What Factors Propelled The Growth Of The Polyglycolic Acid Market In The Past?
The polyglycolic acid market has seen considerable growth due to a variety of factors.
• In the past few years, the polyglycolic acid market has experienced substantial growth. The market size is projected to increase from $5.22 billion in 2024 to a whopping $5.75 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.1%. Factors contributing to the growth during the historical period include progress in polymer chemistry, its usage in the medical field, regulatory backing for biodegradable products, investment in research and development, and a surge in demand within the oil and gas sector.
What Is the Forecasted Market Size and Growth Rate for The Polyglycolic Acid Market By 2029?
The Polyglycolic Acid market is expected to maintain its strong growth trajectory in upcoming years.
• The market for polyglycolic acid is slated for swift expansion in the coming years, expecting to attain a valuation of $8.64 billion in 2029, showcasing a compound annual growth rate (CAGR) of 10.7%.
Various factors influence this predicted growth within the forecast period, including the burgeoning bioplastics market, an upswing in demand within the packaging sector, a rise in surgical procedures, heightened awareness of ecological matters, needs within the electronics industry, and medical device advancements. Key trends in this forecast period encompass progress in PGA production technology, escalated use in the oil and gas sector, increasing demand for PGA in farming, a transition towards artificial bio-based polymers, and research into PGA for drug delivery systems application.
What Factors Are Driving Growth In The Polyglycolic Acid Market?
The augmentation of demand within the packaging sector is anticipated to spur the expansion of the polyglycolic acid market. Packaging, utilized for branding and providing an additional layer of safeguarding for food items, experiences significant demand from a variety of terminal markets, including healthcare, food, cosmetics, and personal care. Polyglycolic acid is particularly favored in high-gas barrier packaging applications. For example, Trivium Packaging, a Netherlands-based packaging corporation, reported in April 2023 that 82% of consumers were prepared to pay higher prices for eco-friendly packaging, marking a 4% increment from 2022. Simultaneously, the study pointed out that 71% of consumers make product choices based on the environmental sustainability of the packaging, while 63% are less inclined to buy products packaged using environmentally damaging materials. Consequently, the escalating demand in the packaging industry is propelling the growth of the polyglycolic acid market.
What Are The Main Segments Of The Global Polyglycolic Acid Market?
The polyglycolic acid market covered in this report is segmented –
1) By Form: Films, Fibers, Other Forms
2) By Distribution Channel: Online, Offline
3) By Industry: Pharmaceutical, Oil And Gas, Packaging, Other Industries
Subsegments:
1) By Films: Biodegradable Films, Barrier Films
2) By Fibers: Monofilament Fibers, Multifilament Fibers
3) By Other Forms: Granules, Coatings, Medical Devices
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What Emerging Trends Are Influencing The Growth Of The Polyglycolic Acid Market?
Innovative advancements in food packaging are emerging as a significant trend within the polyglycolic acid market. Major market players are strategically investing in the creation of ecological packaging to consolidate their market stance. For example, Notpla, a food container enterprise based in the UK, in December 2022, introduced seaweed-coated packs. These are envisaged as an eco-friendly substitute to conventional plastic packaging. The goal of this ground-breaking product is to diminish plastic trash in the food sector whilst encouraging sustainability via its organic, compost-friendly components.
Who Are the Key Players In The Polyglycolic Acid Market?
Major companies operating in the polyglycolic acid market include:
• Kureha Corporation
• Shenzhen Polymtek Biomaterial Co. Ltd.
• BMG Incorporated
• Huizhou Foryou Medical Devices Co. Ltd.
• Teleflex Incorporated
• Unisur Lifecare Pvt. Ltd.
• Meta Biomed Co. Ltd.
• Samyang Biopharm Corporation
• Merck Group
• DuPont de Nemours Inc.
• BASF SE
• Boen Healthcare Co. Ltd.
• Evonik Industries AG
• Shanghai Pujing Chemical Technology Co. Ltd.
• Danhua Chemical Technology Co. Ltd.
• Orion Sutures India Pvt. Ltd.
• Shandong Haidike Medical Products Co. Ltd.
• Advanced Medical Solutions Group PLC
• Lotus Surgicals Private Limited
• Biomaterial Co. Ltd.
• Toray Industries Inc.
• SK Chemicals Co. Ltd.
• Zhonglan Industry Co. Ltd.
What Is The Most Dominant Region In The Polyglycolic Acid Market?
North America was the largest region in the polyglycolic acid market in 2024. The regions covered in the polyglycolic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
