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Polyglycolic Acid Market will observe a considerable demand from packaging industry through 2024, North American and European to show steady growth

Author : Ravi Chawat | Published Date : 2020-10-13 

North America polyglycolic acid market held a market share exceeding 60% in 2016. The demand for PGA frac plugs is estimated to be considerably high even though the total rig count diminished after the fall in crude oil prices in North America. Europe is also expected to share promising gains of nearly 8% CAGR up to 2024.

The overall polyglycolide market was monopolized by Kureha Corporation as its contributing market share was more than 75% in 2016. The company has emphasized innovative product development with a stronghold in the downstream market. Including Corbion NV, which is an industry leader in PGA for bone graft applications, other companies are Foryou Medical Ltd., BMG and Polymtek.

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Polyglycolide has recently been officially approved as biodegradable plastic and fits to use in day to day applications by governments of the U.S., Europe, and Japan. The key market of biodegradable plastics has been packaging sector with the emphasis of leading companies, who are shifting towards compostable and degradable polymers.

As disposal of non-degradable plastics has been a serious issue for the sustainable environment especially in North America and Europe, the polyglycolic acid market will observe a considerable demand from packaging industry through 2024. 

The escalating demand especially in medical applications will drive polyglycolic acid market by 2024. On account of tremendous absorbent properties, PGA sutures have gained tractions against various absorbable sutures such as catgut, poliglecaprone, polyglactin 910, and polydioxanone sutures.

On account of better results in comparison with frequently used non-absorbable sutures made of stainless steel, nylon, and polypropylene, PGA surgical sutures have extensive application potential in medical treatments such as cardiovascular surgeries, orthopedic surgeries, ophthalmic surgeries, gynecological surgeries, and general surgeries. PGA surgical sutures also are known as a bioresorbable polymer and are suitable for joint replacement, bone grafting, spine applications, and knee applications.

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Massively driven by the burgeoning demand from the medical fraternity, polyglycolic acid market is anticipated to amass noteworthy gains from medical applications in the upcoming years. As a matter of fact, the medical segment held over 60 per cent of polyglycolic acid market share in 2016 and emerged as the largest segment in the year.

Polyglycolide’s high tensile strength, easy maintenance, and perilous wound healing span are likely to propel the polyglycolic acid market size in the ensuing years. 

Polyglycolic acid industry trends in the medical arena are highly characterized by the demand for PGA sutures. These sutures portray substantial potential in the orthopedic and ophthalmic surgeries.

It is prudent to mention that PGA is also an appropriate material for bone grafting and finds use in myriad bone replacement applications. This makes PGA material the widely used biodegradable bone graft polymer. For the records, the worldwide biodegradable bone graft polymer market from polyglycolic acid market is predicted to grow at a CAGR of 7.5 per cent through 2024.   

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https://www.prnewswire.com/news-releases/powder-coating-market-to-exceed-usd-17-bn-by-2025-global-market-insights-inc-300940763.html

https://www.prnewswire.com/news-releases/flow-chemistry-market-value-to-hit-2-5-billion-by-2026-global-market-insights-inc-300961694.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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