Polyglycolic Acid Market Growth to be Driven by Emerging Trends | $8.4 Billion by 2029

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What is the Projected Market Size of the Polyglycolic Acid Industry?
The market for polyglycolic acid has experienced robust growth in previous years. The value is predicted to surge from $5.22 billion in 2024, hitting $5.67 billion in 2025, showcasing a compound annual growth rate (CAGR) of 8.6%. The historically promising growth can be ascribed to progresses made in polymer chemistry, its use in the medical field, regulatory support endorsing biodegradable materials, research and development efforts, as well as the burgeoning demand in the oil and gas industry.

What Will Be the Size of the Polyglycolic Acid Market by 2029?
In the next several years, the polyglycolic acid market is predicted to witness a swift expansion. The market is anticipated to grow to $8.4 billion by 2029, experiencing a compound annual growth rate (CAGR) of 10.3%. This growth during the forecast period can be linked to the expanding bioplastics market, increased demand in the packaging sector, a rise in surgical procedures, heightened environmental awareness, demand in the electronics sector, and innovation in medical devices. Significant trends to watch in the forecast period include improvements in polyglycolic acid production technology, its augmenting use in the oil and gas sector, growing demand for polyglycolic acid in the agricultural sector, a shift towards synthetic bio-based polymers and research on polyglycolic acid for drug delivery systems.

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What Are the Key Drivers Accelerating Growth in the Polyglycolic Acid Market?
The polyglycolic acid market's growth is predicted to be driven by the escalating demand in the packaging sector. An increased need for packaging, utilized for branding and additional protection of food items, is coming from various industries, including healthcare, food, cosmetics, and personal care. High-gas barrier packaging applications heavily favor the use of polyglycolic acid. For instance, in April 2023, Trivium Packaging, a company based in the Netherlands, stated that 82% of consumers were prepared to pay premium prices for sustainable packaging, a 4 percentage-point increase from 2022. The same report noted that 71% of consumers made their purchase decisions based on the sustainability of the product packaging. Additionally, 63% of customers were less inclined to buy products that are packaged using environmentally damaging materials. As a result of these factors, the surge in demand within the packaging industry is boosting the growth of the polyglycolic acid market.

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How Is the Polyglycolic Acid Market Segmented by Type, Application, and Region?
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

Subsegments:
1) By Films: Biodegradable Films, Barrier Films
2) By Fibers: Monofilament Fibers, Multifilament Fibers
3) By Other Forms: Granules, Coatings, Medical Devices

What Are the Key Trends Driving Growth in the Polyglycolic Acid Market?
Innovation in food packaging products is a significant trend that is rising in prominence in the polyglycolic acid market. Major participants in the polyglycolic acid market are zeroing in on the creation of eco-friendly packaging options to consolidate their market standing. For instance, in December 2022, Notpla, a food container creator based in the UK, introduced packaging coated with seaweed, aimed to offer a decomposable alternative to conventional plastic packaging. This groundbreaking product is designed to mitigate plastic garbage in the food sector and foster sustainability utilizing its organic, compostable substances.

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Who Are the Leading Companies Driving Growth in the Polyglycolic Acid Market?
Major companies operating in the polyglycolic acid market 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, 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., Zhonglan Industry Co. Ltd.

Which Is the Leading Region in the Global Polyglycolic Acid Market?
North America was the largest region in the polyglycolic acid market in 2024. The regions covered in the polyglycolic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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