Summary
Major players in the polyglycolic acid market are Kureha Corporation, Corbion NV, Shenzhen Polymtek Biomaterial Co Limited, BMG Incorporated, Huizhou Foryou Medical Devices Co Limited, Teleflex Incorporated, Unisur Lifecare Private Limited, Meta Biomed Co Limited, Samyang Biopharm Corporation, Merck KGaA, Hitachi Limited, DuPont de Nemours Inc., BASF SE, Boen Healthcare Co Limited, Evonik Industries AG, Shanghai Pujing Chemical Technology Co Limited, Danhua Chemical Technology Co Limited, Orion Sutures India Private Limited, Shandong Haidike Medical Products Co Limited, Advanced Medical Solutions Group PLC, Lotus Surgicals Private Limited, LUX Sutures, and Biomaterial Co Limited.
The global polyglycolic acid market is expected to grow from $4.34 billion in 2022 to $4.78 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The polyglycolic acid market is expected to grow to $6.89 billion in 2027 at a CAGR of 9.6%.
The polyglycolic acid market consists of sales of industrial-grade and medical-grade polyglycolic acid.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Polyglycolic acid are the polymers degraded by chemical hydrolysis, asynthetic absorbable surgical suture of greater strength and flexibility which is absorbed and metabolized by the human body and have a longer period of absorption which results in very little inflammatory reaction. The polyglycolic acid are used in general surgery, plastic surgery and general closure, ligatures, pediatrics and cuticular.
North America was the largest region in the polyglycolic acid market in 2022. The regions covered in the polyglycolic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of forms of polyglycolic acid are films, fibers, and other forms.The films form of polyglycolic acid are biodegradable and biocompatible polymers.
The films are morphologically characterized and exhibit a homogeneous distribution of titanium oxide (TiO2) with only slight differences depending on the molecular weight and have the ability to absorb water because of their hygroscopicity, and anatase material properties. These are distributed through online and offline channels and are adopted by industries such as pharmaceutical, oil and gas, packaging, and other industries.
Increasing demand in the packaging industry is expected to propel the growth of polyglycolic acid market.Packaging used for branding and as an extra measure of protection for the food products is in high demand from several end-use industries such as healthcare, food, cosmetic and personal care industries.
The polyglycolic acid is highly preferred in high-gas barrier packaging applications.For Instance, in 2020, according to a report published by Advanced Industrial and Engineering Polymer Research, a journal in the polymer research, the packaging industry has increased the demand for the PGA market by around USD 240 million in 2017 and is estimated to be around USD 470 million by 2024, with an annual growth rate of 10%.
Therefore, increasing demand in the packaging industry is driving the polyglycolic acid market growth.
Product innovations in food packaging are a key trend gaining popularity in the polyglycolic acid market.Key players operating in the polyglycolic acid market are focusing on the development of sustainable packaging to strengthen their position in the market.
For instance, in May 2021. Ali Food, an India-based manufacturer and exporters of dehydrated onion, garlic and other vegetable products, introduced the RefuCoat consisting of polyglycolic acid and modified silica oxide as an alternative to the current metalized and modified atmosphere (MAP) to achieve a zero-waste target while minimizing the environmental impact.
In December 2020, Evonik Industries AG, a Germany-based specialty chemicals company acquired the LACTEL Absorbable Polymers product line from DURECT Corporation for an undisclosed amount.The acquisition strengthens Evonik’s position as a preferred solutions provider and development partner.
LACTEL is a biodegradable, PLGA-based polymer. DURECT Corporation is a US-based biopharmaceutical company.
The countries covered in the polyglycolic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The polyglycolic acid market research report is one of a series of new reports that provides polyglycolic acid market statistics, including polyglycolic acid industry global market size, regional shares, competitors with a polyglycolic acid market share, detailed polyglycolic acid market segments, market trends and opportunities, and any further data you may need to thrive in the polyglycolic acid industry. This polyglycolic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
