The Global Polyglycolic Acid Market is estimated to be valued at USD 1,989,577.9 Thousand by 2030, registering a CAGR of 10.45%.
The growth of the global market is mainly driven by the growing adoption of the product in shale gas exploration and production. The increasing demand for natural gas due to the growth in the demand for energy is expected to boost the shale gas production, which in turn is projected to propel the demand for PGA during the forecast period. The market players are emphasizing on expanding their production capacity to meet the growing demand for PGA in major end-use industries. Likewise, the increasing demand for the product in the healthcare industry is also expected to boost the market growth. Nevertheless, the increasing adoption of the product in the packaging industry and the development of new technologies for PGA production are expected to create growth opportunities for the players operating in the market.
However, the availability of substitutes and high cost of the finished product are factors likely to hamper the global market growth during the forecast period.
The global polyglycolic acid market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
As per MRFR analysis, North America held the largest market share of 60.7 % in 2018 and is expected to register 11.16% CAGR during the review period. The market in Europe accounted for the second-largest share in 2018 and is expected to register 10.21% CAGR during the review period. The market in Asia-Pacific was valued at USD 80,470.7 in 2018 and is expected to reach to USD 2,06,365.2 by end of 2030 on account of growing major end-use industries such as oil & gas, packaging, and medical device.
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The global polyglycolic acid market has been segmented on the basis of form, application, and region. On the basis of form, the global market has been divided into fiber, film, and others. The fiber segment accounted for the largest market share, valued at USD 5,10,503.8 thousand in 2018 and is expected to register 10.59% CAGR during the review period. The growth is attributed to the increasing use of fiber in the manufacturing of products used in the oil & gas and medical industries such as PGA bars for frac plugs, frac balls, and medical sutures to reinforce biodegradable composites, weave fabrics, meshes, and scaffolds for tissue engineering. With the increase in shale gas extraction activities, the demand for frac plugs is likely to increase and thus for PGA fibers. The film segment is expected to register 10.13% CAGR by the end of 2030. The use of PGA films is increasing in the packaging industry in PET bottles, packaged food products, toiletry bottles, and beverages due to their superior properties such as excellent gas barrier properties, relatively high strength, and excellent biodegradability.
Based on application, the global market has been segmented into medical, oil & gas extraction, packaging, and others. In terms of value, the medical segment accounted for the largest share of the global polyglycolic acid market in 2018 and is expected to register 9.71% CAGR during the review period, while oil and gas extraction segment accounted for the second-largest market share, valued at USD 2,19,433.6 thousand in 2018 and is expected to register a CAGR of 11.46% during the review period. In terms of volume, the oil & gas extraction segment accounted for the largest market share, pegged at 983.9 tons in 2018 and is expected to register 10.15% CAGR during the review period, while the medical segment was pegged at 526.6 tons in 2018 and is expected to reach 1,286.2 tons by end of 2030.
Market Research Future (MRFR) recognizes Kureha Corporation (Japan), BMG Incorporated (Japan), Teleflex Inc (US), Corbion N.V. (The Netherlands), Huizhou Foryou Medical Devices Co., Ltd (China), and Shenzhen Polymtek Biomaterial Co., Ltd (China) as the key players in the global polyglycolic acid market.
Key Findings of the Study:
- The Global Polyglycolic Acid Marketis projected to reach over USD 1,989,577.91 thousand by 2030 at a 45% CAGRduring the review period of 2019 to 2030.
- North America accounted for the largest market share, with the US being the major contributor to the growth of the market.
- The oil and gas extraction segment is projected to register the highest CAGR during the review period on account of expanding shale gas extraction activities, particularly, in North America.
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