Polyglycolic Acid is a plaster that is thermoplastic and biodegradable. Polyglycolic Acid can be obtained by polycondensation of glycolide ring opening and polycondensation of glycolic acid. Due to its hydrolytic stability, top-notch knotting ability, tissue reactivity, and robust tensile strength has increased its adoption as a surgical suture material. Rising energy needs by virtue of rapid urbanization and industrialization in emerging economies are expected to increase demand for polyglycolic acid over the forecast period.
The global Polyglycolic Acid market is anticipated to increase at a 10.01% CAGR to reach value $9.30 billion in 2030
Rising oil & gas production over the past few years coupled with increasing adoption of polyglycolic acid in the oil & gas extraction process is further expected to increase its market concentration in the coming years. Additionally, low operating cost of polyglycolic acid has increased its inclusion in frac plugs and replaced metal plugs. Growing packaging industry in developed as well developing economies are expected to encourage polyglycolic acid manufacturers to increase their production activities in order to cater growing industry requirement and increase consumer base as well.
The purpose of the report is to estimate the market size for global polyglycolic acid industry and the future growth potential of the market for polyglycolic acid across various segments, such as form, application, and the geography. Just like any other sector and industry, the COVID-19 outbreak has adversely affected the polyglycolic acid market. Production activities stopped due to the nationwide lockdown and pandemic. Large number of chemical raw material companies are Asian; supply chain problems has decreased the demand for polyglycolic acid in 2020. Yet the industry has responded quickly to the evolving situation and bounced back in 2021.
The global polyglycolic acid industry is competitive with presence of well-established companies are engaged in this industry. Some prominent companies are Foryou Medical, Teleflex Incorporated, BMG Incorporated, Corbion, Kureha Corporation, Shenzhen Polymtek Biomaterial Co., Ltd., Unisur Lifecare, Merck KGaA, Hitachi, and Boen Healthcare.
Polyglycolic Acid Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$9.30 billion|
|Growth Rate||CAGR of 10.01% during 2021-2030|
|Segment Covered||by Form, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Kureha Corporation, Corbion N.V., Shenzhen Polymtek Biomaterial Co., Ltd, BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd, Teleflex Inc|
Key Segments of the Global Polyglycolic Acid Market
Application Overview, 2018-2028 (USD Million)
- Oil & Gas
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Important Companies in Global polyglycolic acid market
- Foryou Medical
- Teleflex Incorporated
- BMG Incorporated
- Kureha Corporation
- Shenzhen Polymtek Biomaterial Co., Ltd.
- Unisur Lifecare
- Merck KGaA
- Boen Healthcare
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of polyglycolic acid market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on polyglycolic acid Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the polyglycolic acid industry and their strategic initiatives for the Process development
- The study covers a qualitative and quantitative analysis of the market segmented based on type, Process, form, and source. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global polyglycolic acid Market. The report will benefit: Every stakeholder involved in the polyglycolic acid market.
- Managers within the polyglycolic acid industry looking to publish recent and forecasted statistics about polyglycolic acid market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global polyglycolic acid market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.