Polyglycolic Acid Market Size to Reach USD 11.7 Billion by 2032 growing at 9.7% CAGR - Exclusive Report by Acumen Research and Consulting

Polyglycolic Acid market, valued at USD 5.1 Billion in 2023, is projected to surpass USD 11.7 Billion by 2032, indicating a robust CAGR of 9.7% Polyglycolic acid (PGA) is a biodegradable, thermoplastic polymer known for its high mechanical strength and excellent gas barrier properties. It is derived from glycolic acid and is widely used in medical, packaging, and industrial applications. PGA is highly hydrolyzable, meaning it breaks down in water over time, making it an eco-friendly alternative to traditional plastics. Its biocompatibility and biodegradability make it a preferred choice in various industries. PGA is widely employed in medical applications such as absorbable surgical sutures, tissue engineering, and drug delivery systems, because of its safe biodegradation within the body. For instance, Stryker introduced a new line of PGA-based surgical products in May 2024, including enhanced sutures and fixation devices, with the goal of improving performance and biocompatibility across a wide range of surgical operations. In the packaging business, PGA's superior barrier qualities make it perfect for food and beverage containers, extending shelf life. With growing sustainability concerns, PGA is being investigated for environmentally beneficial applications in textiles and agriculture. Polyglycolic Acid Market Statistics The global polyglycolic acid market was valued at USD 5.1 billion in 2023 and is projected to grow at a CAGR of over 9.7% from 2024 to 2032 North America dominated the market in 2023, generating USD 2.3 billion in revenue Asia-Pacific is expected to witness substantial growth, with a projected CAGR of 9.7% during the forecast period The fibers sub-segment recorded USD 2.04 billion in revenue in 2023 A major market trend is the rising adoption in the medical industry, particularly for producing absorbable surgical sutures Download Sample Report Copy: https://www.acumenresearchandconsulting.com/request-sample/3652 Polyglycolic Acid Market Dynamics Growing Demand for Eco-Friendly Packaging Solutions Fuels the Polyglycolic Acid Market Value The growing global emphasis on sustainability is driving demand for environmentally friendly packaging solutions, increasing the market value of polyglycolic acid (PGA). For example, in July 2024, China implemented new rules to reduce plastic waste, which increased demand for biodegradable polymers such as PGA in packaging and consumer products. As businesses transition away from old plastics, PGA is gaining significance due to its biodegradability and outstanding barrier qualities. Food and beverage packaging, medical sutures, and agricultural films are among the primary industries using PGA to reduce environmental impact. With ongoing developments in biodegradable polymers, PGA is positioned to play an important role in the future of green packaging solutions. Collaborations for Technological Advancements Offer Significant Polyglycolic Acid Market Opportunity Strategic collaborations between industry players are propelling technological developments in the polyglycolic acid (PGA) market, opening up new growth potential. Companies are collaborating with research institutions and material developers to improve PGA's qualities, making it more adaptable for a variety of applications. These collaborations are resulting in more cost-effective production processes and increased biodegradability, increasing its use in the packaging, medical, and industrial sectors. Furthermore, joint ventures and mergers enable businesses to expand output and access new markets. As a result, technological improvements through collaboration are shaping the future of the PGA market, revealing great commercial possibilities. Polyglycolic Acid Market Segmentation The global market for polyglycolic acid has been segmented into form, end-user, and region. Form is classified into fibers, films, and others End-user are categorized into medical, oil & gas, packaging, others (agriculture, civil engineering, and filters) The polyglycolic acid market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa Polyglycolic Acid Market Regional Outlook In terms of polyglycolic acid market analysis, North America dominates the polyglycolic acid (PGA) market, driven by its strong healthcare, packaging, and oil & gas industries. Leading market players and research institutions in the U.S. are continuously innovating to expand PGA applications. For example, in July 2024, Medtronic made substantial investments in developing PGA-based medical devices, leveraging the material’s biocompatibility for advanced surgical sutures and tissue engineering solutions. Moreover, the rising demand for sustainable medical and packaging products further reinforces North America's market leadership. Asia-Pacific is experiencing rapid growth in the PGA market, driven by rising industrialization and increasing environmental concerns. Government regulations promoting sustainable alternatives, particularly in China, Japan, and India, is accelerating market expansion. Furthermore, growing foreign investments and technological advancements in polymer production contribute to the region's fast-paced growth. Polyglycolic Acid Market Players Polyglycolic acid companies profiled in the report include Kureha Corporation, Evonik Industries AG (Resomer), Durect Corporation, Kuraray Co., Ltd., Shenzhen Polymtek Biomaterial Co., Ltd., W. R. Grace & Co., Tepha, Inc., Corbion, Qingdao Future Group, Xiantao Jiamei Non-woven Fabric Products Co., Ltd., Huizhou Foryou Medical Devices Co., Ltd., Teleflex Incorporated, Merck KGaA, Foster Corporation, BMG Incorporated, and Lactel Absorbable Polymers. Buy Now This Report: https://www.acumenresearchandconsulting.com/buy-now/0/3652 Polyglycolic Acid Market Key Insights Parameter Details Size in 2023 USD 5.1 Billion Forecast by 2032 USD 11.7 Billion CAGR During 2024 - 2032 9.7% Largest Region Size (2023) North America - USD 2.3 Billion Fastest Growing Region (% CAGR) Asia-Pacific– 9.7% Key Players Covered Kureha Corporation, Evonik Industries AG (Resomer), Durect Corporation, Kuraray Co., Ltd., Shenzhen Polymtek Biomaterial Co., Ltd., W. R. Grace & Co., Tepha, Inc., Corbion, Qingdao Future Group, Xiantao Jiamei Non-woven Fabric Products Co., Ltd., Huizhou Foryou Medical Devices Co., Ltd., Teleflex Incorporated, Merck KGaA, Foster Corporation, BMG Incorporated, and Lactel Absorbable Polymers. Request Customization Request Customization Mr. Richard Johnson Acumen Research and Consulting India: +91 8983225533 E-mail: sales@acumenresearchandconsulting.com