Polyglycolic Acid (PGA) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2027
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
Marketis 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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