Market Segmentation:
The Global Polyglycolic Acid Market has been segmented on the basis of the Application and Region.
On the basis of the Application, this market is divided into bio-medical, packaging, shale gas extraction and others. Bio-medical emerged as the leading application segment due to increasing usage in manufacturing of implantable medical devices. These devices eliminate the need for second surgery and the risks related to it. The application of Polyglycolic Acid is increasing at a staggering rate in the controlled drug delivery and tissue engineering owing to biocompatibility.
Increasing use of Polyglycolic Acid in perishable food packaging to increase the shelf life for maintaining the freshness of the product is likely to drive the growth of this market. Polyglycolic Acid had been used vastly in multilayered PET bottles to improve the production efficiency. For instance, Solvay Speciality Polymer and Husky Injection Moulding Systems together introduced a recyclable Verian High Barrier Polyester (HBP) to be used in PET bottles packaging.
Polyglycolic Acid on account of high gas barrier properties has been progressively used in shale gas extraction. The use of Polyglycolic Acid is vastly spread in the U.S. due to the supply of ultra-strong and biodegradable materials.
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Competitive Analysis:
Some of the prominent players in the Global Polyglycolic Acid Market are BASF SE (Germany), SK Chemicals (South Korea), Toray Industries, Inc (Japan), Shenzhen Polymtek Biomaterial Co., Ltd (China); Teleflex Incorporated (U.S.), Huizhou Foryou Medical Devices Co., Ltd (China), DemeTech Sutures (U.S.), DowDuPont (U.S.), Corbion (Netherlands), and Kureha Corporation (U.S.).
Regional Analysis:
The Global Polyglycolic Acid Market is geographically divided into five regions, which include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America dominates the global market owing to surging demand of Polyglycolic Acid in the oil and gas extraction industry. Europe is the second most substantial region in the global market owing to the rising demand for the in the packaging industry. For instance, a recent European project named as RefuCoat had been started by EU for the development of recyclable barrier coatings and bio-plastic material for films and trays. Asia Pacific is expected to witness a significant growth in the demand due to the growth of packaging industry coupled with rising awareness among consumers related to food hygiene. Other regions are expected to show a moderate growth over the next few years.
Market Overview:
Polyglycolic Acid is a thermoplastic polymer, widely used for the production of absorbable sutures owing to superior characteristics such as high tensile strength, tissue reactivity, and hydrolytic stability. Two manufacturing processes namely polycondensation and ring-opening polymerization of glycolide are used for producing low and high weight molecular products respectively.
The rise in the usage of Polyglycolic Acid in the healthcare industry owing to biodegradability is expected to fuel the demand over the next seven years. Surging demand for Polyglycolic Acid in various medical applications such as dental, orthopedic and drug delivery is expected to drive the market growth. Polyglycolic Acid is widely in the packaging industry. Increasing demand for packaged food owing to rising disposable income and changing lifestyle of the people, specifically in developing economies of the Asia Pacific and Latin America is anticipated to augment market growth. The boost in the demand for shale gas is likely to propel the demand for PGA further on account of its use in the shale gas extraction.
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