According to a new report, published by KBV research, 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 spotlight has increasingly turned towards biodegradable polymers in the quest for sustainable and eco-friendly materials. Among these, polyglycolic acid (PGA) is a versatile and promising player in green materials. With its unique properties and diverse applications, PGA has garnered significant attention from industries seeking to reduce their environmental footprint while maintaining high-performance standards.
Moreover, the adoption of polyglycolic acid has been steadily rising, fueled by growing environmental consciousness and regulatory pressures to reduce reliance on traditional petroleum-based plastics. As consumers and industries seek more sustainable alternatives, PGA has emerged as a compelling choice due to its biodegradability, biocompatibility, and renewable sourcing. Industries ranging from packaging and textiles to medical devices and agriculture increasingly incorporate PGA into their products and processes, driving demand for this eco-friendly polymer.
The Fibers segment is leading the Global Polyglycolic Acid Market by Form in 2023; thereby, achieving a market value of $4.2 billion by 2031. PGA fibers are widely utilized in biomedical applications, particularly in producing absorbable surgical sutures and meshes. The biocompatibility and biodegradability of PGA fibers make them suitable for surgical procedures where temporary support or closure is required. The demand for absorbable sutures and implants in surgical specialties such as general surgery, orthopedics, and gynecology has fueled the growth of the PGA fibers segment in the medical sector. Hence, these aspects will assist in the growth of the segment.
The Packaging segment is registering a CAGR of 10.3% during (2024 - 2031). PGA-based packaging offers a sustainable alternative to traditional plastics, as it degrades naturally into non-toxic byproducts under appropriate conditions, reducing environmental impact and contributing to waste diversion efforts. As per the data from Invest India, the Indian packaging industry is expected to reach $ 204.81 Bn by 2025, registering a growth rate of 26.7% from 2020-2025. Hence, these factors will pose lucrative growth prospects for the segment.
Full Report: https://www.kbvresearch.com/polyglycolic-acid-market/
The North America region dominated the Global Polyglycolic Acid Market by Region in 2023; thereby, achieving a market value of $4.9 billion by 2031. The Europe region is experiencing a CAGR of 9.1% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 10.5% during (2024 - 2031).
By Form (Volume, Tonnes, USD Billion, 2020-2031)
By End User (Volume, Tonnes, USD Billion, 2020-2031)
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