The global polyglycolic acid market is poised for remarkable growth, projected to achieve a compound annual growth rate (CAGR) of 10%, reaching a substantial market value of US$ 13 billion. This surge in demand for polyglycolic acid, a biodegradable polymer with versatile applications in industries ranging from medical to packaging, reflects its increasing adoption as a sustainable alternative to traditional materials. Factors such as growing environmental concerns, stringent regulations favoring eco-friendly products, and the burgeoning need for biodegradable materials drive the market’s expansion, positioning polyglycolic acid as a pivotal player in the global market landscape.
Polyglycolic Acid, a synthetic polymer of glycolic acid, boasts exceptional properties such as biodegradability, high tensile strength, and good mechanical properties. These attributes make it an ideal choice for applications in sectors like medical, packaging, shale gas extraction, and more. The market for PGA is witnessing steady growth, propelled by increasing environmental concerns and stringent regulations promoting the adoption of sustainable materials.
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Key Growth Drivers:
- Medical Sector Advancements: PGA finds extensive utilization in the medical sector, particularly in absorbable sutures and tissue engineering, owing to its biocompatibility and predictable degradation profile.
- Rising Demand in Packaging: With the surge in demand for eco-friendly packaging solutions, PGA-based materials are gaining traction as a viable alternative to traditional plastics.
- Expanding Applications in Other Industries: PGA’s versatility extends to applications in agriculture, shale gas extraction, and construction, further augmenting its market growth.
Polyglycolic Acid Market: Top Key Players
- Huizhou Foryou Medical Devices Co., Ltd. (China)
- Kureha Corporation (Japan)
- Corbion (Netherland)
- Teleflex Incorporated (US)
- BMG Incorporated (Japan)
- Shenzhen Polymtek Biomaterial Co., (China)
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Polyglycolic Acid Market: Segmentation
The global market of Polyglycolic Acid can be segmented on the basis of type, form, end use industries, and manufacturing process:
On the basis of type
- Racemic Polyglycolic Acid
- Regular Polyglycolic Acid
- Poly-DL-lactic acid
On the basis of form
- Fibers
- Films
- Others (plate, rod and composites)
On the basis of end use industries
- Medical
- Oil & Gas
- Packaging
- Others (civil engineering, agriculture and filters)
On the basis of manufacturing process
- Direct Polycondensatioal Reactions
- Ring Opening Polymerization
- Azeotropic Dehydrative Condensation
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