Press release
Sustainable Solutions for a Greener Future: Insights into the Polyglycolic Acid Market's Growth Potential
Polyglycolic Acid Market
The polyglycolic acid market size is expected to see rapid growth in the next few years. It will grow to $7.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to expanding bioplastics market, rising demand in packaging industry, increasing surgical procedures, growing awareness of environmental issues, demand in electronics industry, medical device innovations. Major trends in the forecast period include advancements in pga production technology, increasing use in oil and gas industry, growing demand for pga in agriculture, shift towards synthetic bio-based polymers, research on pga for drug delivery systems.
Market Overview -
Polyglycolic acid are the polymers degraded by chemical hydrolysis, a synthetic absorbable surgical suture of greater strength and flexibility which is absorbed and metabolized by the human body and have a longer period of absorption which results in very little inflammatory reaction. Polyglycolic acids are used in general surgery, plastic surgery, general closure, ligatures, pediatrics, and cuticular.
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Rising Demand In Packaging Industry Fuels Growth Of Polyglycolic Acid Market
Increasing demand in the packaging industry is expected to propel the growth of the polyglycolic acid market. Packaging used for branding and as an extra measure of protection for the food products is in high demand from several end-use industries, such as healthcare, food, cosmetics, and personal care. The polyglycolic acid is highly preferred in high-gas barrier packaging applications. For instance, in 2020, according to a report published by Advanced Industrial and Engineering Polymer Research, a journal in polymer research, the packaging industry increased the demand for the PGA market by around USD 240 million in 2017 and is estimated to be around USD 470 million by 2024, with an annual growth rate of 10%. Therefore, increasing demand in the packaging industry is driving the polyglycolic acid market growth.
Competitive Landscape -
Major companies operating in the polyglycolic acid market report are Kureha Corporation, Shenzhen Polymtek Biomaterial Co. Ltd., BMG Incorporated, Huizhou Foryou Medical Devices Co. Ltd., Teleflex Incorporated, Unisur Lifecare Pvt. Ltd., Meta Biomed Co. Ltd., Samyang Biopharm Corporation, Merck Group, Hitachi Ltd., DuPont de Nemours Inc., BASF SE, Boen Healthcare Co. Ltd., Evonik Industries AG, Shanghai Pujing Chemical Technology Co. Ltd., Danhua Chemical Technology Co. Ltd., Orion Sutures India Pvt. Ltd., Shandong Haidike Medical Products Co. Ltd., Advanced Medical Solutions Group PLC, Lotus Surgicals Private Limited, Biomaterial Co. Ltd., Toray Industries Inc., SK Chemicals Co. Ltd., CABB Group GmbH, China Petrochemical Corporation, Zhonglan Industry Co. Ltd., Water Chemical Co. Ltd., The Chemours Company
Sustainable Packaging Innovations Ali Food Introduces Refucoat, A Polyglycolic Acid-Based Solution For Zero-Waste Initiatives
Product innovations in food packaging are a key trend gaining popularity in the polyglycolic acid market. Key players operating in the polyglycolic acid market are focusing on the development of sustainable packaging to strengthen their position in the market. For instance, in May 2021. Ali Food, an India-based manufacturer and exporter of dehydrated onion, garlic, and other vegetable products, introduced the RefuCoat, consisting of polyglycolic acid and modified silica oxide, as an alternative to the current metalized and modified atmosphere (MAP) to achieve a zero-waste target while minimizing the environmental impact.
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Key Segments -
The polyglycolic acid market covered in this report is segmented -
1) By Form: Films, Fibers, Other Forms
2) By Distribution Channel: Online, Offline
3) By Industry: Pharmaceutical, Oil and Gas, Packaging, Other Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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