Polyglycolic Acid Market Size, Share, Growth Analysis, By Form(Fiber, film), By End user(Medical, oil & gas) - Industry Forecast 2024-2031

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 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. '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'

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.

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.

North America holds the dominant position in the 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.