Polyglycolic Acid Market: Size, Share, Top Vendors, Industry Trends, Growth, Recent Developments, Technology Forecast to 2030 - MRFR

 

Market Scenario

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.

Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/5749 

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.

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.

Significant Companies

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.)

Market Segmentation

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.

Regional Outlook

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 polylactic acid polymers 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.

About Market Research Future - 

 At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles. 

MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

 In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.

 Contact: 

Market Research Future®

 99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

 Phone: +1 628 258 0071(US) +44 2035 002 764(UK)

 Email: sales@marketresearchfuture.com

 Website: https://www.marketresearchfuture.com 

Comments

Post a Comment

Popular posts from this blog

Blowing Agents Market :Report 2023: Methodology and Rapid Technology Growth Will Boost Industry Revenue

Image
  Introduction Blowing agents are chemicals that are used to produce gas during the manufacturing process of polyurethane foam, plastics, and rubber. The  Blowing Agents Market  has seen significant growth over the years due to the increasing demand for lightweight materials, energy-efficient buildings, and strict regulations on environmental protection. According to a report by MRFR, the global blowing agents market size is expected to reach USD 6 billion by 2030, at a CAGR of 8% during the forecast period. This article explores the key drivers and trends shaping the Blowing Agents Market. The Blowing Agents Market The Blowing Agents Market is witnessing an increasing demand due to the growth of end-use industries such as  construction , automotive, and consumer goods. The demand for lightweight and energy-efficient materials has resulted in the use of blowing agents in insulation foams and refrigeration systems. Moreover, strict regulations by various governments on environmental pro
Read more

Subsea Thermal insulation market By Analyzing Recent Trends, And the Driving Factors By 2030

Image
  Subsea Thermal Insulation Market Segmentation The global subsea thermal insulation market has been segmented by type, application, and region. Based on type, the market has been segmented into polyurethane, polypropylene, epoxy, aerogel, phenolic, silicone and others. Polyurethane segment accounted for the largest market share in the global subsea thermal insulation market in 2017 and is expected to grow at a moderate CAGR during the review period, owing to its versatility in application for hot and cold lines, better adhesion to the metal surface, and ease of handling among others. However, with the rising popularity of ultra-deepwater exploration the prevalence of epoxy based insulation is increasing in subsea applications, hence, the epoxy based insulation is expected to grow at a highest CAGR during the forecast period. Based on application, the market has been segmented into pipelines, risers, subsea equipment, field joints and others. Pipelines accounted for the largest market
Read more

Pipe Insulation Market Share: Investment Analysis Opportunities, Size and Forecast to 2030

Image
  Overview: The global  Pipe Insulation Market Share  has been segmented by type, end-use industry, and region. Based on raw material, the global pipe insulation market has been segmented into foamed plastic, elastomeric foam, fiber glass, mineral wool, and others. Among them, the mineral wool segment held the largest market share in 2018 due to its excellent fire-resistance and high compressive strength.  Additionally, it is derived from renewable raw material and does not cause any harm to the environment. However, the foamed plastic segment is expected to grow at a fastest CAGR during the forecast period due to its superior thermal, acoustic, and moisture barrier properties. Get Free Sample Report @  https://www.marketresearchfuture.com/sample_request/7282    Based on end-use industry, the global pipe insulation market has been segmented into chemical, oil & gas, power, automotive, building & construction, food & beverages, pharmaceutical, and others. Among them, the oil
Read more