Generally, because of quick development and expansion in the continent of Asia, the call for energy has augmented at a noteworthy rate. China and India are the major industrial financial prudence in Asia. This, in turn, is likely to result in increased investment in the oil and gas exploration activities in the region primarily in China, India, and Australia. Also, the use of PGA is cumulative in the packaging industry, mainly for packaging beverages and food products due to its biodegradability. Polyglycolic acid (PGA) is a biodegradable and thermoplastic polymer, extensively used as a surgical suture material owing to high tensile strength, tissue reactivity, hydrolytic stability, and outstanding knotting ability. It is obtained through two processes, viz. polycondensation of glycolic acid and ring-opening polymerization of glycolide. It has been analyzed that the Global Polyglycolic Acid Market is predictable to list a CAGR of around 10.45% to reach USD 1,989,577.9 Thousand by 2030 The development of the global polyglycolic acid (PGA) market is driven by the cumulative use of frac plugs and frac balls in oil and gas removal activities, chiefly in the US. Frac plugs made using PGA are being progressively used instead of metal plugs due to inferior operating cost as they do not need to be recovered from wellbores after use. Furthermore, the expanding medical device industry owing to augmented expenditure in the healthcare sector coupled with growing geriatric populace is probable to fuel the demand for PGA throughout the evaluation period. Therefore, the vigorous evolution scene of the shale gas industry in Asia-Pacific and mounting packaging industry worldwide is projected to create significant opportunities for the players operating in the polyglycolic acid market during the said forecast period.
The Global Polyglycolic Acid Market by Application, by form and by region. Grounded on form, the global market has been segmented into fiber, film and others. The fiber section setled for around 82.8% share of the global polyglycolic acid market in 2018 and is predictable to register a CAGR of 10.59% during the review period. The development is attributed to the increasing use of fiber in the industrial of products used in the oil & gas and medical manufacturing such as PGA bars for frac plugs, frac balls, and medical joints to strengthen biodegradable amalgams, weave fabrics, meshes, and scaffolds for tissue engineering. The film segment was valued at USD 78,011.5 thousand in 2018 and is probable to reach USD 2,43,298.2 thousand by the end of 2030. Based on application, the market has been segmented into medical, oil & gas withdrawal, wrapping and others. Amongst these, the medical segment settled for the chief share of the global polyglycolic acid market in terms of value, valued at around USD 3,05,590.3 thousand in year 2018, while the oil & gas withdrawal application segment settled for the largest market share in terms of volume, pegged at 983.9 tons in 2018. The growth of the medical application section is accredited to the increasing demand for biodegradable sutures and that of oil and gas extraction can be attributed to the increase in oil and gas extraction activities, primarily shale gas to meet the global energy call, which has occasioned in growth in the request for frac plugs and thus, PGA.
Geographically, the Global Polyglycolic Acid Market is split in regions like North & Latin America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. The market in Asia-Pacific is predictable to register a CAGR of 8.35% to reach around USD 2,06,365.2 K by the end of year 2030 on account of the commercialization of shale gas extraction in China and an surge in exploration activities in countries such as India and Australia. The markets in Latin America and the Middle East & Africa are probable to catalogue CAGRs of 7.30% and 7.71%, respectively, on account of the growth of the major end-use industries such as oil & gas, packaging, and medical device. North America settled for the major share of 60.7% of the global polyglycolic acid market in 2018. The market in the US produced around 89.2% of the total income in the region which can be accredited to the noteworthy upsurge in shale gas withdrawal. Moreover, the attendance of many medical devices and equipment companies in the US is expected to contribute meaningfully to the growing of the global polyglycolic acid (PGA) market. The European market is likely to register a CAGR of 10.21% during the assessment period, 2019–2030. The growth is attributed to the mounting medical device industry, chiefly in Germany, France, the UK and the Netherlands.
The proposed spectators in the Global Polyglycolic Acid Market are Polyglycolic acid manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global Polyglycolic Acid Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Polyglycolic Acid Market are companies like BMG Incorporated (Japan), Teleflex Inc (US), Kureha Corporation (Japan), Corbion N.V. (The Netherlands), Huizhou Foryou Medical Devices Co., Ltd (China) and Shenzhen Polymtek Biomaterial Co., Ltd (China).