Europe Polyglycolic Acid Market is estimated annual growth rate of 8% over the forecast period. The regional growth can be credited to the food packaging applications, which is predominantly focusing on recyclable and biodegradable solutions. Citing a relevant instance, RefuCoat, the EU-funded project, recently created quite a buzz in the regional polymer market landscape. —
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Polyglycolic Acid Market is poised to have strong demand in accordance with the modern trends in the packaging sector by 2024. The packaging industry focus has been consistently drifted to the usage of compostable and degradable polymers. Approval of polyglycolic acid (polyglycolide) as a biodegradable plastic by the U.S., Japan and Europe governments present strong prospects for product demand. When polyglycolide is used in multi-layered PET bottles as an inner layer, the bottle can be recycled using standard PET recycling processes. This reduces the extent of CO2 outflowing from carbonated drink bottle and provides extended shelf life. Such traits are expected to boost the market over the forecast period.
Being one of the biggest beneficiaries of the developments in tissue bioengineering, polyglycolic acid market has garnered hefty proceeds in the medical sector. In fact, as per reliable estimates, the medical fraternity contributed to more than 60% of the overall polyglycolic acid market size in 2016. Widespread adoption of absorbable sutures has been a chief driver of the increasing demand for PGA from this sector. Reportedly, the global surgical suture market is already a billion-dollar space and is anticipated to witness remarkable growth in the ensuing years.
Global polyglycolic market is not only replete with healthcare domain, though it is one of the most lucrative growth avenues where the business space has garnered significant monetary returns. Besides medical applications, the industry stands to gain remarkable proceeds from packaging sector. One of the major challenges that majority of the packaged food giants are dealing with is extending the shelf life of the food. Numerous initiatives across the globe have been undertaken worldwide to come up with recyclable packaging solutions, exploiting the potential of polyglycolide. In this regard, the project REFUCOAT has grabbed much of the limelight in Europe polyglycolic acid marketplace.
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In 2016, largest revenue share was held by the medical sector in the global polyglycolic acid market, with a huge share exceeding 60%. The unique properties demonstrated by PGA such as: easy handling, strong tensile strength, strong knotting ability, etc. will boost its demand in medical sector by 2024. Shale gas extraction will be another key area for the product demand in the coming years. Unlike the metal plugs, the frac plugs made of degradable PGA resin, could severely reduce field operators’ costs in shale gas extraction. Since, these frac plugs don’t involve retrieval from the well bores after use, the shale field operators will be benefited by the product usage in the future years.
All in all, the profitability matrix of PGA market is projected to remain high with the sustainability and biodegradability trends becoming mainstream. The competitive landscape is likely to be monopolistic, synonymous to that in 2016, with Kureha Corporation as the leading player. In terms of commercialization potential, global polyglycolic acid market is slated to surpass a revenue of USD 9 billion by 2024.
Major Point From Table Of Content:
Chapter 5. Polyglycolic Acid Market, By Application
5.1. Polyglycolic acid market share by application, 2016 & 2024
5.2.1. Polyglycolic acid market estimates and forecast, 2013 – 2024
5.2.2. Polyglycolic acid market estimates and forecast by region, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast by region, 2013 – 2024
5.4. Shale gas extraction
5.4.1. Market estimates and forecast, 2013 – 2024
5.4.2. Market estimates and forecast by region, 2013 – 2024
5.5.1. Market estimates and forecast, 2013 – 2024
5.5.2. Market estimates and forecast by region, 2013 – 2024
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