Polyglycolic Acid Market | Industry Size, CAGR 10.45%, Share Analysis, Business Development by 2030

Market Research Future Published a Research Study on Polyglycolic Acid Market Research Report, Size, Share and Industry Analysis - Forecast to 2030

Segmentation Analysis

The global polyglycolic acid market report is segmented by form and application.

By Form, it is segmented into fiber, film, and others. The fiber segment accounted for over 80% market share in 2018. PGA fibers are being increasingly used in various products in the oil & gas industry. It can register a CAGR of 10.59% during the forecast period to touch a significant value by 2030. The growth of the segment is facilitated by the consumption of PGA fibers in the medical sector for the manufacture of biodegradable surgical sutures. On the other hand, the film segment can showcase a CAGR of 10.13% throughout the forecast period to touch a value of USD 2,43,298,2000 million by 2030.

By Application, it is segmented into packaging, oil & gas extraction, medical, and others. The oil & gas extraction segment accounted for the largest volume of 983.9 tons in 2018. The extraction of shale gas to meet the energy demands can drive the demand for PGA, a vital component in the manufacture of plugs. On the flip side, the medical segment had a value of USD 305,590,300 million in 2018. It can command a huge demand from the global polyglycolic acid market due to the rise in total mastectomy, transluminal coronary angioplasty, and other major surgeries.

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Competitive Outlook

Huizhou Foryou Medical Devices Co., Ltd, Kureha Corporation, Teleflex Inc, Corbion N.V., Shenzhen Polymtek Biomaterial Co., Ltd, and BMG Incorporated are the top players of the global polyglycolic acid market.

Industry News

Skull and facial defects have found a solution in surgery thanks to a combination of biodegradable polymers and 3D printing. Scientists at the Northwestern University and the University of Illinois Health have found a modicum of success in initial experiments of hyperelastic bone, a scaffold containing bone minerals and PGA.

Biodegradable polymers are a class of polymers which disintegrate due to bacterial decomposition. They are derived from polycarbonates, polylactones, and polyanhydrides. Polyglycolic acid (PGA) is a biodegradable polymer used in medical applications owing to its tissue reactivity and high tensile strength. Market Research Future (MRFR) has predicted the global polyglycolic acid market report to accumulate high revenue due to the leaning of the healthcare sector towards non-synthetic solutions.

Polyglycolic Acid Market- Outlook

The global polyglycolic acid market size can balloon to USD 1,989,577,900 million by exhibiting a CAGR of 10.45% during the forecast period (2019-2030). The use of PGA as a medical suture for stitching up tissue wounds can drive the market demand greatly.

Another major driver of the market is the use of frac plugs and balls in oil and gas extraction. Frac plugs are drillable tools used for isolation of minerals and being preferred over metal plugs due to its curtailing of operational expenditure. The energy crunch and the need for fossil fuels are likely to drive the demand in the global polyglycolic acid market over the forecast period. The rapid rise in urbanization and industrialization in countries of Asia Pacific can trigger the need for PGA greatly.

The expanding healthcare sector and breakthroughs in surgical techniques can induce the demand for polyglycolic acid. Preference of minimally invasive surgeries combined with deference towards metal implants can propel the trend till the end of the forecast period.
However, alternatives to PGA such as polylactic acid (PLA), polybutyrate adipate terephthalate (PBAT) and exorbitant manufacturing costs of the biopolymer are challenges faced by the global polyglycolic acid market.

Browse Key Industry insights spread across 134 pages with 165 market data tables & 26 figures & charts from the Report, “Polyglycolic Acid (PGA) Market: Information by Form (Fiber, Film and others), Application (Medical, Oil & Gas Extraction, Packaging and others) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2030” in detail along with the table of contents@ https://www.marketresearchfuture.com/reports/polyglycolic-acid-market-5749

Regional Analysis

North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa (MEA) are the regions being considered for the basis of the report.
North America accounted for close to 60.7% market share in 2018. This can be primarily attributed to the U.S. which contributed close to 83% of the regional revenue due to the use of PGA across oil & gas and healthcare sectors.

Europe is slated to register a CAGR of 10.21% during the forecast period owing the expansion of the medical industry. Surgeons are relying on biocompatible materials for completing surgeries with no adverse effects on patients. This can be capitalized by the global polyglycolic acid market to gain sufficient revenue.

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This release was published on openPR.