Polyglycolic Acid Market in Oil & Gas Industry Will Reach USD 106,888.41 thousand by 2029| KUREHA CORPORATION and The Chemours Company

Market Definition

Polyglycolic acid (PGA) has a similar chemical structure to PLA but without the methyl side group, which allows the polymer chains to pack together tightly and results in a high degree of crystallinity, high thermal stability, exceptionally high gas barrier, as well as high mechanical strength and stiffness. PGA is rapidly biodegradable and 100% compostable and has intrinsic characteristics such as high hydrophilicity, rapid degradation, insolubility in most organic solvents.

The PGA is highly beneficial in oil drilling activities. Data Bridge Market Research analyses that the polyglycolic acid market in oil & gas industry is expected to reach the value of USD 106,888.41 thousand by the year 2029, at a CAGR of 4.6% during the forecast period. Fibrous materials "account for the most prominent form segment in the respective market owing to rise in the oil drilling activities. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

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Market Analysis and Size

Polyglycolic acid (PGA), is a biodegradable polymer consisted of a simple linear aliphatic polyester. PGA is synthesized from glycolic acid monomers through polycondensation or ring-opening polymerization. It is a bulk degrading polymer with low solubility in water and organic solvents because of its high degree of crystallinity. The component is highly crystalline and consequently it presents a high melting point and low solubility in organic solvents.

COVID-19 had a Minimal Impact on Global Polyglycolic Acid Market in Oil & Gas Industry

COVID-19 impacted various manufacturing industries in the year 2020-2021 as it led to the closure of workplaces, disruption of supply chains, and restrictions on transportation. However, significant impact was noticed on polyglycolic acid market. The operations and supply chain of polyglycolic acid, with multiple manufacturing facilities were still operating in the region. The service providers continued offering polyglycolic acid following sanitation and safety measures in the post-COVID scenario.

The Market Dynamics of the Global Polyglycolic Acid Market in Oil & Gas Industry Include:

Drivers/Opportunities faced by the Global Polyglycolic Acid Market in Oil & Gas Industry

The rising use of PGA in shale gas and oil exploration

With the advance of extraction technology, shale gas production has led to a new abundance of natural gas supply around the world over the past decade, and is expected to continue to do so for the foreseeable future. In general, increased domestic production of energy resources often results in larger supplies and lower prices, a reduced need for imports and enhanced the countries energy security. In conclusion, the production units of gas exploration have set an ambitious target to increase the area under exploration and production with an objective of increased domestic production of oil and gas. This in turn raises the demand for PGA and thus contributing to the growth of global polyglycolic acid market in oil & gas industry.

Increasing oil and gas drilling operations around the world

The rise in the oil drilling activities offers benefits for both the global economy and the global environment. The oil drilling requires a refinement process that makes usable petroleum products utilized around the world. The oil drilling technologies require PGA which are then used for air pollution control, particularly for removing harmful particulate matter from waste gases at industrial facilities and power-generating stations. In conclusion, the use of PGA in industrial filters and precipitators can remove a number of particulate exhaust elements such as coal or oil smoke, salt cake, chemical pulp extracts, and gaseous elements. This in turn raises the demand for PGA and thus contributing to the growth of global polyglycolic acid market in oil & gas industry.

Growing use of PGA in fresh water and high-salinity water fracturing processes

The boom in oil and gas produced through hydraulic fracturing, or fracking, is seen as a boon for meeting the world's energy needs. Produced water from fossil-fuel wells can have salinity three to six times greater than that of seawater and this salt can be effectively removed through a succession of stages of electro dialysis. In conclusion, PGA can also work as a delayed-release acid through degradation, which enables the decomposition or activation of various types of finishing fluids. This in turn created opportunity for polyglycolic acid market and hence accelerating the growth of the global polyglycolic acid market in oil & gas industry.

Rise in R&D activities of PGA

Oil and gas operations conducted in different regions improve the standard of living of the society by promoting the sustainable development of the often-marginalized regions where the production units are typically located. In recent times, governments of different countries have been investing in research activities of several fluids used in the gas production including PGA for the development of environmental management along with focusing on infrastructure costs for hosting oil and gas operations in the particular regions. In conclusion, governments of developing countries are also prioritizing the development of CGD networks to enhance domestic gas distribution to the PNG (Domestic) and CNG (Transportation) segments. This in turn created opportunity for polyglycolic acid market and hence accelerating the growth of the global polyglycolic acid market in oil & gas industry.

Competitive Landscape and Global Polyglycolic Acid Market in Oil & Gas Industry Share Analysis

The global polyglycolic acid market in oil & gas industry competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global polyglycolic acid market in oil & gas industry.

The players operating in the polyglycolic acid market in oil & gas industry are
KUREHA CORPORATION
The Chemours Company.

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Global Polyglycolic Acid Market in Oil & Gas Industry Scope

The global polyglycolic acid market in oil & gas industry is segmented on the basis of form and application. The growth amongst these segments will help you analyze growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Form
Fibrous Materials
Powder/Granular
Films
Others

Based on form, the global polyglycolic acid market in oil & gas industry is segmented into powder/granular, fibrous materials, films and others.

Application
Oil Extraction
Hydraulic Fracturing
Downhole Tools
Scale Control and Remediation
Horizontal Well Stimulation
Gypsum Removal
Metal Naphthenate Dissolution
Removal of Water Soluble Organics
Well Control
Pressure Management
Others

Based on application, the global polyglycolic acid market in oil & gas industry is segmented into scale control and remediation, horizontal well stimulation, gypsum removal, metal naphthenate dissolution, removal of water soluble organics, hydraulic fracturing, downhole tools, pressure management, well control, oil extraction and others.

Polyglycolic Acid Market in Oil & Gas Industry Market Regional Analysis/Insights

The global polyglycolic acid market in oil & gas industry is segmented on the basis of form and application.

The countries of global polyglycolic acid market in oil & gas industry are U.S., Canada, Mexico, Russia, U.K., Belgium, Germany, Italy, France, Spain, Netherlands, Turkey, Switzerland and Rest of Europe, China, India, Indonesia, Malaysia, Thailand, Japan, South Korea, Philippines, Singapore, Australia & New Zealand and Rest of Asia-Pacific, Brazil, Argentina and Rest of South America, Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel and Rest of Middle East and Africa.

North America is dominating the global polyglycolic acid market. Natural gas exploration from unconventional shale formations including shale gas, has recently arisen as an appealing energy supply to meet the increasing worldwide demand. During the last decade, development of horizontal drilling and hydraulic fracturing technologies have allowed flexibility in gas exploration from previously inaccessible shale deposits. This as a result increases the demand for PGA for shale gas and oil exploration in the region. The U.S is dominating the North America polyglycolic acid market in oil & gas industry due to the rising oil drilling operations in the country. On the other hand, Saudi Arabia is dominating the Middle East and Africa polyglycolic acid market in oil & gas industry due to the rising shale gas operations in the country. China dominates the Asia-Pacific polyglycolic acid market in oil & gas industry. The demand in this region is projected to be driven by rise in the oil drilling activities in the country.

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