Surging demand in the production of medical equipment and devices is one of the significant factors influencing the market growth.
Market Size – USD 4.05 Billion in 2019, Market Growth – CAGR of 9.3%, Market Trends – Surging demand from the packaging industry
The global Polyglycolic acid (PGA) market is expected to reach USD 8.29 Billion by 2027, according to a new report by Reports and Data. Polyglycolic acid (PGA) is a synthetic, inter-woven polymer and is very slightly reactive and better resistant to bacterial contamination. The chemical is considered to be biocompatible in several end-uses and of late finds usage as filler material blended with polymers that can be chemically degraded. Polyglycolic acid is usually deployed into several tissue engineering applications supports include bone, tooth, cartilage, tendon, and spinal regeneration. Sheets made from the acid in combination with fibrin glue spray is applied as healing of open wounds of soft tissues, along with bone surfaces in the course of oral surgery, by adhering to the wound and assisting in stop postoperative hemorrhage and stimulate epithelialization. Moreover, the chemical finds widespread application in pharmaceuticals, including polymers for a biodegradable bone graft, organ regeneration, absorbable sutures, and drug delivery vehicles.
The oil & gas industry relies on heavy-duty tools for drilling vertical, horizontal, and deviated wells. Operations pertaining to plug-and-perforation require hydraulic fracturing plugs and balls for zone isolation in different types of oil & gas wells. Dissolvable frac plugs (DFPs) depend on polyglycolic acid, owing to its ability to better endure high-temperature wells as compared to polylactic acid, which is found to undergo rapid degradation with a surge in temperature. Besides, PGA is used for producing biodegradable and very robust material and hence allows for the decomposition of finishing fluids of several types owing to its biodegradation, enabling it to function as delayed-release acid. Additionally, the property of DFPs made from PGA to remain unaffected by chemicals or salinity, allow them to degrade quickly as compared to DFPs produced from magnesium alloys.
Key participants include BMG Incorporated, Foryou Medical, Kureha Corporation, Teleflex Incorporated, Corbion, Advanced Medical Solutions Group PLC, Lotus Surgicals, Shenzhen Polymtek, Biomaterial Co. Ltd., LUX Sutures, and Unisur Lifecare Pvt. Ltd., among others.
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The COVID-19 pandemic is having a significant impact on the polyglycolic acid (PGA) industry. Demand for the product is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
For the purpose of this report, Reports and Data have segmented the global polyglycolic acid market on the basis of form, distribution channel, industry vertical, and region:
Form Outlook (Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Revenue, USD Million; 2017-2027)
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- Oil & Gas
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Saudi Arabia
- Rest of Middle East and Africa
Further key findings from the report suggest:
- By form, fibers contributed to the largest market share in 2019. The market dominance of the fibers is owing to the escalating application of fiber in the making of end-products like frac bars, frac balls, and sutures, among others deployed in industry verticals like the pharmaceutical and oil & gas.
- By distribution channel, offline held a larger market share in 2019. The polyglycolic acid industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the market on the seller side.
- By application, packing held a significant market share in 2019. Polyglycolic acid possesses considerable potential in several packaging applications in food & beverages, amongst other products having short shelf-life. PGA is considered to be an effective bio-plastic with superior potential to biodegradability. The product displays exceptional resistance to abrasion resistance than the PPS (polyphenylene sulfide) and PEEK (polyether ether ketone).
- North American region dominated the market in 2019 and is estimated to observe a growth rate of 8.9% in the forecast period. The United States led the market in the region owing to the substantial rise in the extraction of shale gas extraction. Furthermore, the presence of leading pharmaceutical companies in the region is boosting product demand.
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Polyglycolic Acid Segmentation & Impact Analysis
4.1. Polyglycolic Acid Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market driver’s analysis
184.108.40.206. Surging demand in the production of medical equipment and devices
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