews - Toray Industries, BASF SE, SK Chemicals, Shenzhen Polymtek Biomaterial, Huizhou Foryou Medical Devices, DemeTech Sutures, DowDuPont, Focus Technology and Foosin Medical Supplies

Polyglycolic Acid is a biodegradable and thermoplastic polymer, widely used as a surgical suture material owing to tissue reactivity, high tensile strength, hydrolytic stability, and excellent knotting ability. It is obtained through two processes namely polycondensation of glycolic acid and ring-opening polymerization of glycolide.

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Polyglycolic Acid is preferred in biomedical applications due to biodegradability and biocompatibility, specifically in controlled drug delivery and tissue engineering. It improves efficiency of drug formulations and treatments. Furthermore, the Global Polyglycolic Acid Market is driven by its use in the manufacturing of implantable medical devices. These implants are used in various applications such as orthopedics, pacemakers, cardiovascular stents, defibrillators, and others. Rising disposable income and increasing health awareness among consumers are likely to fuel the demand for the product from the healthcare industry. It can also be used in cosmetic surgery owing to a minimal degree of scarring at the skin surface. Rising use of biodegradable polymers in beverages and perishable food packaging owing to insensitivity to humidity is likely to augment market growth. With the rising awareness of production efficiency as an inner layer in multi-layered PET bottles, the consumption of Polyglycolic Acid Is set to witness prolific growth. A new barrier polyester for use in PET bottles and films have been introduced by Solvay Specially Polymer (U.S.) named as new Verian HBP, which is recyclable using Polyglycolic Acid. Increasing use of shale gas extraction owing to high gas barrier property is likely to boost the demand for the product. For instance, According to the International Energy Outlook 2017, production of oil and natural gas is likely to increase due to large capital-intensive projects after 2025 to meet rising demand. However, high prices of Polyglycolic Acid may restrain the market growth over the forecast period 2017-2023.

Regional Analysis

Asia Pacific is expected to drive the demand for Polyglycolic Acid owing to its usage in biomedical application and packaging industry in developing economies such as India, China, Thailand, Taiwan, and Indonesia among others. The Indian healthcare industry is growing at a considerable rate due to excellent services and increasing disposable income of the consumers. For instance, according to India Brand Equity Foundation, India’s healthcare industry is expected to reach USD 275 billion over the forecast period. Rising disposable income and shifting trend towards packaged and eco-friendly products are projected to propel the market growth. Increasing demand for innovative and convenient packaging for food, beverages and personal care products is likely to drive the market growth further.

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Extraction of oil and shale gas in the North American region is expected to drive the product demand. Moreover, increased focused on the innovative packaging is likely to fuel the Polyglycolic Acid Market in this region. Polyglycolic Acid is widely used for synthesis of Kurudex, which is manufactured by Kureha PGA LLC for food packaging is gaining huge interest from developing and under-developed economies.

Rising innovation in food packaging application in the European region is likely to drive the growth of the polyglycolic acid market. A new Refucoat project has started in Spain to develop fully-recyclable food packaging and to improve the preservation of food. Rising demand for Polyglycolic Acid in medical application is projected to propel the growth of this market in other regions. In Latin America, Argentina is driving the boost the markets growth due to the existence of huge wells in the Neuquen Basin.

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