Polyglycolic Acid Market Size to Grow USD Million by 2030 at a CAGR of 23.9% | Valuates Reports
BANGALORE, India, July 15, 2024 /PRNewswire/ -- Polyglycolic Acid Market is Segmented by Type (Industrial Grade, Medical Grade), by Application (Oil and Gas Industry, Medical Industry, Packaging Industry): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Polyglycolic Acid Market is projected to reach USD 426.9 Million by 2030 from an estimated USD 118 Million in 2024, at a CAGR of 23.9% during 2024 and 2030.
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Major Factors Driving the Growth of Polyglycolic Acid Market:
The market for polyglycolic acid (PGA) is expected to expand significantly because of its growing use in a number of sectors, including packaging, shale gas extraction, and medicine. PGA is frequently utilized in the manufacturing of absorbable sutures and other medical devices, improving surgical results and lowering post-operative problems. It is recognized for its excellent strength and biodegradability. The packaging industry is increasingly utilizing it as a sustainable and eco-friendly substitute for conventional plastics. Additionally, PGA's capacity to raise well productivity is advantageous to the shale gas sector. The need for biodegradable materials is being further driven by strict legislation and growing environmental concerns. PGA is positioned as a crucial material in the shift towards sustainable solutions across many sectors.
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TRENDS INFLUENCING THE GROWTH OF THE POLYGLYCOLIC ACID MARKET:
Because of its use in the oil and gas sector, industrial grade polyglycolic acid (PGA) is substantially propelling the growth of the polyglycolic acid market. PGA is used in drilling operations, especially for downhole equipment made of biodegradable material and for hydraulic fracturing, or fracking. Its controlled degradation process lessens the need for mechanical removal, increasing operating effectiveness and cutting expenses. The market is expanding as a result of the growing use of unconventional oil and gas extraction methods, which has increased demand for high-performance materials like PGA.
The market for polyglycolic acid is expanding due in large part to the medical sector. Because of its great tensile strength and biodegradability, polypropylene gel (PGA) finds widespread usage in medical applications such as orthopedic implants, medication delivery systems, and sutures. The need for bioresorbable materials like PGA has increased dramatically as a result of continuous improvements in medical technology, as well as a growing emphasis on patient safety and better clinical outcomes. Furthermore, the aging population and rising incidence of chronic illnesses are driving up demand for PGA-based goods and propelling the market's expansion.
One major development driver for PGA is its increasing use in biological applications. Owing to its special qualities, PGA is perfect for application in tissue engineering, regenerative medicine, and drug delivery systems. These include its high tensile strength, controlled degradation, and biocompatibility. Its enhanced usefulness in medical implants and devices stems from its capacity to adjust its rate of deterioration to correspond with tissue regeneration timeframes. Growth in biotechnology and pharmaceutical research is broadening the applicability of PGA, which is driving up demand. The development of bioresorbable implants as a means of minimizing the need for follow-up procedures is further propelling the use of PGA in the biomedical industry.
Because medical grade polyglycolic acid is used extensively in the healthcare industry, it is a major factor driving the growth of the polyglycolic acid market. It is mostly used in the manufacturing of scaffolds for tissue engineering, surgical meshes, and bioresorbable sutures. Because of its regulated degradation characteristics and biocompatibility, it is the perfect material for transient medical implants that promote wound healing and tissue regeneration. Medical grade PGA is expanding in the market because of the growing need for enhanced wound care treatments and less invasive operations.
Research and development expenditures are rising, which is driving the PGA market's expansion. Businesses and academic organizations are always looking for new uses for PGA and refining its characteristics to make it work better and be put to better use. These R&D initiatives are concentrated on cutting expenses, streamlining manufacturing procedures, and creating cutting-edge applications for a range of sectors, including agriculture, textiles, and packaging. These initiatives are further supported by government funding and incentives for research on sustainable materials. Continuous innovation and development boosts PGA's competitiveness in the market and creates new opportunities for use, which in turn propels market expansion.
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POLYGLYCOLIC ACID MARKET SHARE:
With a market share of more than 50%, industrial grade is the largest product category.
The oil and gas business is the one with the most use, followed by the medical industry.
Among the leading producers of polyglycolic acid worldwide are Shanghai Pujing Chemical and Kureha. 90%+ of the market is held by the top 2 corporations.
With a market share of over 45%, North America leads the market, followed by Europe and China, with respective shares of over 23% and 11%.
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Key Companies:
● Kureha
● Corbion
● BMG
● Evonik
● Teleflex
● Samyang Biopharm
● Meta-Biomed
● Shanghai Pujing Chemical
● Shenzhen Polymtek Biomaterial
● Huizhou Foryou Medical Device
● Danhua Technology
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Polyglycolide Acid Market revenue was USD 44 Million in 2022 and is forecast to a readjusted size of USD 132.7 Million by 2029 with a CAGR of 18.3% during the forecast period (2023-2029).
- Polyglycolic Acid (PGA) Resin market was valued at USD 111.6 Million in 2023 and is anticipated to reach USD 321.9 Million by 2030, witnessing a CAGR of 16.0% during the forecast period 2024-2030.
- Antimicrobial Suture market is projected to reach USD 655.7 Million by 2030 from an estimated USD 325.2 Million in 2024, at a CAGR of 12.4% during 2024 and 2030.
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- Medical Grade Polylactic Acid market was valued at USD 149.8 Million in 2023 and is anticipated to reach USD 201.6 Million by 2030, witnessing a CAGR of 4.4% during the forecast period 2024-2030.
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