Overview:
The global polyglycolic acid market is getting traction from a vast range of sectors owing to its biodegradable properties which have made it the choicest option in the surgical suture material. Its high tensile strength, hydrolytic stability, and knotting ability have spurred its use in the healthcare sector. The global PGA Market Analysis can expect robust growth during the forecast period (2022-2030) reveals Market Research Future (MRFR) in a detailed analysis that encompasses sectors such as segments and drivers. This component has been revolutionizing healthcare sector for quite some time now. From drug formulation and treatments to manufacturing of implantable devices; it is now common in various applications such as orthopedics, pacemakers, cardiovascular stents, defibrillators, and others. Furthermore, in cosmetic surgery, food packaging, and recyclable formation of pet bottles, and as a barrier during shale gas extraction, polyglycolic acid is one of a kind. Hence, the polyglycolic acid is experiencing so much boost.
However, the price has been a talking point always. Dwindling cost of raw materials has kept the end-product price fluctuating which can be a great market detractor. But, its market proliferation across sectors can steer the industry away from any long-time impact.
Industry Trend:
Solvay Specially polymer of the U.S. has recently come up with new barrier polyester which is known as Verian HBP. This product can act as an inner layer in multi-layered PET bottles and provide sufficient protection during shale gas extraction.
AIMPLAS, the Plastics Technology Institute, while coordinating the REFUCOAT project has come up with a new solution where polyglycolic acid with silica oxide creates a barrier between oxygen and water. The end product is better than the commercially available packaging solution.
Segmentation:
The global polyglycolic acid market can be segmented based on application.
By the application, this polyglycolic acid market is segmented into bio-medical, packaging, and shale gas extraction.
Some of the key players in the global polyglycolic acid market are Toray Industries, Inc (Japan), BASF SE (Germany), SK Chemicals (South Korea), Shenzhen Polymtek Biomaterial Co., Ltd (China), Teleflex Incorporated (U.S.), Huizhou Foryou Medical Devices Co., Ltd (China), DemeTech Sutures (U.S.); DowDuPont (U.S.), Corbion (Netherlands), Kureha Corporation (U.S.), Focus Technology Co., Ltd (China), Foosin Medical Supplies Inc Ltd (China), and others.
Regional Analysis:
Region-specific analysis of the polyglycolic acid market reveals Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and the Middle East and Africa (MEA).
The APAC is expected to drive the demand for polylactic acid plastic as its growth in biomedical application and packaging industry is generating significant demand for the polyglycolic market. In developing economies such as India, China, Thailand, Taiwan, and Indonesia, polyglycolic acid's use has picked up speed. Rising disposable income and revamped healthcare sector are helping the healthcare sector grow in this region. For instance, India’s healthcare industry is anticipated to reach USD 275 billion valuation during the forecast period, reveals reports published by the India Brand Equity Foundation. Surging disposable income and shifting trend towards packaged and eco-friendly products are have ushered in innovative and convenient packaging for food, beverages, and personal care products which can ensure the market's future growth.
Extraction of oil and shale gas in the North American region has gained prominence in the region which requires ample supply of polyglycolic acid. And the demand is soaring further up with the need for innovative packaging.
Growing eco-awareness is now driving the European market forward. Hence, demand for packaging innovation can be witnessed in the region, and it's further going to cement polyglycolic acid market in the region. Spain's Refucoat project, with an aim to develop fully-recyclable food packaging and to improve the preservation of food, is one such step. Healthcare sector is also giving the polyglycolic acid market much-needed boost.
Market Insight:
New product developments, merger, acquisition, collaboration, and other methods play significantly in strategic moves of reputed companies. In the process, they take the market ahead. For instance, Kurudex, manufactured by Kureha PGA LLC for food packaging, is garnering accolades from diverse regions owing to its quality of synthesis. On the other hand, Toray Industries, Inc is planning to acquire TenCate Advanced Composites which can increase their market proliferation substantially.
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