Sellbyville, DE -- (SBWire) -- 04/09/2020 --Polyglycolic Acid Market share is anticipated to witness notable growth in the forthcoming years due to the robust packaging industry. As the disposal of plastics has become a serious concern owing to environmental degradation, packaging material trends are shifting primarily in regions like Europe and North America.
Packaging sector has been a major driver propelling the demand for biodegradable plastics with shifting focus of the industry players towards the use of compostable and degradable polymers. In countries such as Europe, U.S. and Japan, the government has approved the use of polyglycolide film as a biodegradable plastic and declared safe for frequent consumption.
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Polyglycolic acid showcases barrier against various gases such as, CO2, N2, O2 and moisture vapors majorly encountered in the packaging of food and beverages. Rise in disposable income among the people along with changing lifestyle in both developed and developing economies has steered developments in the food industry. Innovations in the food sector has led to increasing number of people depending on packaged food and drinks.
When used in food packaging, polyglycolic acid does not impact the food conditions as compared to MXD6, Ethylene Vinyl Alcohol and other barrier materials. Proliferating innovations in the medical industry to meet the demands of patients for reliable, safe, cost-effective yet innovative medications are a vital factor steering developments in the polyglycolic acid market. PGA stitches have gained increasing demand in the recent times as compared to alternatives like catgut, poliglecaprone and polydioxanone.
The product exhibits enhanced results as compared to frequently used non-absorbable stitches that are made of stainless steel, nylon, polypropylene. PGA surgical sutures carry superior potential in orthopedic surgeries, gynecological surgeries, cardiovascular surgeries, ophthalmic surgeries and general operations. They are also considered a viable option for bone grafting and are used in joint and knee replacements as well as spine applications.
In 2016, medical applications were the leading contributor towards polyglycolic acid market size with more than 60% of the global share. Superior tensile strength, easy handling and strong holding strength through the wound healing span, such features are estimated to drive the application of the product in the medical sector.
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Demand for packaged beverages such as energy drinks and soft drinks is amplifying the demand for PET bottles across the globe. Polyglycolic acid industry in Polyglycolide film segment is expected to register CAGR of more than 8.5% by the end of 2024, with increasing awareness regarding the efficiency of the product as an inner layer in PET bottles. In 2016, the fiber form of product accounted for more than 40% share and will garner significant gains by the end of forecasted timeframe due to strong filtration and medical applications.
Regionally, North America is anticipated to dominate polyglycolic acid market share. In 2016, the region held over 60% of the market share. Though the total rig count declined in the region after the reduction in crude oil process, the requirement for PGA frac plus is expected to witness extreme growth.
Company profiled in the polyglycolic acid market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Kureha Corporation
2. Huizhou Foryou Medical Devices Co.,Ltd
3. Corbion
4. Teleflex Incorporated
5. BMG Incorporated
6. Shenzhen Polymtek Biomaterial Co., Ltd.
RefuCoat was a recent project in the Europe aimed at the development of fully recyclable barrier coatings and bioplastic materials for trays and films with an aim to replace the aluminum based packaging solutions. Sincere initiatives to reduce the use of products that cause harm to the environment and support sustainability will support regional polyglycolic acid market trends.
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