Polyglycolic Acid Market to Grow with a CAGR of 9.88% Globally through 2029
Global economic growth & industrialization is expected to drive the Global Polyglycolic Acid Market growth in the forecast period, 2024-2029.
According to
TechSci Research report, “Polyglycolic Acid Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2019-2029F”, the
Global Polyglycolic Acid Market stood at USD 5.11 billion in 2023 and is
anticipated to grow with a CAGR of 9.88% in the forecast period, 2025-2029.
This can be attributed to consumer preference for sustainable products. Changing
consumer preferences, especially among environmentally conscious demographics,
are steering companies towards sustainable practices. Products made from PGA
appeal to eco-conscious consumers who actively seek out environmentally
friendly options, thereby influencing market growth.
Stringent
environmental regulations and policies aimed at reducing the use of
non-biodegradable materials have become a driving force behind the adoption of
PGA. Governments worldwide are incentivizing the use of sustainable materials,
providing a favorable regulatory environment for the growth of the PGA market.
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"Global Polyglycolic Acid Market”
The worldwide
economic landscape has seen consistent expansion, with emerging markets notably
influencing this upward trend. As countries aim for progress and economic
prosperity, there's been a notable uptick in sectors such as construction,
packaging, automotive, and healthcare, among others. This heightened activity
results in a growing need for materials that are both effective and
eco-conscious.
As developing
economies progress and undergo industrialization, there's a concurrent rise in
the demand for cutting-edge materials such as polyglycolic acid. The expanding
middle-class demographic, coupled with increasing disposable incomes, serves as
additional catalysts driving market expansion.
The Global Polyglycolic
Acid Market is segmented into form, end-use, regional distribution, and
company.
Based on its form,
fibre is poised to assert its dominance as the preferred form in the global
Polyglycolic Acid (PGA) market for several compelling reasons. Polyglycolic
acid (PGA) fibre finds widespread application in the medical sector, especially
in the realm of surgical sutures. Its ability to degrade naturally and its
harmonious compatibility with the human body render it an exceptional option
for suturing, enabling seamless wound closure without necessitating subsequent
removal. The escalating preference for minimally invasive surgical techniques
is fueling a surge in demand for PGA fiber in various medical procedures. This
trend underscores PGA fiber's pivotal role in facilitating advanced surgical
practices, where precision and patient comfort are paramount. As healthcare
systems globally strive for enhanced efficacy and patient outcomes, the
reliability and versatility of PGA fiber contribute significantly to meeting
these evolving needs.
Based on region,
North America is positioned to assert its dominance as the leading region in
the global Polyglycolic Acid (PGA) market for several compelling reasons. Rising consumer
consciousness and preferences for environmentally-friendly products are driving
the surge in demand for PGA across North America. As consumers prioritize
sustainability, there's a notable shift towards biodegradable items that
minimize carbon emissions, thereby accelerating the uptake of PGA-derived
materials across diverse sectors.
Major companies
operating in Global Polyglycolic Acid Market are:
- KUREHA CORPORATION
- Corbion NV
- BMG Inc
- Teleflex Incorporated
- Shenzhen Polymtek Biomaterial Co.,
Ltd.
- Merck KGaA
- Hitachi, Ltd.
- Orion Sutures (India) Private Limited
- DuPont de Nemours Inc
- BASF SE
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“The Global
Polyglycolic Acid Market stands at the threshold of significant transformation,
propelled by emerging trends poised to reshape its landscape. Spanning from the
advent of sustainable packaging solutions to pioneering applications across
healthcare and agriculture sectors, PGA's inherent versatility positions it as
a pivotal contributor to the realization of a more sustainable and
environmentally conscientious future. With its
diverse array of applications, PGA emerges as a cornerstone in the ongoing
quest for sustainability across industries. Foreseeing the potential of PGA to
address pressing environmental concerns, industry stakeholders are primed to
embrace these evolving trends. Through strategic alignment with sustainability
objectives and innovative utilization of PGA-based materials, stakeholders are
poised to not only meet market demands but also drive the evolution and
expansion of the PGA market on a global scale. This collaborative effort among
industry players is instrumental in shaping the trajectory of the PGA market,
fostering its continued growth and prominence in the broader context of
sustainable solutions.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Polyglycolic Acid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Form (Fibre, Film, Others), By End-Use (Medical, Oil & Gas, Packaging, Others), By Region, and By Competition, 2019-2029F”,
has evaluated the future growth potential of Global Polyglycolic Acid Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Polyglycolic Acid Market.
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