Polyglycolic Acid Market By Analysis of Major Industry Segments, Growth, Share, Demand 2023

Global Polyglycolic Acid Market

With the rapid increase in applications, the sales volume of polyglycolic acid is witnessing a significant rise. Traditionally, polyglycolic acid is utilized in the production of absorbable sutures, owing to its high tensile strength. However, nowadays, it is witnessing a widespread application in shale gas extraction, which is likely to present lucrative opportunities to market players in the near future. Polyglycolic acid manufacturers are also projected to witness huge growth opportunity in the years to come due to the growing preference of consumers for beverages with plastic packaging.

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The opportunity in the global market for polyglycolic acid is likely to rise at a CAGR of 10.10% during the period from 2015 to 2023 and increase from US$181.7 mn in 2014 to an estimated value of US$424.5 mn by the end of the forecast period.

The growing application of polyglycolic acid in biomedical applications such as controlled drug delivery, tissue engineering, and manufacturing of implantable medical devices is also expected to fuel its demand remarkably during the forecast period. However, the high price of polyglycolic acid, together with the lack of awareness among customers, is predicted to restrict its application considerably over the next few years.

Shale Gas Extraction to Exhibit High Consumption of Polyglycolic Acid

Shale gas extraction, packaging, medical, other applications, such as agriculture, civil engineering resins, and filters, are the main application areas of polyglycolic acid. Shale gas surfaced as the key consumer of polyglycolic acid in 2014 and was closely followed by the packaging segment. As, apart from China, North America is the only commercially active shale gas extraction region across the world, the demand from this segment was the strongest in this region.

Over the forthcoming years, shale gas extraction is anticipated to remain the leading consumer of polyglycolic acid. Packaging and medical applications are also expected to register high demand for polyglycolic acid in the near future.

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Demand for Polyglycolic Acid to Remain Soring in North America

Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa are the key regional markets for polyglycolic acid. North America emerged as the market leader in 2014 with a share of more than 70%. The commercial extraction of shale gas has increased the consumption of polyglycolic acid in this region, which is likely to increase further over the coming years. The revenue generated by polyglycolic acid in this region is estimated to expand at a CAGR of approximately 10.4% between 2015 and 2023.

The presence of prominent commercial producers of polyglycolic acid, especially Kureha Corp., in North America will also contribute significantly to the growth of this regional market in the near future. The rising demand for polyglycolic acid in medical application is projected to boost this market in other regions.

Kureha PGA LLC has been leading the global market for polyglycolic acid since the last few years. Analysts project it to remain at the forefront of the market over the next few years. Other producers of polyglycolic acid across the world are EI Du Pont De Nemours & Co., Teleflex Inc., and Huizhou Foryou Medical Devices Co. Ltd.

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