Published on : Mar 10, 2016
Polyglycolic acid (PGA,) is an acid which is biodegradable in nature. It has high tensile strength and gas barrier properties, which makes it very useful for manufacturing absorbable sutures. Absorbable sutures are extensively used in medical and surgical applications, thus driving the global polyglycolic acid market. Emerging trends of using polyglycolic acid for packaging and extraction of shale gas are also contributing to the growth of polyglycolic acid market. According to a report published by Transparency Market Research, the global polyglycolic acid market is expanding at a massive rate of 10.1% CAGR between 2015 and 2023.
Kureha Corporation: The Only Producer of Polyglycolic Acid Used In Shale Gas Extraction
The market for polyglycolic acid market is consolidated and out of the key manufacturers such as Huizhou Foryou Medical Devices Co. Ltd., LLC, Kureha PGA, and DuPont, major share is held by LLC and Kureha PGA. Kureha Corporation is the only producer of polyglycolic acid which is used for packaging and shale gas extraction.
North America Held the Largest Share of the Polyglycolic Acid Market in 2014
Due to the high consumption of polyglycolic acid in the U.S., North America led the global polyglycolic acid market by holding the largest share for the market. North America accounted for more than 70% of the global polyglycolic acid demand share in 2014.
Medical Applications Segment of the Polyglycolic Acid Market Leading in Various Regions
The polyglycolic acid market is segmented on the basis of application and region. In terms of application the market is sub-segmented into packaging, medical applications, shale gas extractions, agriculture, filters, and civil engineering resins.
While packaging and shale gas extraction account for a major market share of the global polyglycolic acid market, medical applications segment was the leading segment in many regions. Shale gas extraction accounted for more than 35% of the global demand for polyglycolic acid market in 2014. Asia Pacific, Latin America, and Middle East & Africa were the regions that had medical applications as their leading segment.