Polyglycolic Acid Market Top Key Participant Are Polymtek, Corbion Corporation, BMG, Foryou Medical Ltd. Corbion NV

Polyglycolic Acid Market is estimated to generate about USD 9 billion by 2024; as per the new research report by Global Market Insights, Inc. Polyglycolic acid (PGA) market is poised to have strong demand in accordance with the modern trends in the packaging sector by 2024. The packaging industry focus has been consistently drifted to the usage of compostable and degradable polymers. Approval of polyglycolic acid (polyglycolide) as a biodegradable plastic by the U.S., Japan and Europe governments present strong prospects for product demand. When polyglycolide is used in multi-layered PET bottles as an inner layer, the bottle can be recycled using standard PET recycling processes. This reduces the extent of CO2 outflowing from carbonated drink bottle and provides extended shelf life. Such traits are expected to boost the market over the forecast period.

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PGA market will observe the mounting demand of product for medical applications in future years. Polyglycolide sutures have witnessed a widening acceptance among other absorbable sutures in the recent decade. A global escalation in obesity rates has resulted in a rise in the number of bariatric surgeries performed annually. The American Society for Metabolic & Bariatric Surgery (ASMBS) stated that in 2016, over 210,000 bariatric measures were undertaken in the U.S. Rising prevalence of lifestyle ailments and a consequent rise in procedures for their treatment shall demand effective wound closure methods for increased patient expediency and faster recovery by 2024.

Polyglycolide film segment is projected to rise with more than 8.5% CAGR by 2024, with rising awareness of product efficiency as an inner layer in multi-layered PET bottles. The fiber form of product held above 40% share in the year 2016 and shall observe substantial gains by 2024 with increasing demand in medical and filtration applications.

Medical industry has been the largest contributor of polyglycolic acid market revenue in 2016 with a massive share over 60%. Polyglycolic acid has unique characteristics including: high initial tensile strength, easy handling, robust holding strength through the perilous wound healing span, even passage through the tissue and ideal knotting ability. These aspects are expected to propel global polyglycolide market size for medical applications. The newer product applications such as packaging and shale gas extraction are also certain to expand at a rapid pace during the forecast timespan.

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North America had the highest share in global polyglycolic acid market in 2016, with market share exceeding 60%. Europe shall observe gains up to CAGR 8% in the forecast period. The region depicts promising advances for PGA. European projects such as RefuCoat - involving development of bioplastic materials and PGA based barrier coatings, as alternative to metal-based packaging will drive the market in the region in the coming years.

In 2016, the overall polyglycolide market was monopolistic, as Kureha Corporation contributing to over 75% market share. The company has been engaged in substantial product development with strong focus on the downstream markets. Other industry players include: Polymtek, Corbion Corporation, BMG, Foryou Medical Ltd. Corbion NV is a market leader in PGA for bone graft applications.

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