Polyglycolic Acid (PGA) Trends 2020: Global Opportunities, Regional Overview, Top Leaders, Size, Revenue and Forecast up to 2020 – 2027
Market Highlights
The Global
Polyglycolic Acid Market is estimated to be valued
at USD 1,989,577.9 Thousand by 2030, registering a CAGR of
10.45%.
The growth of the
global market is mainly driven by the growing adoption of the product in shale
gas exploration and production. The increasing demand for natural gas due to
the growth in the demand for energy is expected to boost the shale gas
production, which in turn is projected to propel the demand for PGA during the
forecast period. The market players are emphasizing on expanding their
production capacity to meet the growing demand for PGA in major end-use
industries. Likewise, the increasing demand for the product in the healthcare
industry is also expected to boost the market growth. Nevertheless, the
increasing adoption of the product in the packaging industry and the
development of new technologies for PGA production are expected to create
growth opportunities for the players operating in the market.
However, the availability
of substitutes and high cost of the finished product are factors likely to
hamper the global market growth during the forecast period.
Segment
Analysis
The global polyglycolic
acid market has been segmented on the basis of form, application, and region.
On the basis of form, the global market has been divided into fiber, film, and
others. The fiber segment accounted for the largest market share, valued at USD
5,10,503.8 thousand in 2018 and is expected to register 10.59% CAGR during
the review period. The growth is attributed to the increasing use of fiber in
the manufacturing of products used in the oil & gas and medical industries
such as PGA bars for frac plugs, frac balls, and medical sutures to reinforce
biodegradable composites, weave fabrics, meshes, and scaffolds for tissue
engineering. With the increase in shale gas extraction activities, the demand
for frac plugs is likely to increase and thus for PGA fibers. The film segment
is expected to register 10.13% CAGR by the end of 2030. The use of PGA films is
increasing in the packaging industry in PET bottles, packaged food products,
toiletry bottles, and beverages due to their superior properties such as
excellent gas barrier properties, relatively high strength, and excellent
biodegradability.
Based on
application, the global market has been segmented into medical, oil & gas
extraction, packaging, and others. In terms of value, the medical segment
accounted for the largest share of the global polyglycolic acid market in 2018
and is expected to register 9.71% CAGR during the review period, while oil and
gas extraction segment accounted for the second-largest market share, valued at
USD 2,19,433.6 thousand in 2018 and is expected to register a CAGR of 11.46% during
the review period. In terms of volume, the oil & gas extraction segment
accounted for the largest market share, pegged at 983.9 tons in 2018 and is
expected to register 10.15% CAGR during the review period, while the
medical segment was pegged at 526.6 tons in 2018 and is expected to reach 1,286.2 tons by
end of 2030.
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Market Players
Market Research Future
(MRFR) recognizes Kureha Corporation
(Japan), BMG Incorporated (Japan), Teleflex Inc (US), Corbion N.V. (The
Netherlands), Huizhou Foryou Medical Devices Co., Ltd (China), and Shenzhen
Polymtek Biomaterial Co., Ltd (China) as the key players in the global
polyglycolic acid market.
Regional Analysis
The global polyglycolic acid market, by region, has been segmented into North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
As per MRFR analysis,
North America held the largest market share of 60.7 % in 2018 and
is expected to register 11.16% CAGR during the review period. The
market in Europe accounted for the second-largest share in 2018 and is expected
to register 10.21% CAGR during the review period. The
market in Asia-Pacific was valued at USD 80,470.7 in 2018 and
is expected to reach to USD 2,06,365.2 by end of 2030 on account of growing
major end-use industries such as oil & gas, packaging, and medical device.
Key
Findings of the Study:
·
The Global
Polyglycolic Acid Market is projected to reach over USD 1,989,577.91
thousand by 2030 at a 45% CAGR during
the review period of 2019 to 2030.
·
North America accounted
for the largest market share, with the US being the major contributor to the
growth of the market.
- The oil and gas
extraction segment is projected to register the highest CAGR during the
review period on account of expanding shale gas extraction activities,
particularly, in North America.
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