Polyglycolic Acid Market

Global Polyglycolic Acid Market Size, Share & Trends Analysis Report By Form (Fibers, Films and Others), By End User (Medical, Oil & Gas, Packaging, and Others), By Regional Outlook and Forecast, 2024 - 2031

Report Id: KBV-22499 Publication Date: May-2024 Number of Pages: 223
2023
USD 5.4 Billion
2031
USD 11.2 Billion
CAGR
9.6%
Historical Data
2020 to 2022

Market Report Description

The Global Polyglycolic Acid Market size is expected to reach $11.2 billion by 2031, rising at a market growth of 9.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 48,786.5 tonnes, experiencing a growth of 18.9% (2020-2023).

The expanding medical sector worldwide presents significant opportunities for the growth and expansion of polyglycolic acid applications. As per the data provided in 2023 by the Government of Canada, to enhance health care services for Canadians, the government announced an investment of $196.1 billion over ten years, including $46.2 billion in new funding, for provinces and territories. Polyglycolic acid (PGA) is widely used in manufacturing absorbable sutures used in surgical procedures to stitch wounds or incisions. Consequently, the medical segment would utilize 38,334.1 tonnes of Polyglycolic Acid by 2031. Unlike traditional sutures made from non-absorbable materials like nylon or silk, PGA sutures are designed to degrade over time within the body, eliminating the need for suture removal and reducing the risk of complications.

Polyglycolic Acid Market Size - Global Opportunities and Trends Analysis Report 2020-2031

The escalating environmental concerns and tightening regulations regarding plastic pollution have become pivotal drivers pushing industries towards adopting eco-friendly packaging materials like polyglycolic acid (PGA). As global awareness of environmental issues continues to rise, businesses are increasingly pressured to mitigate their environmental footprint, particularly in the packaging sector, which historically has been a significant contributor to plastic waste. Additionally, Biotechnology offers scalable production platforms that can be easily adapted to meet growing market demands for PGA. By leveraging bioreactor systems with higher capacities and implementing robust downstream processing techniques, manufacturers can scale up PGA production while maintaining cost efficiency and product quality. Thus, these factors will drive the expansion of the market.

However, the competition from alternative biodegradable polymers like polylactic acid (PLA) and polyhydroxyalkanoates (PHA) presents a significant challenge to the market. PLA and PHA, like PGA, offer environmental benefits such as biodegradability and renewable sourcing. However, if end users perceive PLA or PHA as more environmentally friendly or sustainable due to marketing efforts or misconceptions, they may preferentially choose these alternatives over PGA despite PGA's comparable environmental credentials. Therefore, these factors can cause a downturn in the market.

Driving and Restraining Factors
Polyglycolic Acid Market
  • Growing Demand for Sustainable Packaging Solutions
  • Ongoing Advancements in Biotechnology
  • Expanding Medical Applications of Polyglycolic Acid
  • Competition From Alternative Biodegradable Polymers
  • Challenges In Achieving Desired Material Properties
  • Rising Government Initiatives and Regulations
  • Increasing Focus on Renewable Resources
  • Limited Biodegradability in Certain Environments
  • Lack Of Awareness and Education Among End Users

End User Outlook

On the basis of end-user, the market is divided into medical, oil & gas, packaging, and others. The medical segment recorded the maximum 42% revenue share in the market in 2023. In terms of volume, the medical segment would utilize 38,334.1 tonnes of Polyglycolic Acid by 2031. One of the primary applications of PGA in the medical sector is producing absorbable sutures. PGA sutures gradually degrade in the body over time, eliminating the need for suture removal surgeries and reducing patient discomfort. Therefore, these factors can boost the demand in the segment.

Polyglycolic Acid Market Share and Industry Analysis Report 2023

Form Outlook

Based on form, the market is segmented into fibers, films, and others. In 2023, the films segment garnered a significant 34.2% revenue share in the market. In terms of volume, the films segment would utilize 33,458.4 tonnes of by 2031. PGA films offer a biodegradable alternative to conventional petroleum-based plastics, allowing end-users to reduce their carbon footprint and mitigate environmental impact. Thus, the segment will expand rapidly in the upcoming years.

Free Valuable Insights: Global Polyglycolic Acid Market size to reach USD 11.2 Billion by 2031

Regional Outlook

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA.  The North America segment procured a 46% revenue share in the market in 2023. In terms of volume, the North America region would utilize 42,308.4 tonnes of Polyglycolic Acid by 2031. Over the years, significant investments have been made in research and development to enhance PGA production processes, improve material properties, and explore new applications.

Polyglycolic Acid Market Report Coverage
Report Attribute Details
Market size value in 2023 USD 5.4 Billion
Market size forecast in 2031 USD 11.2 Billion
Base Year 2023
Historical Period 2020 to 2022
Forecast Period 2024 to 2031
Revenue Growth Rate CAGR of 9.6% from 2024 to 2031
Quantitative Data Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031
Number of Pages 223
Number of Tables 530
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives
Segments covered Form, End-user, Region
Country scope
  • North America (US, Canada, Mexico, and Rest of North America)
  • Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific)
  • LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
Companies Included BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd. (GL Capital Group), Unisur Lifecare Pvt Ltd., Orion Sutures India Pvt Ltd., Kureha Corporation, Shenzhen Polymtek Biomaterial Co., Ltd., Haihang Industry Co., Ltd. (Haihang Group), Polysciences, Inc., Teleflex Incorporated, and Merck KGaA.
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List of Key Companies Profiled

  • BMG Incorporated
  • Huizhou Foryou Medical Devices Co., Ltd. (GL Capital Group)
  • Unisur Lifecare Pvt Ltd
  • Orion Sutures India Pvt Ltd
  • Kureha Corporation
  • Shenzhen Polymtek Biomaterial Co., Ltd
  • Haihang Industry Co., Ltd. (Haihang Group)
  • Polysciences, Inc.
  • Teleflex Incorporated
  • Merck KGaA

Polyglycolic Acid Market Report Segmentation

By Form (Volume, Tonnes, USD Billion, 2020-2031)

  • Fibers
  • Films
  • Others

By End User (Volume, Tonnes, USD Billion, 2020-2031)

  • Medical
  • Oil & Gas
  • Packaging
  • Others

By Geography (Volume, Tonnes, USD Billion, 2020-2031)

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA
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