Polyglycolic Acid Market Size, Share, Growth Analysis, By Form(Fiber, film, and other), By End user(Medical, oil & gas, packaging, and others (including civil engineering), By Region - Industry Forecast 2024-2031

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.