Wide application areas within oil & gas especially in shale gas extraction, biomedical & packaging industry is fueling the demand for polyglycolic acid. Growing demand for PGA for clinical use owing to high strength, better handling, and minimum interface in wound healing is driving the growth. Also, increasing demand for advanced surgical equipment & tools within the medical industry is again expected to boost the PGA market growth. Further, the shift in consumer preference towards biodegradable plastics within the packaging industry will upsurge the demand for PGA market.
As per the latest report added by Value Market Research, the Global Polyglycolic Acid was valued at USD 240.9 MN in 2017 and is projected to reach USD 469.5 MN by 2024, with a CAGR of 9.9%.
SHALE GAS EXTRACTION LED THE APPLICATION SEGMENT
By application, shale gas extraction dominated the segment owing to the ability of PGA to reduce a viscosity of the fluid, improves productivity, & efficiency & better degradability is driving the segment growth. Shale gas extraction segment is anticipated to reach up to USD XX.X MN by the end of the year 2024.
BY REGION, NORTH AMERICA DOMINATED THE MARKET
North America led the regional segment owing to major producer and consumer of shale gas along with rising demand for packaged food products is key driver for the market growth. By end of the year 2024, North American PGA market is expected to reach USD XX.X MN. Also, the growth can be attributed to the favorable government norms on the usage of biodegradable plastics are the factors boosting the PGA market.
KEY PLAYERS OF THE PGA MARKET
Polyglycolic acid market is moderately competitive due to the presence of key manufacturers such as DuPont, Huizhou Foryou Medical Devices Co., Ltd., Kureha PGA, LLC and Teleflex, Inc
As per this study, the Global Polyglycolic Acid (PGA) Market was valued USD 6.14 MN (by revenue) in 2021 and is anticipated to reach USD 1034.42 MN by 2028 with a CAGR of 7.5%. By volume, the market was estimated at XX KT in 2021 and is expected to reach XX KT by 2028 with a CAGR of XX%.
Polyglycolic Acid (PGA) often referred to as polyglycolide is composed of polymers of glycolide acids. It possesses the simplest chemical structure of aliphatic polyester. PGA is a novel biodegradable resin that exhibits high mechanical strength and high gas-barrier performance. PGA is witnessing widespread application across the industries such as shale gas extraction, packaging, medical, civil engineering, agriculture, and filters due to its excellent biodegradability property owing to its sensitivity to hydrolysis when compared to another synthetic polymer.
Polyglycolic acid is witnessing high demand from the medical industry owing to growing application in the absorbable suture and other advanced surgical tools. Rising demand of polyglycolic acid in biomedical applications such as controlled drug delivery, tissue engineering, and others is fueling the market growth. In addition, U.S., Europe, and Japan governments have accepted Polyglycolic acid as a biodegradable plastic. Growing preference of consumers for biodegradable plastic packaging is further supporting the market growth. However, High cost of polyglycolic acid is expected to restrict its usage substantially over the years to come. Also, the lack of awareness regarding the usage of polyglycolic acid within potential customers is projected to hamper its demand in the near future.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of polyglycolic acid (PGA).
The broad polyglycolic acid (PGA) market has been sub-grouped into the application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
Shale Gas Extraction
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for polyglycolic acid (PGA) in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Polyglycolic Acid Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the polyglycolic acid (PGA) market includes DuPont, Huizhou Foryou Medical Devices Co., Ltd., Kureha PGA, LLC, and Teleflex, Inc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.
1 . PREFACE
1.1. Report Description
1.1.2. Target Audience
1.1.3. Unique Selling Proposition (USP) & offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Market Research Process
1.3.2. Market Research Methodology
2 . EXECUTIVE SUMMARY
2.1. Highlights of Market
2.2. Global Market Snapshot
3 . POLYGLYCOLIC ACID (PGA) – INDUSTRY ANALYSIS
3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.5. Industry Trends
3.6. Porter's Five Force Analysis
3.7. Market Attractiveness Analysis
3.7.1 Market Attractiveness Analysis By Application
3.7.2 Market Attractiveness Analysis By Region
4 . VALUE CHAIN ANALYSIS
4.1. Value Chain Analysis
4.2. Raw Material Analysis
4.2.1. List of Raw Materials
4.2.2. Raw Material Manufactures List
4.2.3. Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
4.4.1. Direct Marketing
4.4.2. Indirect Marketing
4.4.3. Marketing Channel Development Trend
5 . IMPACT ANALYSIS OF COVID-19 OUTBREAK
5.1. Impact Analysis of Covid-19 Outbreak
5.1.1. Direct Impact on Production
5.1.2. Supply Chain and Market Disruption
5.1.3. Financial Impact on Firms and Financial Markets
5.2. COVID-19 Impact Analysis by Production, Import, Export and Demand
5.3. Market: Pre V/S Post COVID-19
5.4. Estimated Impact of the Coronavirus (COVID-19) Epidemic
5.5. COVID-19: Micro and Macro Factor Analysis
6 . GLOBAL POLYGLYCOLIC ACID (PGA) MARKET ANALYSIS BY APPLICATION
6.1 Overview by Application
6.2 Historical and Forecast Data
6.3 Analysis by Application
6.4 Medical Historic and Forecast Sales by Regions
6.5 Packaging Historic and Forecast Sales by Regions
6.6 Shale Gas Ex ...
Frequently Asked Questions (FAQs) about this Report
The global polyglycolic acid (PGA) market size was valued USD 6.14 BN in 2021.
The worldwide polyglycolic acid (PGA) market growth is estimated to grow by around 7.5% from 2023 to 2030..
North America occupies the highest market share in the global polyglycolic acid (PGA) market.
The global polyglycolic acid (PGA) market is segmented by Application, Medical, Packaging, Shale Gas Extraction, Others.
The leading players in the global polyglycolic acid (PGA) market are DuPont, Huizhou Foryou Medical Devices Co. Ltd., Kureha PGA LLC, and Teleflex Inc.