Sellbyville, DE -- (SBWire) -- 10/15/2018 --Polyglycolic acid (PGA) market is poised to have strong demand in accordance with the modern trends in the packaging sector by 2024. The packaging industry focus has been consistently drifted to the usage of compostable and degradable polymers. Approval of polyglycolic acid (polyglycolide) as a biodegradable plastic by the U.S., Japan and Europe governments present strong prospects for product demand. When polyglycolide is used in multi-layered PET bottles as an inner layer, the bottle can be recycled using standard PET recycling processes. This reduces the extent of CO2 outflowing from carbonated drink bottle and provides extended shelf life. Such traits are expected to boost the market over the forecast period.
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PGA market will observe the mounting demand of product for medical applications in future years. Polyglycolide sutures have witnessed a widening acceptance among other absorbable sutures in the recent decade. A global escalation in obesity rates has resulted in a rise in the number of bariatric surgeries performed annually. The American Society for Metabolic & Bariatric Surgery (ASMBS) stated that in 2016, over 210,000 bariatric measures were undertaken in the U.S. Rising prevalence of lifestyle ailments and a consequent rise in procedures for their treatment shall demand effective wound closure methods for increased patient expediency and faster recovery by 2024.
High rate of degradation featured by PGA along with its low solubility might limit the product usage in biomedical applications. The industry will be benefited soon with robust product development initiatives in order to control its rate of degradation as well as cost of production.
Fiber form of product had more than 40% share in 2016, which will have prominent gains in next 7 years, with swelling product usage in medical applications. The film segment in the global polyglycolide market shall rise with CAGR of 8.5% during forecast timespan. A rise in the product usage in the multi-layered PET bottles, as an inner layer will propel the size of film form by 2024.
In 2016, largest revenue share was held by the medical sector in the global polyglycolic acid market, with a huge share exceeding 60%. The unique properties demonstrated by PGA such as: easy handling, strong tensile strength, strong knotting ability, etc. will boost its demand in medical sector by 2024. Shale gas extraction will be another key area for the product demand in the coming years. Unlike the metal plugs, the frac plugs made of degradable PGA resin, could severely reduce field operators' costs in shale gas extraction. Since, these frac plugs don't involve retrieval from the well bores after use, the shale field operators will be benefited by the product usage in the future years.
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North America had the highest share in global polyglycolic acid market in 2016, with market share exceeding 60%. Europe shall observe gains up to CAGR 8% in the forecast period. The region depicts promising advances for PGA. European projects such as RefuCoat - involving development of bioplastic materials and PGA based barrier coatings, as alternative to metal-based packaging will drive the market in the region in the coming years.
In 2016, polyglycolide market observed monopolistic traits, as Kureha Corporation held massive share above 75%. Kureha has been investing significantly in the product development with a sturdy focus on downstream markets. Few other industry manufacturers include: BMG, Corbion Corporation, Polymtek, etc.
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Global Polyglycolic Acid Market to Hit US $9 Bn by 2024: Polymtek, Corbion, BMG, Teleflex Inc., and 2 Other Companies Profile
Polyglycolic acid market shall witness a significant demand from packaging industry by 2024 as disposal of non-degradable plastics has been a serious issue for the sustainable environment especially in North America and Europe.