Global Polyglycolic Acid Market: Snapshot
Customarily, polyglycolic acid is used in the production of absorbable sutures, attributable to its high elasticity. In any case, these days, it is seeing an across the board application in shale gas extraction, which is probably going to introduce lucrative scope for the market players in the forthcoming years. Polyglycolic acid producers are additionally anticipated to see enormous development opportunity in the years to come because of the developing inclination of customers for food products with plastic bundling.
The global market for polyglycolic acid is estimated to expand at a CAGR of 10.10% within the forecast period from 2015 to 2023. The market was evaluated to be of worth US181.7 mn back in 2014, and is likely to reach around US$424.5 mn by the end of 2023.
Increased Use of Absorbable Sutures to Bolster Market Demand
The demand for polyglycolic acid has gotten a solid push from the developing utilization of absorbable sutures in the course of the most recent couple of years. Prior to its boundless application in shale gas extraction, and packaging, polyglycolic acid was for the most part used in the development of absorbable sutures. As these sutures disintegrate in the body as the injury mends, they needn't bother with reviving of the body parts for their evacuation. This factor has expanded the use of these sutures in the treatment of interior injuries, prompting a critical flood popular for polyglycolic acid.
On the other side, the high expenses of polyglycolic acid is probably going to constrain its application extensively throughout the years to come. Being an expensive material, it is confronting serious trouble in its expansive scale commercialization, which is making an obstruction in its use crosswise over different application zones. Aside from this, the absence of awareness among individuals with respect to the utilization of polyglycolic acid is additionally anticipated to hamper its demand in future.
Geographically, Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa are the key territorial markets for polyglycolic acid. In 2014, North America rose as the market leader with a share of over 70%. The commercial sale of shale gas has expanded the utilization of polyglycolic acid in the region, which is probably going to improve the development over the coming years. The revenue created by polyglycolic acid in this region is evaluated to expand at a CAGR of around 10.4% in the forecast period.
Mergers and Acquisition to Be a Main Strategy Followed by Major Firms
With Kureha PGA LLC holding a market share of almost 84%, the global market for polyglycolic acid exhibited an exceptionally focused and monopolistic competitive scene few years back. Throughout the following couple of years, no noteworthy change is was witnessed in the present course of action, inferable from which the opposition in the market is foreseen to stay low.
Kureha Corp., which is the main business scale maker of polyglycolic acid used in non-restorative applications, is probably going to remain the key investor of this market in the upcoming years. Nevertheless, different players, for example, EI Du Pont De Nemours and Co., Teleflex Inc., and Huizhou Foryou Medical Devices Co. Ltd. may pick up speed in biomedical and medical applications.
This report analyzes and forecasts the polyglycolic acid market on the global and regional level. The study provides historic data of 2014 along with forecast between 2015 and 2023 based on volume and revenue. The market in North America and Europe has been forecast in terms of volume (tons) and revenue (US$ Mn). All other regions have been forecast in terms of kilo grams (volume) and US$ thousand (revenue).
The study provides a decisive view of the polyglycolic acid market by segmenting it based on applications and regional demand. Application segments have been analyzed based on current trends and future potential. Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These have been further sub-segmented into countries and areas by relevance to the market. The segmentation also includes demand for individual applications in all regions.
The study covers the drivers and restraints governing dynamics of the market along with their impact on demand during the forecast period. Additionally, the report includes potential opportunities in the polyglycolic acid market on the global and regional level.
We have included a detailed value chain analysis to provide a comprehensive view of the polyglycolic acid market. Analysis of Porter’s Five Forces Model has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications have been benchmarked based on their market size, growth rate, and general attractiveness for future growth.
The market has been forecast based on constant currency rates. Prices of polyglycolic acid vary in each region and are a result of the demand-supply scenario of the region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Individual pricing of polyglycolic acid for each application has been taken into account while estimating and forecasting market revenue on the global basis. Regional average price has been considered while breaking down the market by application segments in each region.
The report provides the size of the polyglycolic acid market for 2014 and forecast for the next nine years up to 2023. Size of the global polyglycolic acid market has been provided in terms of both volume and revenue. Market volume has been defined in tons and kilo grams, while market revenue for regions is in US$ Mn and US$ thousand. The market size and forecast for each product segment has been provided in the context of global and regional markets. Numbers provided in this report are derived based on demand generated from different applications and types of raw materials. Market dynamics prevalent in North America and Europe have been taken into account for estimating the growth of the global market
Market estimates for this study have been based on volume, with revenue being derived through regional pricing trends. Demand for polyglycolic acid has been derived by analyzing the global and regional trends pertaining to demand from major applications in all regions and countries. Propensity to adapt to new technologies has been accounted for while estimating demand for polyglycolic acid in individual regions. The global polyglycolic acid market has been analyzed based on expected demand. Market data for each segment is based on volume and corresponding revenue. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from regional suppliers, distributors, and direct selling regional producers based on manufacturer feedback and application requirement. Country segmentations of Europe, Asia Pacific, Latin America, and the Middle East & Africa have been depicted in kilo grams and US$ thousand due to limited size of the market. The market scenario in North America and Europe has been forecast in tons and US$ Mn. We have used the bottom-up approach to estimate the global polyglycolic acid market, split by regions. The application split of the market has been derived using the top-down approach for each regional market separately with the global product segment split being an integration of regional estimates. Kureha Corporation is the sole commercial-scale manufacturer of PGA in the world; hence, global demand is a function of marketability of PGA products from Kureha Corporation. A conservative approach has been adopted in this study to estimate demand for PGA in light of the information available pertaining to Kureha Corporation's scale of operations. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. The polyglycolic acid market for medical applications is unorganized; few companies manufacture PGA in limited quantities.
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Kureha PGA, LLC, E. I. du Pont de Nemours and Company, Huizhou Foryou Medical Devices Co., Ltd., and Teleflex, Inc. Company profiles include attributes such as company overview, brand overview, financial overview (in terms of financial year), business strategies, and recent/key developments.
Polyglycolic Acid Market - Application Analysis
- Shale Gas Extraction
- Others (Including Agriculture, Civil Engineering Resins, and Filters)
Polyglycolic Acid Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA