“Global Polyglycolic Acid Market to reach a market value of USD 11.2 Billion by 2031 growing at a CAGR of 9.6%”
The Global Polyglycolic Acid Market size is expected to reach $11.2 billion by 2031, rising at a market growth of 9.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 48,786.5 tonnes, experiencing a growth of 18.9% (2020-2023).
The expanding medical sector worldwide presents significant opportunities for the growth and expansion of polyglycolic acid applications. As per the data provided in 2023 by the Government of Canada, to enhance health care services for Canadians, the government announced an investment of $196.1 billion over ten years, including $46.2 billion in new funding, for provinces and territories. Polyglycolic acid (PGA) is widely used in manufacturing absorbable sutures used in surgical procedures to stitch wounds or incisions. Consequently, the medical segment would utilize 38,334.1 tonnes of Polyglycolic Acid by 2031. Unlike traditional sutures made from non-absorbable materials like nylon or silk, PGA sutures are designed to degrade over time within the body, eliminating the need for suture removal and reducing the risk of complications.
The escalating environmental concerns and tightening regulations regarding plastic pollution have become pivotal drivers pushing industries towards adopting eco-friendly packaging materials like polyglycolic acid (PGA). As global awareness of environmental issues continues to rise, businesses are increasingly pressured to mitigate their environmental footprint, particularly in the packaging sector, which historically has been a significant contributor to plastic waste. Additionally, Biotechnology offers scalable production platforms that can be easily adapted to meet growing market demands for PGA. By leveraging bioreactor systems with higher capacities and implementing robust downstream processing techniques, manufacturers can scale up PGA production while maintaining cost efficiency and product quality. Thus, these factors will drive the expansion of the market.
However, the competition from alternative biodegradable polymers like polylactic acid (PLA) and polyhydroxyalkanoates (PHA) presents a significant challenge to the market. PLA and PHA, like PGA, offer environmental benefits such as biodegradability and renewable sourcing. However, if end users perceive PLA or PHA as more environmentally friendly or sustainable due to marketing efforts or misconceptions, they may preferentially choose these alternatives over PGA despite PGA's comparable environmental credentials. Therefore, these factors can cause a downturn in the market.
On the basis of end-user, the market is divided into medical, oil & gas, packaging, and others. The medical segment recorded the maximum 42% revenue share in the market in 2023. In terms of volume, the medical segment would utilize 38,334.1 tonnes of Polyglycolic Acid by 2031. One of the primary applications of PGA in the medical sector is producing absorbable sutures. PGA sutures gradually degrade in the body over time, eliminating the need for suture removal surgeries and reducing patient discomfort. Therefore, these factors can boost the demand in the segment.
Based on form, the market is segmented into fibers, films, and others. In 2023, the films segment garnered a significant 34.2% revenue share in the market. In terms of volume, the films segment would utilize 33,458.4 tonnes of by 2031. PGA films offer a biodegradable alternative to conventional petroleum-based plastics, allowing end-users to reduce their carbon footprint and mitigate environmental impact. Thus, the segment will expand rapidly in the upcoming years.
Free Valuable Insights: Global Polyglycolic Acid Market size to reach USD 11.2 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured a 46% revenue share in the market in 2023. In terms of volume, the North America region would utilize 42,308.4 tonnes of Polyglycolic Acid by 2031. Over the years, significant investments have been made in research and development to enhance PGA production processes, improve material properties, and explore new applications.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 5.4 Billion |
| Market size forecast in 2031 | USD 11.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.6% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 223 |
| Number of Tables | 530 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Form, End-user, Region |
| Country scope |
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| Companies Included | BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd. (GL Capital Group), Unisur Lifecare Pvt Ltd., Orion Sutures India Pvt Ltd., Kureha Corporation, Shenzhen Polymtek Biomaterial Co., Ltd., Haihang Industry Co., Ltd. (Haihang Group), Polysciences, Inc., Teleflex Incorporated, and Merck KGaA. |
By Form (Volume, Tonnes, USD Billion, 2020-2031)
By End User (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $11.2 billion by 2031.
Growing Demand for Sustainable Packaging Solutions are driving the Market in coming years, however, Competition From Alternative Biodegradable Polymers restraints the growth of the Market.
BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd. (GL Capital Group), Unisur Lifecare Pvt Ltd., Orion Sutures India Pvt Ltd., Kureha Corporation, Shenzhen Polymtek Biomaterial Co., Ltd., Haihang Industry Co., Ltd. (Haihang Group), Polysciences, Inc., Teleflex Incorporated, and Merck KGaA.
In the year 2023, the market attained a volume of 48,786.5 tonnes, experiencing a growth of 18.9% (2020-2023).
The Fibers segment is Market by Form in 2023; thereby, achieving a market value of $4.2 billion by 2031.
The North America region dominated the Market by Region in 2023; thereby, achieving a market value of $4.9 billion by 2031.
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