The global polyglycolic acid (PGA) market is anticipated to witness a remarkable double-digit Compound Annual Growth Rate (CAGR) of 10%, reaching a market value of approximately USD 13 billion. PGA serves various purposes across industries due to its versatile properties. It is extensively utilized as a filament in 3D printing owing to its ease of extrusion, high strength, and thermal stability. Additionally, PGA finds applications in consumer goods like packaging materials and disposable products, thanks to its biodegradable nature. One of its significant advantages is its biocompatibility, making it safe for medical use in products such as sutures and wound dressings. PGA’s absorbable nature makes it particularly suitable for medical applications where removal is necessary over time. With its robustness, flexibility, and cost-effectiveness, PGA serves diverse sectors including medical, agriculture, 3D printing, and consumer goods.
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Market Dynamics
- The fiber form of polyglycolic acid is poised to drive the overall polyglycolic acid market forward, primarily due to heightened demand from the medical industry. This demand surge is attributed to the use of fiber form polyglycolic acid in the production of absorbable surgical sutures, which are extensively utilized across various medical domains including gynecology, obstetrics, ophthalmology, orthopedics, and urology.
- Additionally, the escalating consumption of processed and packaged foods such as ready-to-eat meals, frozen foods, snacks, and cake mixes is expected to propel the need for flexible packaging solutions. This, in turn, is anticipated to bolster the growth of the polyglycolic acid market, as it finds applications in the packaging industry along with agriculture, electronics, transportation, and textiles.
- Despite these positive outlooks, certain limitations may hinder the global polyglycolic acid market’s growth trajectory. Polyglycolic acid exhibits a relatively low glass transition temperature, rendering it unsuitable for high-temperature applications. Moreover, it is comparatively more brittle than ABS in 3D prototyping, posing challenges to its widespread adoption.
Future Outlook :
- In countries like Saudi Arabia, China, Japan, India, and Germany, the increasing demand from oil & gas industries for biodegradable polyglycolic acid, particularly for applications like shopping bags and disposable cutlery, is expected to fuel regional market growth. Additionally, the rising trend of packaged food consumption in North America, particularly in Mexico, Canada, and the US, is projected to drive the demand for polyglycolic acid in packaging materials. Moreover, the presence of an aging population in North America, leading to a higher number of orthopedic, cardiac, and hysterectomy surgeries, is anticipated to further boost the use of polyglycolic acid in medical applications.
- Furthermore, Europe is likely to witness significant growth in the polyglycolic acid market due to stringent government regulations promoting the use of biodegradable products. These regulations are expected to create a favorable environment for the adoption of polyglycolic acid across various industries, further driving market growth.
- Overall, the increasing awareness regarding environmental sustainability and the growing demand for biodegradable materials across different sectors are poised to sustain the growth momentum of the polyglycolic acid market in the future.
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Polyglycolic Acid Market: Market participants
- 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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