Increasing penetration of biodegradable polymers in the packaging industry, increasing adoption of polyglycolic acid in biomedical applications, and rising use in shale gas extraction processes are expected to open new avenues for polyglycolic acid manufacturers to increase their production output in order to cater growing end user requirements.
Medical industry has offered lucrative opportunity for polyglycolic acid in the field of surgeries, hysterectomy, total mastectomy, and transluminal coronary angioplasty. Unique properties and unmatched compatibilities have increased its adoption in medical field and this sector will further open new avenues for polyglycolic acid. Apart from medical, oil & gas industry is also one of the important end users of polyglycolic acid. Increasing adoption in frac plug and frac balls coupled with increasing exploration and production activities are expected to drive the market in coming years.
Adroit Market Research study on the global market for polyglycolic acid offers a holistic view of the industry from 2020 to 2028 as forecast period, including factors such as market drivers, limitations, opportunities, threats and regulatory overview. The market has been analyzed from 2018 to 2028, with a base year estimate of 2019 and a projection from 2020 to 2028. The report covers the current status and potential characteristics of the market at both the global and the country level. Moreover, the report also assesses market competition with Porter's analysis of five strengths and places leading players on the basis of their product range, regional presence, strategic initiatives and overall sales. Prominent players in the global polyglycolic acid market have been analyzed in depth.
The COVID-19 pandemic is a major threat that has recently influenced the Polyglycolic Acid Market Trends. Because of decreased demand due to the pandemic, the market was in a slump in 2020. For the industry and the key players in it, the pandemic has taken the form of a major challenge. The market players have been focusing on implementing new and improved measures in order to overcome the challenge. Such a strategic approach would reinforce the market's stability and its demand.
North America and Europe dominated the overall market and is expected to offer lucrative opportunities in future. Presence of well-established biomedical companies followed by increasing oil & gas production in these economies will drive the market over the forecast period. 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.
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