Polyglycolic Acid Market to witness increased traction from packaging industry
Packaging sector has been a major driver propelling the demand for biodegradable plastics with shifting focus of the industry players towards the use of compostable and degradable polymers. In countries such as Europe, U.S. and Japan, the government has approved the use of polyglycolide film as a biodegradable plastic and declared safe for frequent consumption.
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Polyglycolic acid showcases barrier against various gases such as, CO2, N2, O2 and moisture vapors majorly encountered in the packaging of food and beverages. Rise in disposable income among the people along with changing lifestyle in both developed and developing economies has steered developments in the food industry. Innovations in the food sector has led to increasing number of people depending on packaged food and drinks.
When used in food packaging, polyglycolic acid does not impact the food conditions as compared to MXD6, Ethylene Vinyl Alcohol and other barrier materials. Proliferating innovations in the medical industry to meet the demands of patients for reliable, safe, cost-effective yet innovative medications are a vital factor steering developments in the market. PGA stitches have gained increasing demand in the recent times as compared to alternatives like catgut, poliglecaprone and polydioxanone.
The product exhibits enhanced results as compared to frequently used non-absorbable stitches that are made of stainless steel, nylon, polypropylene. PGA surgical sutures carry superior potential in orthopedic surgeries, gynecological surgeries, cardiovascular surgeries, ophthalmic surgeries and general operations. They are also considered a viable option for bone grafting and are used in joint and knee replacements as well as spine applications.
In 2016, medical applications were the leading contributor towards polyglycolic acid market size with more than 60% of the global share. Superior tensile strength, easy handling and strong holding strength through the wound healing span, such features are estimated to drive the application of the product in the medical sector.
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Reportedly, the worldwide polyglycolic industry is already a billion-dollar business space and is expected to cross a mammoth of USD 9 billion by the end of 2024 in terms of revenue.
How will the rising deployment of polyglycolide across the medical applications contribute towards
augmenting polyglycolic acid market trends?
Massively driven by the burgeoning demand from the medical fraternity, polyglycolic acid industry is anticipated to amass noteworthy gains from medical applications in the upcoming years. As a matter of fact, the medical segment held over 60 per cent of polyglycolic acid market share in 2016 and emerged as the largest segment in the year.
Polyglycolide’s high tensile strength, easy maintenance, and perilous wound healing span are likely to propel the market size in the ensuing years.
Polyglycolic acid market trends in the medical arena are highly characterized by the demand for PGA sutures. These sutures portray substantial potential in the orthopedic and ophthalmic surgeries.
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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
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With Kureha PGA LLC holding a market share of nearly 84%, the global market for polyglycolic acid demonstrated a highly concentrated and monopolistic competitive landscape in 2014, reports Transparency Market Research (TMR) in a recent study. Over the next few years, no significant change is expected in the current arrangement, owing to which the competition in the market is anticipated to remain low. Kureha Corp., the only commercial-scale producer of polyglycolic
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With Kureha PGA LLC holding a market share of nearly 84%, the global market for polyglycolic acid demonstrated a highly concentrated and monopolistic competitive landscape in 2014, reports Transparency Market Research (TMR) in a recent study. Over the next few years, no significant change is expected in the current arrangement, owing to which the competition in the market is anticipated to remain low. Kureha Corp., the only commercial-scale producer of