Market Overview

The Polyglycolic Acid market is predicted to develop at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2034, when it is projected to reach USD 12,631.85 Million in 2034, based on an average growth pattern. The market is estimated to reach a value of USD 5,945.48 Million in 2024.

SOURCE: We Market Research

Polyglycolic acid (PGA) is a biodegradable, thermoplastic polymer that has gained attention for its unique properties, such as high tensile strength, biodegradability, and biocompatibility. It is widely used in the medical field for surgical sutures, drug delivery systems, and tissue engineering. Additionally, Polyglycolic Acid's application in packaging, especially for food products, is rising due to increasing environmental concerns and demand for sustainable packaging solutions.

The global polyglycolic acid market is expected to grow steadily over the next few years, driven by its expanding application in the medical field and increasing demand for sustainable packaging solutions. Innovations in production technologies and cost reductions could further enhance market growth. The Asia-Pacific region is likely to emerge as a key market, supported by robust industrial growth and increasing environmental regulations.

Market Scope

Polyglycolic Acid Industry: Dynamics & Restrains

Market opportunity:

We Market Research: Polyglycolic Acid Dashboard

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Polyglycolic Acid Segmentation

Market- By Product Type Analysis

By Product Type, the Polyglycolic Acid market is categories into Films, Fibers, Powders and Resins. Fibers segments dominate the market with the largest share, accounting for over 45% of the market in 2023. Polyglycolic Acid fibers are primarily used in the medical industry for the production of biodegradable sutures and meshes. Their high tensile strength and controlled degradation rates make them ideal for surgical applications. They are also used in tissue engineering scaffolds, drug delivery systems, and other medical devices.

The following segments are part of an in-depth analysis of the global Polyglycolic Acid market:

Polyglycolic Acid Industry: Regional Analysis

North America Market Forecast

North America dominates the global Polyglycolic Acid market, accounting for around 40% of the market share in 2023. North America is a leading region in the global Polyglycolic Acid market, driven by strong demand in the medical and oil & gas sectors. The region has a well-established healthcare infrastructure and a robust oil & gas industry, both of which contribute to the high demand for Polyglycolic Acid. The U.S. and Canada have a highly developed healthcare sector, with significant use of PGA in surgical sutures, tissue engineering, and drug delivery systems.

Europe Market Statistics

Europe is another significant market for Polyglycolic Acid, with strong demand driven by the region's focus on sustainability and environmental protection. The medical and packaging industries are the primary consumers of Polyglycolic Acid in Europe. Europe has some of the world's strictest environmental regulations, which encourage the use of biodegradable materials like Polyglycolic Acid in various applications, especially packaging.

Asia Pacific Market Forecasts

The Asia-Pacific region is expected to witness the fastest growth in the Polyglycolic Acid market, driven by rapid industrialization, urbanization, and increasing healthcare expenditures. Countries like China, Japan, and South Korea are leading the regional market. The expanding healthcare sector in countries like China and India is driving the demand for Polyglycolic Acid in medical applications.

Middle East & Africa Market Statistics

The Middle East & Africa (MEA) region represents a smaller share of the global Polyglycolic Acid market. However, the region has potential for growth, particularly in the oil & gas and healthcare sectors. The significant presence of the oil & gas industry in the Middle East could drive the demand for Polyglycolic Acid, especially in applications like downhole tools for hydraulic fracturing.

Key Market Players

The Polyglycolic Acid Market is dominated by a few large companies, such as

·         Kureha Corporation

·         Corbion N.V.

·         Shenzhen Polymtek Biomaterial Co., Ltd.

·         BMG Incorporated

·         EIWA Chemical Ind. Co., Ltd.

·         Huizhou Foryou Medical Devices Co., Ltd.

·         Teleflex Incorporated

·         Samyang Corporation

·         Henan Guangtong Polymers Co., Ltd.

·         Lianhuan Pharmaceutical Co., Ltd.                                                                                               

1.      Global Polyglycolic Acid Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Polyglycolic Acid Market Scope and Market Estimation

1.2.1. Global Polyglycolic Acid Overall Market Size (US$ Bn) and Volume (Tons), Market CAGR (%), Market forecast (2024 - 2034)

1.2.2. Global Polyglycolic Acid Market Revenue Share (%) and Volume Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034

1.3.    Market Segmentation

1.3.1. Product Type of Global Polyglycolic Acid Market

1.3.2. Distribution Channel of Global Polyglycolic Acid Market

1.3.3. End-use of Global Polyglycolic Acid Market

1.3.4. Region of Global Polyglycolic Acid Market

2.      Executive Summary

2.1.    Demand Side Trends

2.2.    Key Market Trends

2.3.    Market Demand (US$ Bn) Analysis 2019 – 2023 and Forecast, 2024 – 2034

2.4.    Demand and Opportunity Assessment

2.5.    Market Dynamics

2.5.1. Drivers

2.5.2. Limitations

2.5.3. Opportunities

2.5.4. Impact Analysis of Drivers and Restraints

2.6.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.7.    Cost Tear Down Analysis

2.8.    Key Developments

2.9.    Porter’s Five Forces Analysis

2.9.1. Bargaining Power of Suppliers

2.9.2. Bargaining Power of Buyers

2.9.3. Threat of Substitutes

2.9.4. Threat of New Entrants

2.9.5. Competitive Rivalry

2.10.  PEST Analysis

2.10.1.   Political Factors

2.10.2.   Economic Factors

2.10.3.   Social Factors

2.10.4.   Technology Factors

2.11.  Value Chain / Ecosystem Analysis

2.12.  Key Regulation

2.13.  Production Process Overview

3.      Global Polyglycolic Acid Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      Global Polyglycolic Acid Market Estimates & Forecast Trend Analysis, by Product Type

4.1.    Global Polyglycolic Acid Market Revenue (US$ Bn) and Volume (Tons) Estimates and Forecasts, by Product Type, 2019 - 2034

4.1.1. Films

4.1.2. Fibers

4.1.3. Powders

4.1.4. Resins

5.      Global Polyglycolic Acid Market Estimates & Forecast Trend Analysis, by Distribution Channel

5.1.    Global Polyglycolic Acid Market Revenue (US$ Bn) and Volume (Tons) Estimates and Forecasts, by Distribution Channel, 2019 - 2034

5.1.1. Direct Sales

5.1.2. Distributors

5.1.3. Online Sales

5.1.4. Retail

6.      Global Polyglycolic Acid Market Estimates & Forecast Trend Analysis, by End-use

6.1.    Global Polyglycolic Acid Market Revenue (US$ Bn) and Volume (Tons) Estimates and Forecasts, by End-use, 2019 - 2034

6.1.1. Healthcare & Medical Devices

6.1.2. Agriculture

6.1.3. Packaging

6.1.4. Oil & Gas

6.1.5. Cosmetics & Personal Care

6.1.6. Others

7.      Global Polyglycolic Acid Market Estimates & Forecast Trend Analysis, by Region

7.1.    Global Polyglycolic Acid Market Revenue (US$ Bn) and Volume (Tons) Estimates and Forecasts, by Region, 2019 - 2034

7.1.1. North America

7.1.2. Western Europe

7.1.3. Eastern Europe

7.1.4. Asia Pacific

7.1.5. Middle East & Africa

7.1.6. Latin America

8.      North America Polyglycolic Acid Market: Estimates & Forecast Trend Analysis

8.1.    North America Polyglycolic Acid Market Assessments & Key Findings

8.1.1. North America Polyglycolic Acid Market Introduction

8.1.2. North America Polyglycolic Acid Market Size & Volume Estimates and Forecast (US$ Billion & Tons) (2019 - 2034)

8.1.2.1.   By Product Type

8.1.2.2.   By Distribution Channel

8.1.2.3.   By End-use

8.1.2.4.   By Country

8.1.2.4.1.     The U.S.

8.1.2.4.2.     Canada

8.1.2.4.3.     Mexico

9.      Western Europe Polyglycolic Acid Market: Estimates & Forecast Trend Analysis

9.1.    Western Europe Polyglycolic Acid Market Assessments & Key Findings

9.1.1. Western Europe Polyglycolic Acid Market Introduction

9.1.2. Western Europe Polyglycolic Acid Market Size & Volume Estimates and Forecast (US$ Billion & Tons) (2019 - 2034)

9.1.2.1.   By Product Type

9.1.2.2.   By Distribution Channel

9.1.2.3.   By End-use

9.1.2.4.        By Country

9.1.2.4.1.      Germany

9.1.2.4.2.      Italy

9.1.2.4.3.      U.K.

9.1.2.4.4.      France

9.1.2.4.5.      Spain

9.1.2.4.6.      Benelux

9.1.2.4.7.      Nordics

9.1.2.4.8.     Rest of W. Europe

10.  Eastern Europe Polyglycolic Acid Market: Estimates & Forecast Trend Analysis

10.1.  Eastern Europe Polyglycolic Acid Market Assessments & Key Findings

10.1.1.   Eastern Europe Polyglycolic Acid Market Introduction

10.1.2.   Eastern Europe Polyglycolic Acid Market Size & Volume Estimates and Forecast (US$ Billion & Tons) (2019 - 2034)

10.1.2.1.    By Product Type

10.1.2.2.    By Distribution Channel

10.1.2.3.    By End-use

10.1.2.4.    By Country

10.1.2.4.1.  Russia

10.1.2.4.2.  Hungary

10.1.2.4.3.  Poland

10.1.2.4.4.  Balkan & Baltics

10.1.2.4.5. Rest of E. Europe

11.  Asia Pacific Polyglycolic Acid Market: Estimates & Forecast Trend Analysis

11.1.  Asia Pacific Market Assessments & Key Findings

11.1.1.   Asia Pacific Polyglycolic Acid Market Introduction

11.1.2.   Asia Pacific Polyglycolic Acid Market Size & Volume Estimates and Forecast (US$ Billion & Tons) (2019 - 2034)

11.1.2.1.    By Product Type

11.1.2.2.    By Distribution Channel

11.1.2.3.    By End-use

11.1.2.4.    By Country

11.1.2.4.1. China

11.1.2.4.2. Japan

11.1.2.4.3. India

11.1.2.4.4. Australia & New Zealand

11.1.2.4.5. South Korea

11.1.2.4.6. ASEAN

11.1.2.4.7. Rest of Asia Pacific

12.  Middle East & Africa Polyglycolic Acid Market: Estimates & Forecast Trend Analysis

12.1.  Middle East & Africa Market Assessments & Key Findings

12.1.1.   Middle East & Africa Polyglycolic Acid Market Introduction

12.1.2.   Middle East & Africa Polyglycolic Acid Market Size & Volume Estimates and Forecast (US$ Billion & Tons) (2019 - 2034)

12.1.2.1.    By Product Type

12.1.2.2.    By Distribution Channel

12.1.2.3.    By End-use

12.1.2.4.    By Country

12.1.2.4.1. UAE

12.1.2.4.2. Saudi Arabia

12.1.2.4.3. Turkey

12.1.2.4.4. South Africa

12.1.2.4.5. Rest of MEA

13.  Latin America Polyglycolic Acid Market: Estimates & Forecast Trend Analysis

13.1.  Latin America Market Assessments & Key Findings

13.1.1.   Latin America Polyglycolic Acid Market Introduction

13.1.2.   Latin America Polyglycolic Acid Market Size & Volume Estimates and Forecast (US$ Billion & Tons) (2019 - 2034)

13.1.2.1.    By Product Type

13.1.2.2.    By Distribution Channel

13.1.2.3.    By End-use

13.1.2.4.    By Country

13.1.2.4.1. Brazil

13.1.2.4.2. Argentina

13.1.2.4.3. Colombia

13.1.2.4.4. Rest of LATAM

14.  Country Wise Market: Introduction

15.  Competition Landscape

15.1.  Global Polyglycolic Acid Market Product Mapping

15.2.  Global Polyglycolic Acid Market Concentration Analysis, by Leading Players / Innovators / Emerging Players / New Entrants

15.3.  Global Polyglycolic Acid Market Tier Structure Analysis

15.4.  Global Polyglycolic Acid Market Concentration & Company Market Shares (%) Analysis, 2023

16.  Company Profiles

16.1.      Kureha Corporation

16.1.1.   Company Overview & Key Stats

16.1.2.   Financial Performance & KPIs

16.1.3.   Product Portfolio

16.1.4.   SWOT Analysis

16.1.5.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

16.2.      Corbion N.V.

16.3.      Shenzhen Polymtek Biomaterial Co., Ltd.

16.4.      BMG Incorporated

16.5.      EIWA Chemical Ind. Co., Ltd.

16.6.      Huizhou Foryou Medical Devices Co., Ltd.

16.7.      Teleflex Incorporated

16.8.      Samyang Corporation

16.9.      Henan Guangtong Polymers Co., Ltd.

16.10.  Lianhuan Pharmaceutical Co., Ltd.

16.11.  Others

17.  Research Methodology

17.1.  External Transportations / Databases

17.2.  Internal Proprietary Database

17.3.  Primary Research

17.4.  Secondary Research

17.5.  Assumptions

17.6.  Limitations

17.7.  Report FAQs

18.  Research Findings & Conclusion