Polyglycolic Acid Market Key Players, Industry Overview, Demand, Forecast To 2024
Other industry players include: Polymtek, Corbion Corporation, BMG, Foryou Medical Ltd. Corbion NV is a market leader in PGA for bone graft applications.
By: Global Market Insights, Inc.
Polyglycolic acid belongs to the family of aliphatic polyesters. It is a thermoplastic polymer and features biodegradability, high biocompatibility, high strength and low gas permeability. The product is prepared by ring-opening polymerization or polycondensation of glycolic acid. The product has been widely used in medical absorbable sutures manufacturing;
Polyglycolic Acid Industry Overview
Polyglycolic Acid Market will surpass USD 9 billion by 2024; according to a new research report by Global Market Insights, Inc.
Polyglycolic acid market shall witness a significant demand from packaging industry by 2024 as disposal of non-degradable plastics has been a serious issue for the sustainable environment especially in North America and Europe. Packaging sector has been the primary market of biodegradable plastics with drifting focus of industry players towards degradable and compostable polymers.
The U.S., Europe and Japan governments have officially approved polyglycolide to be biodegradable plastic and has made fit to use in day to day applications. Polyglycolic acid (polyglycolide)
Polyglycolic Acid Industry By Application
Polyglycolide market shall be driven by the escalating demand of product in medical applications by 2024. PGA sutures have been gaining stronger position in the recent years among other absorbable sutures including, poliglecaprone 25, catgut, polyglactin 910 and polydioxanone sutures.
The product exhibits better results in comparison with the commonly used non-absorbable sutures made of nylon, polypropylene, stainless steel, etc. PGA surgical sutures has substantial potential in orthopedic surgeries, cardiovascular surgeries, gynecological surgeries, general surgeries & ophthalmic surgeries. PGA is also a suitable material for bone grafting and finds application in knee, joint replacement and spine applications. It is also known as bio resorbable polymer.
Polyglycolic Acid Industry By Segment
Polyglycolide film segment is projected to rise with more than 8.5% CAGR by 2024, with rising awareness of product efficiency as an inner layer in multi-layered PET bottles. The fiber form of product held above 40% share in the year 2016 and shall observe substantial gains by 2024 with increasing demand in medical and filtration applications.
Browse key industry insights spread across 260 pages with 322 market data tables & 21 figures & charts from the report, "Polyglycolic Acid Market Size By Form (Fiber, Film), By Application (Medical, Packaging, Shale Gas Extraction), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Netherlands, Norway, China, India, Japan, Australia, Indonesia, Thailand, Brazil, Mexico, Argentina, Venezuela, South Africa, UAE, Saudi Arabia, Iran, Qatar), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:
Polyglycolic Acid Industry By Region
The global polyglycolic acid market was led by North America in 2016, holding market share more than 60%. Even though the total rig count dwindled in North America after the decline in crude oil prices, demand for PGA frac plugs is projected to be extremely high over the forecast timespan. Europe will also share substantial gains close to 8% CAGR by 2024.
The region marks significant trends depicting promising gains for PGA in coming years. For instance, a recent European project- RefuCoat entailed development of fully recyclable barrier coatings and bioplastic materials for films & trays, replacing the aluminium-based packaging structures. Another trend in the region encouraging biodegradable plastics has been the prohibition of non-biodegradable cotton buds in Italy from December 2017.
Competitive Polyglycolic Acid Share
In 2016, the overall polyglycolide market was monopolistic, as Kureha Corporation contributing to over 75% market share. The company has been engaged in substantial product development with strong focus on the downstream markets. Other industry players include: Polymtek, Corbion Corporation, BMG, Foryou Medical Ltd. Corbion NV is a market leader in PGA for bone graft applications.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.