Polyglycolic Acid Market Size & Share, by Form (Fibers, Films); End User (Medical, Oil & Gas, Packaging, Agriculture) – Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035
Buy Now Report ID: 4958 | Published Date: May 24, 2023
Polyglycolic Acid Market size was USD 4 Billion in 2022 and is estimated to reach USD 9 Billion by the end of 2035, growing at a CAGR of 10% between 2023 and 2035. The market growth is due to rising awareness of sustainable packaging materials. 67% of consumers in the world believe it is critical that the products they purchase come in recyclable packaging. PGA can be used to produce compostable bags and pouches and it can be a great alternative to traditional plastic bags.
Furthermore, the growing popularity of 3D printing is also augmenting the polyglycolic acid market demand. Polyglycolic acid is used as a filament material in fused deposition modeling (FDM), a most popular 3D printing technique. Moreover, in comparison to other polymers polylactic acid (PLA) in 3d printing, polyglycolic acid is found to be more brittle.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 10% |
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Base Year Market Size (2022) |
~ USD 4 Billion |
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Forecast Year Market Size (2035) |
~ USD 9 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The medical end-user segment is expected to acquire around 40% polyglycolic acid market share in the year 2035. Rising cases of road accidents are significantly the demand for medical sutures. Every year, around 1.3 million people lose their lives due to a traffic accident.
Poly glycolic acid sutures are a biodegradable polymer that makes it safe for securing the open wound, and it eliminates the need for suture removal by getting dissolved in the body over the period. Other than this, PGA is also used in the medical sector in developing drug delivery systems, especially for sustained drug release.
Fibers form segment is set to gain the largest market share of about 60% till 2035. The fiber form of PGA has great mechanical properties, such as high retardancy to abrasion, tensile strength, and modulus.
The growth of the segment is supported by its high utilization in various industries, such as textiles, geotextiles, medical sutures, composites, and others. Apart from this, polyglycolic acid fibers can be combined with other materials to create great composite materials for automotive, aerospace, and sports equipment.
Our in-depth analysis of the polyglycolic acid market includes the following segments:
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Form |
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End User |
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North American Market Statistics
The polyglycolic acid market in North America is projected to dominate with a revenue share of about 37% by 2035. Growing cases of cardiac surgery and other surgeries are increasing the need for sutures and better drug delivery systems which in turn is likely to drive the market growth. Every year, around 500,000 open heart operations are conducted in the United States. In cardiac surgery, the sutures need to be dissolved themselves after the surgery for this purpose the polyglycolic acid sutures become increasingly important.
APAC Market Forecast
Asia Pacific polyglycolic acid market will be the second largest, gaining a share of nearly 26% by the end of 2035. Rising exploration operations and increased development of sedimentary rock gas extraction, such as shale gas. In 2021, around 23 million cubic meters of shale gas were produced in China, an increase of around 21% year on year since 2017. Polyglycolic acid is used in the formation of fracture plugs that are placed in the wellbore to isolate different shales and enable gas pipeline infrastructure for uninterrupted gas extraction.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing demand for sustainable packaging, 3d printing, and medical sutures are the major factors driving the market growth.
Ans: The market size of polyglycolic acid is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2035.
Ans: High cost of production and unawareness regarding its benefits are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Corbion NV, Shenzhen Polymtek Biomaterial Co. Ltd., BMG Incorporated, HuizhoForyou Medical Devices Co., Ltd., Teleflex Incorporated, Du Pont de Nemours, Inc., Foster Group, Inc., Samyang Holdings Biopharma Group, Ethicon Inc., and Kureha Corporation
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by form, end user, and by region.
Ans: The medical segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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