World Polyglycolic Acid (PGA) Market by Form, End-use Industry & Region - Forecast to 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 12, 2019--
The “Polyglycolic Acid Market by Form (Fibers, Films, Others), End-use industry (Medical, Oil & Gas, Packaging) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America)-Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The market size of PGA was USD 4,118.9 million in 2019 and is projected to reach USD 6,482.5 million by 2024, at a CAGR of 9.5% during the forecast period.
The key companies profiled in this report on the polyglycolic acid market include Kureha Corporation (Japan), Corbion (Netherlands), Shenzhen Polymtek Biomaterial Co. Ltd. (China), BMG Incorporated (JAPAN), Huizhou Foryou Medical Devices Co. Ltd. (China), Teleflex Incorporated (US).
The growth in polyglycolic acid demand is majorly driven by its huge consumption in the medical industry, particularly in the absorbable surgical suture segment
The rapidly developing and growing demand for polyglycolic acid in the medical industry, individually as a preferred raw material for manufacturing surgical sutures, hernia meshes, drug delivery devices, grafts, and scaffolds for tissue regeneration, is expected to drive the market demand for polyglycolic acid during the forecast period. Also, the considerable consumption of polyglycolic acid as a biodegradable polymer in the packaging industry will further contribute to driving its market demand. However, the vast production cost associated with polyglycolic acid will act as a restraint for the market growth.
Fibers are the fastest-growing form of polyglycolic acid
Fibers are the fastest-growing form of the polyglycolic acid market globally during the forecast period. The huge preference of fiber form of polyglycolic acid in surgical sutures production used for different medical procedures including ophthalmic, gynecological and obstetric, general, orthopedic, urological, and gastroenterological surgeries are expected to drive the demand for fiber form of polyglycolic acid in future.
Medical is the largest end-use industry of polyglycolic acid
Medical is the most extensive end-use industry of polyglycolic acid. Polyglycolic acid-based sutures are considered ideal to be used in the medical industry owing to its non-toxicity, easy excretion and metabolism properties with no residues when comes in contact with the body. The exceptional biodegradability property of the polymer is another factor supporting its huge consumption in the medical industry thus driving the market for polyglycolic acid during the forecast period.
North America is the largest and fastest-growing market for polyglycolic acid
North America is projected to register the highest growth rate during the forecast period owing to the presence of major polyglycolic acid markets such as the US, Canada, and Mexico in the region. The increased risk of non-communicable diseases along with other lifestyle diseases to boost the need for different surgical procedures thus escalating the demand for polyglycolic acid in the region. Also, the major increase noticed in shale gas extraction in the past few years has boosted the demand for effective and efficient hydraulic fracturing systems which in turn has escalated the need for PGA based frac balls and plugs thereby driving the polyglycolic acid market during the forecast period.
Business Overview, Products Offered, Recent Developments, SWOT Analysis
Additional Company Profiles
End-users of PGA
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
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PUB: 11/12/2019 10:37 AM/DISC: 11/12/2019 10:37 AM