USD 4.09 Billion
Polyglycolic Acid Market Size, Share, Growth Analysis, By Form(Fiber, film), By End user(Medical, oil & gas) - Industry Forecast 2024-2031
Report ID:
SQMIG25M2057 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
66 |
Figures:
75
Polyglycolic Acid Market Insights
Global Polyglycolic Acid Market size was valued at USD 4.09 Billion in 2021 and is poised to grow from USD 4.5 Billion in 2022 to USD 9.72 Billion by 2030, at a CAGR of 10.1% during the forecast period (2023-2030).
The global polyglycolic acid (PGA) market is witnessing steady growth due to several factors. PGA is extensively used in medical applications, including absorbable sutures, tissue engineering, drug delivery systems, and wound healing products. The growing aging population, coupled with the rising number of surgical procedures and chronic diseases, is fueling the demand for PGA in the medical sector. Moreover, the packaging industry is another significant driver of the PGA market. The increasing awareness about environmental concerns and the need for sustainable packaging solutions have led to the adoption of PGA-based packaging materials. PGA films and coatings offer excellent barrier properties, thermal stability, and biodegradability, making them suitable for food packaging, agricultural films, and other applications.
Despite the positive market outlook, the PGA market faces certain challenges. One of the major challenges is the high production cost of PGA, which limits its widespread adoption, especially in price-sensitive industries. The complex and energy-intensive manufacturing process of PGA contributes to its high cost. Another challenge is the competition from alternative biodegradable polymers. There are several other biodegradable polymers available in the market, such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA), which offer similar properties to PGA. The availability and affordability of these alternatives pose a challenge to the market growth of PGA. Furthermore, the limited awareness and understanding of PGA among end-users can hinder market growth. Educating and creating awareness about the benefits and applications of PGA is essential to drive its adoption in various industries.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fiber
Fastest Growth
Fiber
Growth Rate
10.1% CAGR
Global Polyglycolic Acid Market ($ Bn)
Country Share for North America Region (%)
Global Polyglycolic Acid Market By Form ($ Bn)
Global Polyglycolic Acid Market By Form (%)
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Polyglycolic Acid Market Segmental Analysis
The global polyglycolic acid market is segmented on the basis of form, end use, and region. By form, the market is segmented into fiber, film, and others. By end use, the market is segmented into medical, oil & gas, packaging, and others (including civil engineering, agriculture, and filters). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Form
The global polyglycolic acid (PGA) market can be segmented by form into fiber, film, and others. Among these segments, the dominant form is fiber, while the fastest-growing form is film. Fiber is the dominant form in the global PGA market. PGA fibers possess excellent mechanical properties, including high tensile strength and stiffness, making them suitable for a wide range of applications. The dominant position of PGA fibers is primarily driven by their extensive use in the medical industry. PGA fibers are widely employed in the production of absorbable sutures due to their biocompatibility and ability to be absorbed by the body over time. The medical sector's demand for absorbable sutures, tissue engineering, and other medical devices fuels the dominance of PGA fiber in the market.
On the other hand, film is the fastest-growing form in the PGA market. PGA films offer desirable characteristics such as high thermal stability, excellent barrier properties, and biodegradability. These properties make PGA films attractive for various applications, including food packaging, agricultural films, and industrial packaging. The increasing awareness of sustainable and eco-friendly packaging solutions, coupled with the growing emphasis on reducing plastic waste, drives the demand for PGA films. Additionally, advancements in film production technologies and the development of improved PGA film formulations contribute to the rapid growth of PGA films in the market.
Analysis By End use
The global polyglycolic acid (PGA) market can be segmented by end use into medical, oil & gas, packaging, and others (including civil engineering, agriculture, and filters). Among these segments, the dominant end use is the medical industry, while the fastest-growing end use is packaging. The medical industry is the dominant end use for PGA due to its exceptional biodegradable and biocompatible properties. PGA is extensively used in medical applications, including absorbable sutures, tissue engineering, drug delivery systems, and wound healing products. The demand for PGA in the medical sector is driven by factors such as the increasing number of surgical procedures, the growing aging population, and the rising prevalence of chronic diseases. The biodegradable nature of PGA makes it ideal for applications that require temporary support or scaffolding, making it the primary choice in the medical industry.
Packaging is the fastest-growing end use for PGA, fueled by the rising demand for sustainable and eco-friendly packaging solutions. PGA films and coatings offer excellent barrier properties, thermal stability, and biodegradability, making them suitable for various packaging applications. With increasing awareness about environmental concerns and the need to reduce plastic waste, there is a growing preference for PGA-based packaging materials. PGA films are used in food packaging, agricultural films, industrial packaging, and other sectors. The emphasis on sustainable packaging practices and regulations regarding the use of non-biodegradable materials drive the growth of PGA in the packaging industry.
Global Polyglycolic Acid Market By Form, 2023 (%)
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Polyglycolic Acid Market Regional Insights
North America holds the dominant position in the global PGA market due to several factors. The region has a well-established healthcare infrastructure, which drives the demand for PGA in medical applications such as absorbable sutures, tissue engineering, and drug delivery systems. Additionally, the presence of major pharmaceutical and medical device manufacturers in North America contributes to the market's dominance. Moreover, the increasing focus on sustainability and environmental consciousness in packaging applications further drives the adoption of PGA films and coatings in the region.
Asia Pacific is the fastest-growing region in the global PGA market. The region benefits from rapid industrialization, urbanisation, and increasing disposable incomes. These factors drive the demand for PGA in various industries such as packaging, medical, and oil & gas. The expanding population and rising healthcare expenditures in countries like China and India contribute to the growth of the medical sector and the demand for PGA in medical applications. Furthermore, the increasing emphasis on sustainable packaging solutions and the stringent regulations on plastic waste management propel the growth of PGA in the packaging industry across the Asia Pacific region.
Global Polyglycolic Acid Market By Region, 2024-2031
- Largest
- Fastest
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Polyglycolic Acid Market Dynamics
Drivers
Growing Demand for Sustainable Materials
- The increasing awareness of environmental concerns and the need for sustainable materials drive the demand for polyglycolic acid (PGA). PGA is a biodegradable polymer, making it an attractive alternative to traditional non-biodegradable materials in various industries.
Expansion of Medical Applications
- PGA finds extensive use in the medical industry, particularly in absorbable sutures, tissue engineering, and drug delivery systems. The growing number of surgical procedures, advancements in healthcare infrastructure, and the rising prevalence of chronic diseases contribute to the demand for PGA in the medical sector.
Restraints
Limited Awareness and Understanding
- Despite its benefits, PGA may face limited awareness and understanding among end-users in some regions and industries. Educating end-users about the advantages, applications, and potential of PGA is essential to drive its adoption and market growth.
Technological Limitations
- PGA has certain technological limitations, including limited thermal stability and lower mechanical strength compared to non-biodegradable materials. These limitations can impact the suitability of PGA for certain applications and hinder its widespread use in some industries.
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Polyglycolic Acid Market Competitive Landscape
The global polyglycolic acid (PGA) market features a competitive landscape with several players vying for market share. The market is characterised by a mix of established companies and emerging players, each offering a range of PGA-based products and solutions. Competition in the PGA market revolves around factors such as product innovation, quality, cost-effectiveness, and sustainability. Companies strive to develop advanced manufacturing processes, improve product performance, and enhance the biodegradability and mechanical properties of PGA. Additionally, research and development efforts are focused on expanding the applications of PGA in various industries and developing new formulations to meet specific market needs. Collaborations, partnerships, and strategic alliances are also common in the PGA market.
Companies often engage in joint ventures with research institutions, healthcare organisations, and other industry players to drive innovation and expand their market presence. These collaborations foster knowledge sharing, technological advancements, and the development of novel PGA-based products and solutions. Market players also invest in marketing and promotional activities to create awareness and differentiate their products in a competitive market. This includes showcasing the sustainable and eco-friendly nature of PGA, its biodegradability, and its advantages over traditional non-biodegradable materials. Furthermore, the global nature of the PGA market allows companies to compete across different regions and leverage their expertise to penetrate new markets. Market players focus on expanding their geographic reach, establishing distribution networks, and providing efficient customer support to gain a competitive edge.
Top Player’s Company Profile
- Corbion - Netherlands
- Kureha Corporation - Japan
- Huizhou Foryou Medical Devices Co., Ltd. - China
- Shenzhen Polymtek Biomaterial Co., Ltd. - China
- BMG Incorporated - Japan
- Teleflex Incorporated - US
- Merck KGaA - Germany
- Lactel Absorbable Polymers - US
- Shenzhen Polymtek Biomaterial Co., Ltd. - China
- Qingdao Future Group - China
- Kuraray Co., Ltd. - Japan
- Teleflex Incorporated - US
- Merck KGaA - Germany
- Foster Corporation - US
- Durect Corporation - US
- Shenzhen Polymtek Biomaterial Co., Ltd. - China
- Resomer (Evonik Industries AG) - Germany
- Tepha, Inc. - US
- W. R. Grace & Co. - US
- Xiantao Jiamei Non-woven Fabric Products Co., Ltd. - China
Recent Developments
- In January 2023, Kureha Corporation announced the expansion of its PGA production capacity in Japan.
- In February 2023, Corbion N.V. launched a new line of PGA products for the medical device market.
Polyglycolic Acid Key Market Trends
- Increasing Demand for Sustainable Packaging: The rising awareness of environmental concerns and the need for sustainable packaging solutions drive the demand for PGA. As a biodegradable polymer, PGA is gaining traction as a viable alternative to traditional non-biodegradable materials in the packaging industry. The trend towards eco-friendly packaging practices and regulations on plastic waste management support the growth of PGA in this sector.
- Growing Medical Applications: PGA has significant applications in the medical field, such as absorbable sutures, tissue engineering, and drug delivery systems. The increasing number of surgical procedures, advancements in healthcare infrastructure, and the rising prevalence of chronic diseases contribute to the demand for PGA in the medical industry. Continuous research and development efforts to enhance PGA's biocompatibility and mechanical properties further expand its medical applications.
Polyglycolic Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global polyglycolic acid market analysis, North America maintains its dominant position in the global PGA market due to its well-established healthcare infrastructure and focus on sustainability. However, the fastest-growing region is Asia Pacific, driven by rapid industrialization, expanding population, and the increasing demand for sustainable packaging solutions. The global polyglycolic acid (PGA) market is experiencing significant growth and transformation driven by multiple factors. The increasing demand for sustainable and eco-friendly materials, coupled with stringent regulations on plastic waste management, drives the adoption of PGA in various industries, particularly in packaging and medical applications. The growing awareness of environmental concerns and the need for biodegradable alternatives fuel the demand for PGA as a sustainable packaging solution.
In the medical field, PGA finds extensive use in absorbable sutures, tissue engineering, and drug delivery systems due to its biocompatibility and biodegradability. Technological advancements aimed at enhancing PGA's mechanical properties and processability further expand its application potential. Strategic collaborations and partnerships enable market players to leverage expertise, drive innovation, and offer enhanced PGA-based solutions. Additionally, the adoption of PGA is growing in emerging economies, driven by rapid industrialization, urbanisation, and increasing consumer awareness. The global PGA market is poised for continued growth, driven by the need for sustainable materials and the expanding application possibilities across industries.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.09 Billion |
| Market size value in 2031 | USD 9.72 Billion |
| Growth Rate | 10.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Polyglycolic Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Polyglycolic Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Polyglycolic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Polyglycolic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Polyglycolic Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Polyglycolic Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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