Polyglycolic Acid Market

Polyglycolic Acid Market Size (2023-2028):

The polyglycolic acid industry size is predicted to be valued at $ 4.5 billion in the year 2022 and is predicted to reach $ 6.2 billion by the end of 2028, with a current CAGR of 9.9%.

The polyglycolic acid industry is driven primarily by its huge consumption in the medical industry, as well as its escalating call in the packaging industry. Polyglycolic acid exhibits high hydrolytic instability, which results in very rapid degradation. This has been a limiting factor in its applicability in various medical innovations. To increase hydrolytic stability, several comonomers have been tried; however, the resulting materials exhibit inferior properties to PGA homopolymers. The lack of cost-effective, high-volume manufacturing techniques has led to the feasibility of producing the product on a relatively small scale in recent years. However, the market value of polyglycolic acid is likely to increase during the foreseen period due to profitable innovations by Kureha Corporation in this field.

Polyglycolic acid (PGA) is a biodegradable, thermoplastic polymer widely employed as a surgical suture material due to its high tensile strength, tissue reactivity, hydrolytic stability, and excellent knottability. It is obtained by two processes, namely, the polycondensation of glycolic acid and the ring-opening polymerization of the glycolide. Polyglycolic acid is employed to produce absorbable synthetic braided multifilament sutures. These sutures are employed to hold together tissues that are torn as a result of surgery or injury. PGA sutures undergo hydrolysis because the sutures naturally dissolve and are absorbed by the tissues. It provided additional advantages over conventional sutures, such as minimal tissue reaction and elimination of the follow-up visit to the doctor to remove the suture, as well as a reduction in the chance of wound infection from the suture.

Polyglycolic Acid Market Trends:

The online distribution channel is predicted to grow at a faster rate of 12.6% during the period 2020-2025, as this mode of distribution has the advantage of offering greater exposure to the product produced by manufacturers, particularly with the proliferation of smart devices. and Internet connectivity. In addition, it provides an additional channel for product marketing and sales, offering lower marketing costs compared to offline sales channels. A fair review of products and services gives customers/customers the confidence to buy, thus providing opportunities to increase their profitability. The oil and gas industry relies on rugged tools for drilling vertical, horizontal, and deviated wells. Plug and bore operations require hydraulic fracturing plugs and balls for zone isolation in different types of oil and gas wells. Soluble Fracture Plugs (DFPs) rely on polyglycolic acid, due to its ability to better withstand high-temperature wells compared to polylactic acid, which undergoes rapid degradation with escalating temperature.

Recent Developments in the Polygly colic Acid Market:

Kureha Corporation announced today that it will invest more than $ 100 million in a new wholly owned subsidiary to build a plant to produce and sell the high-performance polymer, polyglycolic acid (PGA).

Polyglycolic Acid Market Drivers:

The rapid development and escalating call for polyglycolic acid in the medical industry, individually as the preferred raw material for the manufacture of surgical sutures, hernia meshes, drug delivery devices, grafts, and scaffolds. for tissue regeneration, it is predicted to drive the market calls for polyglycolic acid during the foreseen period. The expansion of the worldwide polyglycolic acid (PGA) market is driven by the escalating use of plugs and frack balls in the oil and gas extraction business, particularly in the United States. PGA-made fracturing plugs are highly employed in place of metal plugs due to lower operating costs, as they do not need to be salvaged from drill holes after use. Furthermore, the expansion of the medical device industry due to escalated spending in the healthcare sector and the growing geriatric population is predicted to drive the call for PGA during the foreseen period.

Polyglycolic Acid Market Restraints:

Nevertheless, the presence of alternatives along with the high price and complicated making procedure of PGA will probably hamper the expansion of the worldwide industry over the course of the period considered.

POLYGLYCOLIC ACID MARKET REPORT COVERAGE:

Opportunities in the Polyglycolic Acid Market:

The escalating number of surgeries and the aging of the population thus increase the call for PGA sutures, which in turn increases the call for polyglycolic acid. On the other hand, the oil and gas industry uses soluble fracturing plugs (DFPs) that use PGAs because they have the ability to withstand high temperatures and do not degrade easily. Acidic PGA polymers provide resistance to water and highly saline chemicals from the seat and are biodegradable in nature, thereby enhancing the hydraulic fracturing process in oil and gas drilling operations. Expansion in the healthcare industry and the oil and gas industry thus complements the expansion of the polyglycolic acid market.

Challenges in the Polyglycolic Acid Market:

The high cost of production associated with polyglycolic acid will act as a drag on the market expansion.

Polyglycolic AcidMarket Segmentation:

Polyglycolic Acid Market By Form:

• Fibers
• Films
• Others

The fiber form leads to the general market for polyglycolic acid. The fibrous form of polyglycolic acid is obtained primarily by ring-opening polymerization of cyclic dimers of glycolic acid.

Polyglycolic Acid Market By End-Use Industry:

• Medical
• Oil & gas
• Packaging

Medicine is the largest polyglycolic acid end-use industry in 2018. The high preference and acceptance of polyglycolic acid in the field of transluminal coronary angioplasty, hysterectomy, mastectomy Total, and other surgeries in the medical sector are predicted to stimulate the call for polyglycolic acid during the foreseen period.

Polyglycolic Acid Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

North America is estimated to be the largest polyglycolic acid market during the foreseen period. The United States, Canada, and Mexico are the main markets for polyglycolic acid in North America, with the United States being the largest. The presence of a large elderly population, as well as an increase in the number of cardiac, orthopedic, and hysterectomy surgeries in the region, are predicted to stimulate the call for polyglycolic acid in North America. Escalated medical tourism in a significant part of the region will further support the expansion of the polyglycolic acid market. With the rapid industrialization and urbanization in Asia, the call for energy has escalated at a significant rate. China and India are the main industrial economies in Asia. This, in turn, is likely to lead to escalated investment in oil and gas exploration activities in the region, mainly in China, India, and Australia. Furthermore, the use of PGA is escalating in the packaging industry, mainly for the packaging of beverages and food products due to its biodegradability. Therefore, the strong expansion outlook of the shale gas industry in Asia-Pacific and the expansion of the packaging industry around the world are predicted to create significant opportunities for players operating in the acid market. polyglycolic during the foreseen period.

North America is predicted to post the highest expansion rate during the foreseen period due to the presence of large polyglycolic acid markets such as the United States, Canada and Mexico in the region. The escalated risk of non-communicable diseases, as well as other lifestyle-related diseases, increases the need for different surgical procedures, thus escalating the call for polyglycolic acid in the area. Additionally, the escalated increase in shale gas extraction in recent years has stimulated the call for efficient and effective hydraulic fracturing systems, escalating the need for hydraulic fracturing balls and plugs made from petroleum. PGA, thus boosting the polyglycolic acid market during the foreseen period.

Polyglycolic Acid Market Key Players:

The major players covered in the polyglycolic acid report are KUREHA CORPORATION, Corbion, BMG Incorporated, Teleflex Incorporated., Shenzhen Polymtek Biomaterial Co., Ltd., Unisur Lifecare Pvt. Ltd., KUREHA AMERICA, INC, Merck KGaA, Hitachi, Ltd., ORION SUTURES INDIA PVT LTD, E. I. du Pont de Nemours and Company, BASF SE, Shandong Haidike Medical Products Co., Ltd,  Boen Healthcare Co., Ltd., among other players domestic and global.