Polyglycolic Acid Global Market Report 2024

The global polyglycolic acid market has grown rapidly in recent years. It will grow from $4.76 billion in 2023 to $5.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth witnessed in the historical period owes its momentum to several factors. These include advancements in polymer chemistry, particularly in relation to medical applications, robust regulatory backing for biodegradable materials, proactive research and development endeavors, and a rising demand within the oil and gas industry.

The global polyglycolic acid market is expected to see rapid growth in the next few years. It will grow to $7.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. Anticipated growth in the forecast period is primarily attributed to the burgeoning bioplastics market, escalating demand within the packaging industry, a surge in surgical procedures, heightened awareness regarding environmental concerns, increased demand in the electronics sector, and ongoing innovations in medical devices. Key trends expected in the forecast period encompass advancements in polyglycolic acid (PGA) production technology, a heightened use of PGA within the oil and gas industry, growing demand for PGA in agricultural applications, a notable shift towards synthetic bio-based polymers, and ongoing research focused on PGA for drug delivery systems.

The growth projection for the polyglycolic acid market is significantly fueled by the mounting demand within the packaging industry. Packaging serves as a crucial branding tool and offers added protection for various products in sectors like healthcare, food, cosmetics, and personal care. Polyglycolic acid stands out in high-gas barrier packaging applications. Reports indicate that the packaging industry's demand spiked the PGA market by approximately USD 240 million in 2017 and is expected to reach around USD 470 million by 2024, boasting an annual growth rate of 10%. Thus, the escalating demand in packaging drives growth within the polyglycolic acid market.

The burgeoning growth observed in the oil and gas industry plays a pivotal role in propelling the polyglycolic acid market forward. This sector encompasses a wide array of activities related to oil and natural gas resources, where polyglycolic acid finds extensive use, particularly in the production of biodegradable frac balls and plugs used as closures. Notably, the US witnessed a 5.6% increase, producing 0.6 million barrels per day (b/d) more crude oil in 2022 compared to 2021, as reported by the Energy Information Administration. This growth in the oil and gas industry significantly contributes to the expansion of the polyglycolic acid market.

Innovations in food packaging represent a prominent trend shaping the polyglycolic acid market. Industry leaders are actively engaged in developing sustainable packaging solutions to bolster their market presence. For instance, Ali Food introduced RefuCoat, integrating polyglycolic acid and modified silica oxide, as an eco-friendly alternative to metalized and modified atmosphere packaging (MAP), aiming for zero waste and reduced environmental impact.

Major companies operating in the polyglycolic acid market are intensifying their focus on innovative material production processes. This includes advancements in synthesis gas-based production, utilizing carbon monoxide and hydrogen to manufacture biodegradable polymer PGA. Yulin Chemical Co., Ltd.'s initiative in June 2022 marked a milestone with the construction of a 50,000-ton/year PGA demonstration project, employing synthesis gas-based technology. This pioneering effort showcases a sustainable approach to PGA production, indicating a significant investment and a push towards innovative manufacturing practices.

In August 2023, PureTech Scientific LLC, backed by Iron Path Capital and a US-based producer specializing in the organic synthesis of high-purity alpha hydroxy acids, completed the acquisition of The Chemours Company's Glycolic Acid business for $137 million. This strategic move aligns with PureTech Scientific's objective to diversify its product portfolio and reinforce its standing within the specialty chemicals market. The Chemours Company, a US-based chemical firm, was the previous owner of the Glycolic Acid business acquired by PureTech Scientific.

Major companies operating in the polyglycolic acid market report are Kureha Corporation, Shenzhen Polymtek Biomaterial Co. Ltd., BMG Incorporated, Huizhou Foryou Medical Devices Co. Ltd., Teleflex Incorporated, Unisur Lifecare Pvt. Ltd., Meta Biomed Co. Ltd., Samyang Biopharm Corporation, Merck Group, Hitachi Ltd., DuPont de Nemours Inc., BASF SE, Boen Healthcare Co. Ltd., Evonik Industries AG, Shanghai Pujing Chemical Technology Co. Ltd., Danhua Chemical Technology Co. Ltd., Orion Sutures India Pvt. Ltd., Shandong Haidike Medical Products Co. Ltd., Advanced Medical Solutions Group PLC, Lotus Surgicals Private Limited, Biomaterial Co. Ltd., Toray Industries Inc., SK Chemicals Co. Ltd., CABB Group GmbH, China Petrochemical Corporation, Zhonglan Industry Co. Ltd., Water Chemical Co. Ltd., The Chemours Company

North America was the largest region in the polyglycolic acid market in 2023. The regions covered in the polyglycolic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the polyglycolic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary forms of polyglycolic acid include films, fibers, and other variations. The film format of polyglycolic acid stands out for its biodegradable and biocompatible nature. These films exhibit homogeneous distribution of titanium oxide (TiO2), with subtle variances based on molecular weight. Notably, their hygroscopic and anatase material properties enable water absorption. These products are available through online and offline distribution channels, catering to industries such as pharmaceuticals, oil and gas, packaging, among others.

This report provides polyglycolic acid market statistics, including polyglycolic acid industry global market size, regional shares, competitors with a polyglycolic acid market share, detailed polyglycolic acid market segments, market trends and opportunities, and any further data you may need to thrive in the polyglycolic acid industry. This polyglycolic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The polyglycolic acid market consists of sales of industrial-grade and medical-grade polyglycolic acid. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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