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.
- Polylactic Acid (PLA) Market
- Lactic Acid and Poly Lactic Acid (PLA) market was
valued at USD 1466 Million in 2023
and is anticipated to reach USD 1896.4
Million by 2030, witnessing a CAGR of 3.8% during the
forecast period 2024-2030.
- Lactic Acid Market
- PLGA Microspheres Market
- Bio-polylactic Acid (PLA) Films market was valued
at USD 483.4 Million in 2023 and is
anticipated to reach USD 866.4
Million by 2030, witnessing a CAGR of 8.2% during the
forecast period 2024-2030.
- 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.
- Polylactic Acid in 3D Printing Market
- Polylactic Acid Facial Fillers Market
- Lactic Acid and Derivative Market
- Polylactic Acid (PLA) Straws Market
- Bio Based Polyethylene Terephthalate Market
- Polylactic Acid Anti Adhesion Film Market
- Polyglycolic Acid Suture Market
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