Global Polyglycolic Acid (PGA) Market Outlook Report, 2019-2024 - Growing Applications in Shale Gas Extraction Presents Lucrative OpportunitiesGlobe NewsWire — Research and Markets
Dublin, Nov. 12, 2019 (GLOBE NEWSWIRE) -- The "Polyglycolic Acid Market by Form (Fibers, Films, Others), End-use industry (Medical, Oil & Gas, Packaging) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America)-Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The market size of PGA was USD 4,118.9 million in 2019 and is projected to reach USD 6,482.5 million by 2024, at a CAGR of 9.5% during the forecast period.
The key companies profiled in this report on the polyglycolic acid market include Kureha Corporation (Japan), Corbion (Netherlands), Shenzhen Polymtek Biomaterial Co. Ltd. (China), BMG Incorporated (JAPAN), Huizhou Foryou Medical Devices Co. Ltd. (China), Teleflex Incorporated (US).
The growth in polyglycolic acid demand is majorly driven by its huge consumption in the medical industry, particularly in the absorbable surgical suture segment
The rapidly developing and growing demand for polyglycolic acid in the medical industry, individually as a preferred raw material for manufacturing surgical sutures, hernia meshes, drug delivery devices, grafts, and scaffolds for tissue regeneration, is expected to drive the market demand for polyglycolic acid during the forecast period. Also, the considerable consumption of polyglycolic acid as a biodegradable polymer in the packaging industry will further contribute to driving its market demand. However, the vast production cost associated with polyglycolic acid will act as a restraint for the market growth.
Fibers are the fastest-growing form of polyglycolic acid
Fibers are the fastest-growing form of the polyglycolic acid market globally during the forecast period. The huge preference of fiber form of polyglycolic acid in surgical sutures production used for different medical procedures including ophthalmic, gynecological and obstetric, general, orthopedic, urological, and gastroenterological surgeries are expected to drive the demand for fiber form of polyglycolic acid in future.
Medical is the largest end-use industry of polyglycolic acid
Medical is the most extensive end-use industry of polyglycolic acid. Polyglycolic acid-based sutures are considered ideal to be used in the medical industry owing to its non-toxicity, easy excretion and metabolism properties with no residues when comes in contact with the body. The exceptional biodegradability property of the polymer is another factor supporting its huge consumption in the medical industry thus driving the market for polyglycolic acid during the forecast period.
North America is the largest and fastest-growing market for polyglycolic acid
North America is projected to register the highest growth rate during the forecast period owing to the presence of major polyglycolic acid markets such as the US, Canada, and Mexico in the region. The increased risk of non-communicable diseases along with other lifestyle diseases to boost the need for different surgical procedures thus escalating the demand for polyglycolic acid in the region. Also, the major increase noticed in shale gas extraction in the past few years has boosted the demand for effective and efficient hydraulic fracturing systems which in turn has escalated the need for PGA based frac balls and plugs thereby driving the polyglycolic acid market during the forecast period.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Polyglycolic Acid Market
4.2 Polyglycolic Acid Market in North America, By Form & Country, 2018
4.3 Polyglycolic Acid Market, By End-use Industry
4.4 Polyglycolic Acid Market, By Region
5 Market Business Overview
5.2 Market Dynamics
220.127.116.11 High Demand for PGA in Biomedical Application
18.104.22.168 Growing Biodegradable Polymer Demand in the Packaging Industry
22.214.171.124 Huge Cost of Production
126.96.36.199 Growing PGA Application in Shale Gas Extraction
188.8.131.52 Availability of Substitutes
5.3 Porter's Five Forces Analysis
5.4 Macroeconomic Indicators
5.4.1 Contribution of Healthcare to Gdp
6 Glycolic Acid Market, By Form
184.108.40.206 Fiber Form Pgas Offer Superior Elasticity and Strength Than Other Braided Structures
220.127.116.11 PGA in Film Form is Used in the Packaging Materials of Food, Electronics, and Medical
7 Polyglycolic Acid Market, By End-Use Industry
18.104.22.168 Unmatched Compatibility and Unique Properties of PGA are Increasing Its Demand in Various Applications in This Industry
7.1.2 Oil & Gas
22.214.171.124 Increasing Demand for Biodegradable Frac Balls and Plugs is Likely to Influence the Polyglycolic Acid Market Positively
126.96.36.199 Increasing Bioplastic Demand in Packaging Industry is Expected to Drive the Market
188.8.131.52 Civil Engineering
8 Polyglycolic Acid Market, By Region
8.2 North America
184.108.40.206 Increasing Risk of Cardiovascular and Other Non-Communicable Diseases is Expected to Spur the PGA Demand
220.127.116.11 Increasing Cardio-Related Surgeries are Leading to the Market Growth
18.104.22.168 Rising Need for Varied Surgical Procedures in the Country Will Positively Influence the PGA Demand
22.214.171.124 Presence of A Major Healthcare Industry Will Drive the PGA Demand in the Country
126.96.36.199 Increasing Risk of Cardio Vascular Diseases is Likely to Boost the Demand for PGA
188.8.131.52 Rising Demand for Effective and Efficient Surgical Procedures Will Drive the Market in the Country
184.108.40.206 Increasing Surgical Procedures in the Country is Likely to Increase the Demand for PGA
220.127.116.11 Increasing Consumption of PGA is Witnesses in Healthcare and Packaging Industries in the Country
18.104.22.168 Increasing Government Initiatives in the Healthcare Industry Will Drive the PGA Demand
22.214.171.124 High Demand for PGA is Witnessed Due to the Increasing Risk of Non-Communicable Diseases Owing Rising Elderly Population in the Country
8.3.8 Rest of Europe
126.96.36.199 Increasing Risk of Diseases Owing to Prominent Old Age Population of the Country is Expected to Drive the PGA Demand
188.8.131.52 Presence of Prominent PGA Manufacturers Along With Increasing Demand From Healthcare Industry Will to Drive the Market
184.108.40.206 Rapidly Growing Cardiovascular Diseases is Expected to Drive the PGA Demand
8.4.4 South Korea
220.127.116.11 Increasing Demand for Surgical Procedures With Rising Old Age Population to Boost PGA Demand
18.104.22.168 Growing Rate of Non-Communicable Diseases Will Lead to High Demand for PGA
22.214.171.124 Expected Rise in Surgical Treatment Owing to Rising Old Age Population and Cosmetic Surgery are Likely to Drive the Polyglycolic Acid Market
8.4.7 Rest of APAC
8.5 Middle East & Africa
8.5.1 Saudi Arabia
126.96.36.199 Growing Healthcare Industry of the Country is Likely to Influence the PGA Demand Positively
188.8.131.52 The Presence of Major Natural Gas Reserve Along With Growing Healthcare Sector is Expected to Drive PGA Demand
8.5.3 Rest of the Middle East & Africa
8.6 South America
184.108.40.206 Rising Incidences of Non-Communicable Diseases are Expected to Drive the PGA Demand
220.127.116.11 Increasing Health Risk is Expected to Drive PGA Demand in Surgical Suture Application in the Country
8.6.3 Rest of South America
9 Competitive Landscape
9.2 Market Ranking of PGA Manufacturers
9.3 Competitive Situation and Trends
9.3.2 Joint Venture
10 Company Profiles
Business Overview, Products Offered, Recent Developments, SWOT Analysis
10.1 Kureha Corporation
10.3 BMG Incorporated
10.4 Teleflex Incorporated
10.5 Foryou Medical
10.6 Shenzhen Polymtek Biomaterial Co. Ltd.
10.7 Additional Company Profiles
10.7.1 Suppliers of PGA
10.7.1.1 Triveni Interchem Pvt. Ltd.
10.7.1.2 Spectrum Chemical Manufacturing Corp.
10.7.1.3 BOC Sciences
10.7.1.4 Regent Science Industry Limited
10.7.1.5 Hangzhou Keying Chem Co. Ltd.
10.7.1.6 Krackeler Scientific
10.7.2 End-users of PGA
10.7.2.1 Advanced Medical Solutions Group PLC
10.7.2.2 Hu-Friedy Mfg. Co. LLC
10.7.2.3 Unisur Lifecare Pvt. Ltd.
10.7.2.4 Lotus Surgicals
10.7.2.5 Orion Sutures India Pvt. Ltd.
10.7.2.6 Futura Surgicare Pvt. Ltd.
10.7.2.7 LUX Sutures
10.7.2.8 Katsan Surgical Sutures
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