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Eco-Friendly Innovations: Polyglycolic Acid on the Rise
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According to The Business Research Company's, The polyglycolic acid market size has grown rapidly in recent years. It will grow from $4.76 billion in 2023 to $5.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to advancements in polymer chemistry, medical applications, regulatory support for biodegradable materials, research and development initiatives, increasing demand in oil and gas industry.
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.
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Market Drivers and Trends:
The increasing growth of the oil and gas industry is expected to propel the growth of the polyglycolic acid market in the coming years. The oil and gas industry refers to the global set of activities involved in the exploration, extraction, refining, transportation, and distribution of oil and natural gas resources. Polyglycolic acid (PGA) is widely used in the oil and gas industry, particularly in the production of biodegradable frac balls and plugs that are used as closures. For instance, in May 2023, according to the Energy Information Administration, a US-based primary government statistical system entity responsible for gathering, evaluating, and distributing energy data, in comparison to 2021, the US produced 0.6 million barrels per day (b/d) more crude oil in 2022, a 5.6% increase. Therefore, the increasing growth of the oil and gas industry is driving the polyglycolic acid market.
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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Major Key Players of the Market:
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
Polyglycolic Acid Market 2024 Key Insights:
• 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%.
• Rising Demand In Packaging Industry Fuels Growth Of Polyglycolic Acid Market
• Sustainable Packaging Innovations Ali Food Introduces Refucoat, A Polyglycolic Acid-Based Solution For Zero-Waste Initiatives
• North America was the largest region in the polyglycolic acid market in 2023
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