The global Polyglycolic Acid Market could expect to achieve a significant CAGR during the forecast period (2022-2030), says Market Research Future (MRFR). MRFR believes that the boost in demand for polyglycolic acid in the healthcare industry could be one of the chief factors favoring the said growth.
Growth Drivers and Top Restraints
A hike in demand for absorbable suture as well as other advanced surgical tools is a prevalent trend in the medical industry, which has favored the polyglycolic acid (polyglycolide) market. The United States (U.S.) healthcare expenditure in 2016 was close to USD 3.3 trillion. Furthermore, healthcare investment came to about 18% of the overall of GDP the same year. These factors are set to boost industry growth by 2024. Polyglycolic acid finds a range of applications in the medical field, such as biodegradable bone graft polymers, absorbable sutures, dental surgeries, in the regeneration of organs, in drug delivery vehicles and scaffolds in cell culture & transplantation.
With the rising use of absorbable sutures, the need for re-surgery for suture removal has circumvented. This factor is bound to drive market growth in the near future. The product has gained widespread acceptance compared to other synthetic suture materials including poliglecaprone, polyglactin, polydioxanone and polydioxanone. Other factors like expanding incidence of hypertension, upward obesity rates, and increasing percentage of geriatric population results in high potential in the cardiovascular surgeries for PGA.
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Latest trends in the packaging industry serves the PGA market with plenty of opportunities. It has been approved as a biodegradable plastic by the governments in Europe, Japan and the U.S. Non-degradable packaging wastes like bags, bottles and films has elevated the level of pollution in recent years. Also, non-degradable plastic bags are now either banned or taxed in Germany, Ireland, Taiwan and South Africa on account of issues regarding their disposal. These trends offer bright aspects for polyglycolide demand for packaging on account of its bio-degradable properties, benefitting the market during the evaluation period.
The global market for polyglycolic acid has been segmented on the basis of application.
With respect to the application, the market includes segments like bio-medical, packaging, and shale gas extraction.
Bio-medical is the leading application segment among others, based on the rising use of implantable medical devices in manufacturing. Bio-medical devices help get rid of the need for second surgery as well as the risks associated with it. Polyglycolic acid’s application is on an upsurge in the controlled drug delivery and tissue engineering because of its biocompatibility. Also, its use in perishable food packaging with the aim of elevating the shelf life of the product drives the market growth. It also finds use in multilayered PET bottles for improving the production efficiency. To illustrate, Solvay Speciality Polymer along with Husky Injection Moulding Systems developed a recyclable Verian High Barrier Polyester (HBP) that is used in PET bottles packaging. Moreover, owing to its high gas barrier properties, PGA is increasingly being used in shale gas extraction.
The polyglycolic acid market is split into the key regions of Asia Pacific, Latin America, Europe, Middle East and Africa and North America.
In response to the high demand for polyglycolic acid in the oil and gas extraction industry, North America currently holds the most substantial portion of the worldwide market. The region can expect strong demand for polyglycolide in shale gas extraction during the review period. The U.S.’s prominence as the producer of shale gas in recent times has secured its position as a major catalyzer for worldwide energy change. The U.S. Energy Information Administration (EIA) says that the total natural gas consumption in the country will increase to 31.6 TcF by 2040, wherein 56% of the natural gas production will result from the rising development of shale gas.
Europe will emerge as the second most lucrative region in the global market. The accelerated demand for PGA in the packaging industry is likely to benefit the market. In recent years, Europe has made profound investments in projects for the development of recyclable food packaging solutions, such as RefuCoat. It aims to formulate a hybrid coating with oxygen as well as water-vapor-barrier properties. The project involved combining modified silica oxide with polyglycolic acid to attain savory products, that could be used instead of metalized packages.
Asia Pacific could expect tremendous growth with respect to PGA demand in the subsequent years. The expanding packaging industry, along with the increasing awareness among consumers pertaining to food hygiene could benefit the regional market. Other regions across the globe are projected to display a moderate growth over the next couple of years.
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Some of the significant companies in the worldwide polyglycolic acid market are DowDuPont (U.S.), BASF SE (Germany), SK Chemicals (South Korea), Huizhou Foryou Medical Devices Co., Ltd (China), DemeTech Sutures (U.S.), Shenzhen Polymtek Biomaterial Co., Ltd (China); Corbion (Netherlands), Toray Industries, Inc (Japan), Teleflex Incorporated (U.S.), SK Chemicals (South Korea), Kureha Corporation (U.S.), to name a few.
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