Polyglycolic Acid Market Size was valued at USD 4.95 Billion in 2023. The Polyglycolic Acid industry is projected to grow from USD 5.45 Billion in 2024 to USD 10.61 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.70% during the forecast period (2024 - 2032). Increased energy consumption and its huge Application in the packaging sector are the key market drivers contributing to market growth and revenue.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The market CAGR for polyglycolic acid is being driven by rising energy consumption. Various factors determine the success of the polyglycolic acid market. The usage of PGA in frac spheres and frac connectors, which are extensively employed in the oil & gas sector, is one of the primary catalysts. The industry's need is likely to grow further following the loosening of the COVID-19 criteria. Likewise, the usage of PGA in the healthcare and packaging industries adds to the stable polyglycolic acid share of the market. Because the chemical polyglycolic acid is utilized in many vital sectors, its demand is expected to rise. Because of their cheap operating costs, PGA-based frac inserts have replaced metal plugs. Its use in the packaging sector is also expanding, boosting its performance. Rapid urbanization and industrialization are projected to boost energy demand, which might increase polyglycolic acid demand in the market.
Additionally, In the current environment, there is an additional chance to capitalize on the rising industrialization and urbanization of many nations, which would raise the need for energy, leading to a rise in PGA consumption. The growing number of market participants has raised competition intensity. High competition may lead to the expansion of this industry. It would encourage companies to use creative and innovative thinking to improve market competitiveness.
The COVID-19 pandemic has had a negative impact on the PGA market, as it has on every other sector and business. Because of the epidemic, manufacturing operations came to a standstill, and demand also fell. However, the economy has been fast adjusting to the changing scenario. To address the problem, government officials and relevant authorities recommended innovative solutions to ensure that the expansion of the polyglycolic acid industry was maintained. Significant corporate actors and governments have used creative approaches and strategic initiatives to assist the market. As a result of this strategy, the polyglycolic acid sector's share has delivered a consistent and robust performance, and new types of opportunities are developing in the industry.
For instance, according to studies by the India Brand Equity Foundation, India's healthcare business is expected to be valued at USD 275 billion throughout the projection period. Rising consumer spending and a shift towards packed and sustainable goods have resulted in creative and practical packaging for food, drinks, and household care items, which can secure market development in the future. Thus, it is anticipated that demand for Polyglycolic Acid will increase throughout the projection timeframe due to the rising energy consumption. Thus, driving the Polyglycolic Acid market revenue.February 2024The board of directors of Balrampur Chini Mills Ltd (BCML) gave its approval for the company to establish a new line of business, which is the manufacturing of polylactic acid (PLA), which is utilized in the creation of bioplastic.The "state-of-the-art" PLA plant that BCML plans to build will have a capacity of 75,000 tons per year and will be built on a "global" scale. In close proximity to one of the company's current sugar factories, the new facility will be situated on a "greenfield site." This location is advantageous since a significant amount of the local infrastructure already exists, which can be used to speed up the building of the plant. The manufacturing of PLA requires sugar as its raw ingredient. The proximity of the project to the existing BCML unit will be a significant benefit in terms of the ongoing supply of sugar and bagasse (energy) when it comes to the project. Due to the fact that it would be the first industrial bio-plastic facility in India, it will also send a very powerful signal to the market and the policymakers in India. In a period of thirty months, it is anticipated that the project will be finished.This change in strategy is mirrored in the company's involvement with polylactic acid (PLA) and bioplastics that use sugar as a raw material, according to the company. PLA is a material that provides dual advantages as a bio-based and biodegradable material, offering a sustainable option for traditional plastics in a variety of applications. This is because to the fact that PLA recognizes a unique potential. This connects well with our dedication to environmentally aware practices and synergizes with our current business strategy, which allows us to contribute to a manufacturing method that is more responsible and also sustainable.Polyglycolic Acid Market Segment Insights
The Polyglycolic Acid market segmentation, based on Form, includes Fiber, Film, and others. The film segment dominated the market, accounting for 49% of market revenue (USD 2.2 Billion) in 2022. Using fiber to make items used in the oil & gas sector and the healthcare equipment business is an important aspect that will increase demand. The fiber category is expected to grow and expand rapidly during the projected timeframe.
Figure 1: Polyglycolic Acid Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Polyglycolic Acid market segmentation, based on Application, includes Medical, Oil & Gas Extraction, Packaging, and others. The medical category generated the most income of about 45% (USD 2.0 billion) in 2022. The usage of PGA in the medical business enhanced its performance. The primary application areas will substantially impact business performance throughout the anticipated period. The packaging category is expected to grow and expand rapidly during the projected timeframe.
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Polyglycolic Acid market area will dominate this market, owing to the presence of a big elderly community and a rise in the frequency of cardiovascular and orthopedic surgery will boost the market growth in this region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Polyglycolic Acid Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Polyglycolic Acid market accounts for the second-largest market share due to rising knowledge about sustainable food and beverage packaging, boosting the overall market growth. Further, the German Polyglycolic Acid market holds the largest market share, and the UK Polyglycolic Acid market is expected to grow quickly in the European region during the projected timeframe.
The Asia-Pacific Polyglycolic Acid Market is expected to grow and expand significantly during the projected timeframe. This is due to rapid industrialization, urbanization, and massive investments in the oil and gas industry in the APAC area. Moreover, China’s Polyglycolic Acid market dominates the market share, and the Indian Polyglycolic Acid market is expected to grow and expand quickly in the Asia-Pacific region during the projected timeframe.
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and product lines, which will help the Polyglycolic Acid market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with important market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Polyglycolic Acid industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the key business strategies organizations use in the Polyglycolic Acid industry to benefit customers and capture untapped market share and revenue. The Polyglycolic Acid industry has recently offered significant advantages to the paper & packaging industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Polyglycolic Acid market, including Kureha Corporation, Corbion N.V., Shenzhen Polymtek Biomaterial Co., Ltd, BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd, Teleflex Inc, are attempting to expand market share and demand by investing in research and development (R&D) operations to produce sustainable and affordable solutions.
Sinopec, or China Petroleum & Chemical Corp., is a company involved in developing and extracting petroleum oil and natural gas. Research and Development; Refinery; Selling and Transportation; Chemicals; and Administrative and Others are its business segments. The firm was established on February 25, 2000, and is based in Beijing, China. Sinopec, a worldwide leader, had an official opening for the initial stage of its 500,000 tons/year PGA factory in July 2021. It is a new form of recyclable plastic that is environmentally friendly, green, and useful to the ecosystem. Experts believe that PGA may be destroyed in a short amount of time, emitting just CO2 and water. Due to its excellent biodegradability and biocompatibility, it is an excellent plastic substitute. It can assist medical substances, materials for packaging, disposable items, and other industries.
Smith & Nephew Plc is a company that develops, manufactures, markets, and sells medical products. It works in three divisions: orthopedics, athletic medicine, ENT, and sophisticated wound management. Thomas James Smith created the corporation in 1856, with its head office in London, England. Smith+Nephew will commercialize HealiCoil Knotless suture anchoring with Regenesorb, a bio-composite, in September 2020. The combination of pharmacological and mechanical modes of action aids in implantation absorption, allowing it to be replaced by a skeleton in only 24 months.
Corbion N.V.
Shenzhen Polymtek Biomaterial Co. Ltd
BMG Incorporated
Huizhou Foryou Medical Devices Co. Ltd
October 2021: The European Union-funded REFUCOAT project succeeded in creating an entirely novel set of methods for producing bioplastics in packaging food from renewable energy sources, intending to substitute conventional petroleum-based raw materials. Utilizing these bioplastics, REFUCOAT developed three distinct organic packaging systems for fresh chicken, crumbs of bread, and crisps.
July 2021: Sinopec, a worldwide leader, had an official opening for the initial stage of its 500,000 tons/year PGA factory in July 2021. It is a new form of recyclable plastic that is environmentally friendly, green, and useful to the ecosystem. Experts believe that PGA may be destroyed in a short amount of time, emitting just CO2 and water. Due to its excellent biodegradability and biocompatibility, it is an excellent plastic substitute. It can assist medical substances, materials for packaging, disposable items, and other industries.
September 2020: Smith+Nephew will commercialize HealiCoil Knotless suture anchoring with Regenesorb, a bio-composite, in September 2020. The combination of pharmacological and mechanical modes of action aids in implantation absorption, allowing it to be replaced by a skeleton in only 24 months.
Polyglycolic Acid Form Outlook
Fiber
Film
Others
Polyglycolic Acid Application Outlook
Medical
Oil & Gas Extraction
Packaging
Others
Polyglycolic Acid Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 4.95 Billion |
| Market Size 2024 | USD 5.45 Billion |
| Market Size 2032 | USD 10.61 Billion |
| Compound Annual Growth Rate (CAGR) | 8.70% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Kureha Corporation, Corbion N.V., Shenzhen Polymtek Biomaterial Co., Ltd, BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd, Teleflex Inc |
| Key Market Opportunities | There are other opportunities to capitalize on different nations' rising industrialization and urbanization, which would boost energy consumption. |
| Key Market Dynamics | One of the most important variables that act as the catalyst |
Polyglycolic Acid Market Highlights:
Frequently Asked Questions (FAQ) :
The Polyglycolic Acid market size was valued at USD 4.95 Billion in 2023
The market is projected to grow at a CAGR of 8.70% during the forecast period, 2024-2032
North America had the largest share of the market
The key players in the market are Kureha Corporation, Corbion N.V., Shenzhen Polymtek Biomaterial Co., Ltd, BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd, and Teleflex Inc
The Film category dominated the market in 2023
Medical holds the largest share of the market
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