Press release
polyglycolic acid market will be worth of US$424.5 mn in 2023, expanding at a CAGR of 10.10% between 2015-2023: TMR
The study presented here is based on a report by Transparency Market Research titled “Polyglycolic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to TMR, the opportunity in the polyglycolic acid market, worldwide, was worth US$181.7 mn in 2014 with a production volume of 1,690.0 tons. Expanding at a CAGR of 10.10% between 2015 and 2023, it is likely to reach US$424.5 mn by the end of the forecast period.North America led the demand for polyglycolic acid in 2014 with a share of nearly 72%. The region is expected to continue to lead throughout the forecast period with revenue reaching US$213.4 mn by 2023. Shale gas extraction is anticipated to remain the key application area of polyglycolic over the forthcoming years.
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Polyglycolic Acid Experiences High Demand due to Rising Application of Absorbable Sutures
“The demand for polyglycolic acid has received a strong push from the growing application of absorbable sutures over the last few years,” says an analyst at TMR. Before its widespread application in packaging and shale gas extraction, polyglycolic acid was mainly utilized in the production of absorbable sutures. As these sutures dissolve in the body as the wound heals, they do not need reopening of the body parts for their removal. This factor has increased the application of these sutures in the treatment of internal wounds, leading to a significant surge in demand for polyglycolic acid.
High Cost of Polyglycolic Acid Could Limit its Application in Near Future
On the flip side, the high cost of polyglycolic acid is likely to limit its application considerably over the years to come. Traditionally, it was utilized in small portions for the production of absorbable sutures; however, shale gas extraction, packaging, and other application such as agriculture, filters, and civil engineering resins. Being a costly material, it is facing severe difficulty in its large-scale commercialization, which is creating a hindrance in its utilization across various application areas.
Apart from this, the dearth of awareness among people regarding the usage of polyglycolic acid is also expected to hamper its demand in the near future. However, the increasing preference for plastic packaging for beverages is expected to present growth opportunities for polyglycolic acid producers across the world.
North America to Remain Key Contributor in Revenue Generated by Polyglycolic Acid Globally
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 acid utilized in non-medical applications, is likely to remain the key shareholder of this market between 2015 and 2023. However, other players, such as Teleflex Inc., EI Du Pont De Nemours & Co., and Huizhou Foryou Medical Devices Co. Ltd. may gain considerable momentum in medical and biomedical applications, states TMR.
Key Takeaways
A total of 1,690.0 tons of polyglycolic acid were produced in 2014
The opportunity in the polyglycolic acid market in North America will stand at US$213.4 mn by 2023
Shale gas extraction is likely to remain the key consumer of polyglycolic acid between 2015 and 2023
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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