Polyglycolic Acid Market Analysis

Polyglycolic Acid Market Analysis

Fiber form held a massive share over 40% in 2016 and is expected to rise substantially over the forecast timeframe. The fibrous polyglycolic acid have been used as monofilament, braided form or in mesh structure. Fiber form will hold substantial demand by 2024, in the medical industry for usage in sutures, stents, scaffolds, adhesion barrier reinforcement, in artificial dura, etc.

The film form is estimated to grow with a high CAGR of close to 8.5% over the forecast timespan. Film form has been gaining popularity in packaging business as a coating material for PET bottles. Polyglycolide demonstrates a high retention for commonly used flavors & aroma groups for instance, d-Limonene, L-Menthol, Vanillin, etc. Moreover, the unique combination of source reduction, recyclability and inherent barrier characteristics makes polyglycolic acid a desirable material in packaging.

Shale gas extraction is expected to be the fastest growing sector with CAGR above 8% through 2024. Several merits of polyglycolide in shale gas extraction include, enhancing the productivity, cost- and operational efficiency of hydraulic fracturing operations. PGA downhole tools eliminate the requirement of costly drill-out processes since they degrade and dissolve in water after use.

Packaging applications constituted about 30% share in global polyglycolic acid market in 2016. Extending the shelf life of food has been one of the challenges of food & beverage industry. Recently, modified atmosphere processes have been used for this purpose in case of meats and fresh food. Packaging with multilayer structures aimed at longer shelf life involve metallized materials for snacks and result in producing the products with difficult recycling process.

PGA has proved out to be an efficient bioplastic material in this context, with ideal bio-degradable potential. The product exhibits superior abrasion resistance compared with the conventional poly phenylene sulphide (PPS) and poly ether ether ketone (PEEK). Also, flexural strength of the product has proven to be exceeding those of traditional engineering plastics. Shifting preference towards biodegradable plastic packaging of food & beverages presents lucrative prospects for the polyglycolic acid market by 2024.

North America led the overall polyglycolic acid market in 2016 with a massive share above 60%. The region is estimated to witness significant demand for polyglycolide in shale gas extraction in the coming years. The U.S.’s leadership as the innovative producer of shale gas in recent years has established it as a possible catalyzer for global energy change. U.S. Energy Information Administration (EIA) has projected that the U.S.’s total natural gas consumption will rise to 31.6 TcF by 2040, with 56% of the rise in natural gas production resulting from the upward development of shale gas.

Europe polyglycolic acid market will also observe escalating growth of around CAGR 8% by 2024. Europe has been profoundly investing in projects entailing the development of recyclable food packaging solutions, for instance, RefuCoat. The project aimed at formulating a hybrid coating with oxygen- and water vapour-barrier properties. It involved combining polyglycolic acid with modified silica oxide for savory products, as an alternative to the metallized packages.