Polyglycolic Acid Market Growth Opportunities, Demands, Industry Analysis & Forecast by 2024
Category: #business  By Ronak Bora  Date: 2020-01-16
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Polyglycolic Acid Market Growth Opportunities, Demands, Industry Analysis & Forecast by 2024

The growth prospects of polyglycolic acid market seems to be quite pronounced, given the growing commercial utilization of the product in healthcare domain. The imperative deployment of biodegradable polymers, especially those belonging to polylactic and polyglycolic acid (PGA) has gained humongous importance in the field of orthopaedics. Pertaining to its unique blend of physical and chemical properties, polyglycolide can be engineered in accordance with the particular applications. The widening outreach of polyglycolide market in medical space majorly grounds on this fundamental factor.  In fact, PGA sutures have been gaining competitive advantage over conventional non-absorbable sutures that are made from nylon.

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In this regard, it is imperative to mention that of late, polyglycolic acid industry has been gaining a substantial momentum in tissue engineering. Perhaps driven by the fact that these biomaterials can be easily molded to porous scaffolds, bioactive agent, and extracellular matrix components, they are recognized as an integral support for tissue development and regeneration. The application spectrum is further diversifying with the onslaught of effective research initiatives and technological advancements.

The research report delivers a basic outline of the polyglycolic acid market – this is inclusive of the market definition, numerous classifications, as well as applications. the report provides an examination of the industry players – at a global as well as regional level, in detail. the study includes a gist of the forecast trends and demand until the year 2026. also, the report contains details about the significant companies, innovations, technologies, as well as innovations, and the factors impacting the product demand.

Backed by the European Union and coordinated by Spanish Plastics Research Center, AIMPLAS, the main objective of the project is to develop new alternatives for food packaging in a more sustainable way. Allegedly, under the project, the nation aims to replace all non-recyclable barrier materials in multi-layer films with bio-derived recyclable polymer coatings. As per authentic reports, experts are planning to amalgamate polyglycolic acid with modified silica oxide for formulating a hybrid coating, that is deemed to possess water vapor and oxygen barrier properties. Needless to mention, on being commercialized, these advanced packaging solutions are bound to augment the regional polyglycolic acid industry, which is forecast to witness a Y-O-Y growth of 8% over 2016-2024.For the record, the project involves 12 partners, spanning across five countries.

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The Europe 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. Reportedly, the project aims at deploying high-performance coatings to develop completely recyclable food packaging endorsed with improved functionalities and gas barrier properties.  The move will provide a significant push to the Europe polyglycolic acid market trends, on grounds of the aforementioned hybrid coating comprising PGA and modified silica oxide as the key materials.

Global PGA 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.

The major regions in the polyglycolic acid industry that are likely to establish a coveted position in the industry and the ones who have major scope for improvement are enlisted in the report. also, a detailed evaluation of the latest technological advancements in the industry, in tandem with the detailed profiles of the major companies in the market have been given, as well as a unique model analysis.

Certain surveys, a swot analysis, and the tactics adopted by major vendors in the market provide a detailed understanding pertaining to the market strengths and the way they can be deployed to generate future opportunities. also, the report delivers an overall market segmentation that is based on the product type, technology, and application. also, the business tactics of the polyglycolic acid market in tandem with the growing advancements as well as innovative growth prospects to 2026 have been given.

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Speaking of the competitive landscape, overall polyglycolic acid market is claimed to be monopolistic, Kureha Corporation being the sole industrial scale manufacturer of the polymer. Excessive cost associated with polyglycolide production is deemed to be the chief deterring factor hindering the market growth. Add to it, the biomedical applications of the polymer, as per experts’ opinion, would also be somehow restricted, on grounds of its low solubility and acidic product discharge during degradation. As a result, an anticipated trend of increasing demand for copolymers of glycolide with caprolactone or trimethylene carbonate for medical purposes is likely to be witnessed in PGA industry over the ensuing years. All in all, the profitability graph is reported to be steady and the market is forecast to exceed a valuation of USD 9 billion by 2024.

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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