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PLGA Market Size 2024 - Current Sales Analysis, Upcoming Trends, Opportunities, Development History, and Future Forecast
Browse 152 market data Tables and 52 Figures spread through 200 Pages and in-depth TOC on "PLGA Market
The PLGA market is projected to reach USD 321 million by 2030, at a CAGR of 16.6% from USD 125 million in 2024. The market growth is driven by influencing factors such as government initiatives and regulations and exceptional biodegradability and biocompatibility nature. The PLGA market [https://www.marketsandmarkets.com/Market-Reports/plga-market-143024577.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=plga] is driven by several factors, including technological advancements, shifting consumer behaviors, favorable economic conditions, expanding applications in various industries, and growing demand. The increasing use of PLGA in various end-use industries, such as healthcare, biotech firms, medical institutions, packaging, textile, and agriculture, is a significant driver for market growth.
PLGA Market Keyplayers [https://www.marketsandmarkets.com/ResearchInsight/plga-market.asp?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=plga]
The key global players in the PLGA market include Evonik (Germany), Corbion NV (Netherlands), Ashland (US), Mitsui Chemicals (Japan), Jinan Digang Bioengineering Co., Ltd. (China), Merck (Germany), Akina, Inc. (US), Nomisma Healthcare Pvt. Ltd. (India), Bezwada Biomedical, LLC (US), CD Bioparticles (US) are the key players in the PLGA market. These companies are strong in their home region and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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Evonik
Evonik is one of the global leading specialty chemical companies. The company operates under 6 divisions: Specialty additives, Nutrition & Care, Smart Materials, Performance Materials, Technology & Infrastructure, Enabling Functions, and Others. It offers polylactic co-glycolic acid (PLGA) under the specialty nutrition & care segment. The company manufactures PLGA under the brand names "Lactel" and "Resomer". These brands have strong records for safety and timely delivery of complex parenteral drug products. The biodegradable polymers offered by Evonik are available with either acid or esters end groups. The company serves its products to various end-use industries such as paint & coatings, agriculture, construction, plastics, rubber, pharmaceuticals, paper & printing, electrical & electronics, consumer & personal care products, and many others. The company has a global presence, operates in more than 100 countries, and 84% of sales are generated outside Germany. The production capacities are in Germany, Belgium, the USA, China, and Singapore.
Corbion NV
Corbion is a global leader in providing sustainable ingredient solutions. The company operates under 4 business segments, namely, sustainable food solutions, lactic acid & specialties, algae ingredients, and non-core activities. The company's product line includes antioxidants, biochemical products, biomedical products, chemical products, pharma products, bioplastic products, and many others. The company provides PLGA under the brand "PURASORB". Corbion offers high-quality PLGA polymers for precise dosages over extended periods, manufactured in advanced facilities and recognized as safe by regulatory agencies such as the FDA.
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The company markets its products through a worldwide network of sales offices and distributors and has a global supply chain with manufacturing facilities in the US, Thailand, Brazil, Mexico, the Netherlands, and Spain.
"Packaging is the fastest growing end-use industry of the PLGA, in terms of value."
Packaging stands as a pivotal end-use industry for PLGA (poly (lactic-co-glycolic acid), offering a promising avenue for sustainable and innovative solutions in the global packaging market. PLGA, renowned for its biodegradability, biocompatibility, and versatility, finds applications across various packaging sectors. In recent years, the packaging industry has witnessed a paradigm shift towards eco-friendly materials, driven by consumer demand for sustainable packaging solutions and tightening regulations governing plastic waste. PLGA emerges as a compelling alternative to traditional petroleum-based plastics, offering properties conducive to packaging applications such as films, coatings, and containers. Its ability to degrade into harmless byproducts under controlled conditions aligns with the circular economy principles, addressing concerns related to environmental pollution and resource depletion.
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"North America captures the largest share in the PLGA market during the forecast period, in terms of value."
The PLGA market in North America stands as a vibrant and evolving landscape within the realm of biodegradable polymers. Fueled by factors such as increasing demand for advanced drug delivery systems, growing investments in biomedical research, and stringent regulatory requirements promoting biocompatible materials, the market exhibits significant growth potential. North America, with its robust pharmaceutical and healthcare industries, serves as a key hub for PLGA adoption and innovation. Pharmaceutical companies are increasingly integrating PLGA into their product pipelines to develop controlled-release formulations for a wide array of therapeutics, including small molecules, biologics, and nucleic acid-based drugs. Moreover, advancements in PLGA manufacturing technologies and the emergence of novel applications beyond drug delivery, such as tissue engineering scaffolds and medical implants, further propel market expansion.
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