Global Polyglycolic Acid Market to Witness a CAGR of 9.9% from 2018 to 2024
Posted On October 12, 2018
The Global Polyglycolic Acid Market Report released by Value Market Research evaluated the market to be USD 240.9 Million (by revenue) in 2017 and anticipated to reach USD 469.5 Million by 2024 with a CAGR of 9.9%. Polyglycolic Acid (PGA) also referred to as polyglycolide, has a wide range of application across shale gas extraction, medical and packaging industry owing to its high strength and anti-allergic properties. The report details market share for each broad application for next six years based on the historical study as well as current market analysis. The regional market forecasts gives the reader complete information regarding the target markets under the study period.
Polyglycolic Acid (PGA) which is a polymeric compound is biodegradable due to the presence of ester and anhydride group in its backbone. It has the simplest chemical structure of aliphatic polyester. As per the report analysis, the market is expected to grow on the account of rising demand for the product from medical industry including absorbable suture and other advanced surgical tools. Additionally, increasing applications area of polyglycolic acid in biomedical field for manufacturing of implantable medical devices, controlled drug delivery, and tissue engineering is also boosting growth of the market.
The report "Global Polyglycolic Acid (PGA) Market Report By Application (Medical, Packaging, Shale Gas Extraction) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" is an in-depth study of the market with respect to the current market situation. As per the report the polyglycolic acid market is witnessing strong growth owing to its rising application in shale gas exploration. Further, the growth of the market can be contributed to the rising cases of surgeries across the globe. However, the market is also projected to experience growth opportunity in the near future owing to changing preference of manufacturers towards plastic packaging.
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In the report the PGA market is segmented by application into medical, packaging, and shale gas extraction. Shale gas extraction dominated the segment owing to the ability of PGA to reduce the viscosity of the fluid, improves productivity & efficiency & better degradability.
By Region, the market is analyzed across the region of North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is leading the market owing to major producer and consumer of shale gas along with rising demand for packaged food products in the region. Also, favorable government norms on the usage of biodegradable plastics with better economic stability are again fueling the demand for the product.
The Report Segments Global Polyglycolic Acid Market -
- Shale Gas Extraction
- North America
- Latin America
- Middle East & Africa
Major Players In The Market
Huizhou Foryou Medical Devices Co., Ltd., Arago, DuPont, Kureha PGA, LLC and Teleflex, Inc.
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