Polyglycolic Acid (PGA) Market Research Report - Global Forecast till 2030

Polyglycolic Acid (PGA) Market: Information by Form (Fiber, Film and others), Application (Medical, Oil & Gas Extraction, Packaging and others) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2030

ID: MRFR/CnM/4294-CR | 134 Pages | Published By Chitranshi Jaiswal on August 2019         

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Polyglycolic Acid (PGA) Market

Polyglycolic Acid (PGA) Market is projected to be worth USD 9.30 billion by 2030, registering a CAGR of 10.01% during the forecast period (2021 - 2030).

By Form Fiber Film and others
By Application Medical Oil & Gas Extraction Packaging others
Key Players
Companies Profiled   Kureha Corporation   Corbion N.V.   Shenzhen Polymtek Biomaterial Co. Ltd   BMG Incorporated   Huizhou Foryou Medical Devices Co. Ltd   Teleflex Inc
Market Driving Forces   One of the chief factors that act as a catalyst.
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Polyglycolic Acid (PGA) Market Overview 

The Polyglycolic Acid (PGA) market has been delivering exceptional performance in the prevailing business landscape. It is expected that the market would register a CAGR of 10.45% by the year 2030 and it would reach USD 1,989,577.9.

Polyglycolic Acid is a thermoplastic and biodegradable plaster. PGA can be obtained by following two processes including glycolic acid’s polycondensation and glycolide’s ring opening polycondensation. It is commonly used as a surgical suture material because of its robust tensile strength, top-notch knotting capability, hydrolytic stability and tissue reactivity.

The demand of polyglycolic acid is rising due to the expanding application of frac balls and frac plugs in extraction processes involved in the oil and gas industry. PGA-based frac plugs are replacing metal plugs because they give rise to low operating costs. Its application is also increasing in the packaging industry and driving its upwards performance. The rapid urbanization and industrialization is likely to increase the need for energy which could further lead to the rise in polyglycolic acid market demand.

The market report captures the growth potential of the global PGA market till 2030. The thorough analysis of the market landscape including competitive intensity has been conducted by focusing on the impact of COVID-19 pandemic. The projections of the polyglycolic acid market demand are based on evaluation of core market dynamics including drivers, opportunities, threats and challenges.

COVID-19 Analysis

The COVID-19 outbreak has adversely affected the PGA market, just like any other sector and industry. The production activities came to a halt and the demand also declined because of the pandemic. But the market has been quick to adapt to the evolving situation.

In order to overcome the issue, the government and respective authorities proposed creative strategies so that the polyglycolic acid market growth would not be restricted. The key business participants and governments have adopted innovative measures and tactical strategies to support the market. Due to such an approach, the polyglycolic acid market share has been delivering consistent and solid performance and new kinds of opportunities are emerging in the market.  

Key market dynamics

  • Key market drivers

The polyglycolic acid market is influenced by a number of factors that shape its performance. One of the chief factors that act as a catalyst is the application of PGA in frac balls and frac plugs that are commonly used in the oil and gas industry. It is expected that after the relaxation of the COVID-19 guidelines, the demand could further expand in the industry.

Similarly, the use of PGA in the medical device industry as well as packaging industry contributes to the solid polyglycolic acid market share. As polyglycolic acid is used in some of the most important industries, its demand is most likely to increase in the future.

  • Market opportunities

The evaluation of polyglycolic acid market 2019 has revealed that it has been delivering consistent performance. In the prevailing times, there is further opportunity to exploit the rapid industrialization and urbanization of different nations which would increase the demand for energy resulting in the surge in PGA demand as well.

The increase in the number of market players has increased the competitive intensity. High competition could further contribute to the growth of the polyglycolic acid market size. It would also encourage the businesses to focus on innovation and creativity to boost the global market performance.

  • Threats and challenges in the market

A major threat that has affected the polyglycolic acid market trends recently is the COVID-19 pandemic. The market was in a slump in 2020 because of diminished demand due to the pandemic. The pandemic has taken the form of a major challenge for the industry and the key players operating in it.

In order to overcome the challenge, the market players have been focusing on implementing new and improved measures. Such a strategic approach would strengthen the stability of the market and its demand. 

  • Comprehensive market analysis

The integrated polyglycolic acid market analysis has shed light on its growth potential during the forecasted period. The key business players are likely to play a pivotal role to introduced new strategic approaches that would help the industry to stabilize and deliver solid performance globally.

In order to tackle the existing challenges and make the most of the available market opportunities, the key businesses in the market are proposing better strategies. In the future, these strategies would pave the path for the prosperity of the market and the expansion of the polyglycolic acid market size.

Value chain analysis

The market has been generating consistent and solid revenue in the past. The COVID-19 pandemic acted as a key barrier that affected its successful streak. But due to the adoption of new strategies, the demands are gradually growing and stabilizing the market. The market has been showing promising performance currently.

The application of polyglycolic acid in diverse industries such as oil and gas industry, medical equipment industry, etc plays a key role to influence its solid global performance. The consumption of PGA is predicted to increase which would influence its demand and performance at the global level.

Key market segments

  • By Form

The global PGA market can be segmented into film, fiber and others on the basis of form. The firm segment is expected to play a key role and influence the overall demand. In 2018, the fiber market accounted for about 82.8 % of the market share.

During the forecasted period, the demand for fiber is likely to be highest. The key factor that would contribute to high demand is the use of fiber to produce products that are used n the oils and gas industry and medical equipment industry.

  • By Application

PGA is used in diverse industries including medical, oil and gas industry, packaging and others. The use of the product at the industrial level would contribute to solidify the market performance.

The use of PGA in the medical industry in the year 2018 was USD 3,05,590.3 which contributed to its solid performance. The key application areas would mold the industrial performance during the forecasted period significantly.

Regional evaluation

The polyglycolic acid market has presence in diverse regions such as North America, Latin America, Europe Asia-Pacific, Middle East and Africa, and others. Unique factors exist in the regions and influence the market performance.

North America has been dominating the global PGA market performance. It accounted for the largest share of about 60.7 % in 2018. The comprehensive polyglycolic acid market overview indicates that it is likely to play a vital role during the forecasted period.

Competitive intensity in the market

The key players that operate in the industry are:

  • Kureha Corporation

  • Corbion N.V.

  • Shenzhen Polymtek Biomaterial Co., Ltd

  • BMG Incorporated

  • Huizhou Foryou Medical Devices Co., Ltd

  • Teleflex Inc

The players have been playing a key role and contributing to the market growth. Some of the major players are Kureha Corporation, BMG Incorporated, etc. BMG Incorporated is a promising player that has been focusing on innovation to strengthen the production process.

Each and every polyglycolic acid market manufacturer and polyglycolic acid market supplier is working on strengthening the strategic approach in the evolving business landscape. They are playing a key role to stabilize the market in the pandemic times.

Recent Developments

  • Companies like Kureha Corporation are integrating new technology to strengthen the production process.

  • Firms are focusing on mergers and acquisitions to adapt to the business climate.

  • July 2021: Sinopec, a global leader, performed a groundbreaking ceremony for the first phase of its 500,000 tons/year polyglycolic acid (PGA) facility. PGA is a new type of biodegradable plastic that is both green and environmentally beneficial. According to experts, PGA can be entirely destroyed in a short period of time, producing only carbon dioxide and water. It is a good plastic alternative because of its perfect biodegradability and biocompatibility. Medical materials, packaging materials, disposable products, and other fields can all benefit from it.

  • October 2021: The REFUCOAT project, which was supported by the European Union, successfully created a new set of technologies for creating bioplastics for food packaging from renewable materials, with the goal of replacing existing fossil-based raw materials. REFUCOAT has created three different bio-based active packaging methods for fresh chicken, breadcrumbs, and crisps using these bioplastics, which comprise polyhydroxyalkanoates (PHA) and polyglycolic acid (PGA). REFUCOAT has also created an efficient procedure for generating PGA and its precursor in industrially relevant circumstances for the first time. This increased output appears to have the potential to lower the cost of producing PGA, which had hitherto been too expensive to replace fossil-based materials.

  • In October 2020, REFUCOAT project successfully designed a set of methods to make bioplastics for food packaging using renewable materials, aimed at replacing conventional raw materials that are fossil-based. These bioplastics are made using polyglycolic acid (PGA) and polyhydroxyalkanoates (PHA) and are used to develop bio-based active packaging systems designed particularly for breadcrumbs, crisps and fresh chicken.

  • In September 2020, Smith+Nephew launched HealiCoil Knotless suture anchors that have Regenesorb; a biocomposite that has polylactic-co-glycolic acid along with β-TCP, calcium sulfate and dual osteoconductive components. The combination of the biochemical and physical mechanisms of the action assists in absorption of the implant, facilitating its replacement by bone in only 24 months.

Report Overview

The market segmentation table is presented below:

  • Overview of the market gives an integrated view of the global Polyglycolic Acid market

  • Analysis based on the COVID-19 pandemic

  • Insight into key market dynamics

  • Value chain evaluation

  • Overview of key market segments

  • Regional assessment of the market

  • Evaluation of competitive intensity in the market

  • Recent Developments in the market

Global Polyglycolic Acid Market, by Form

  • Fiber

  • Film

  • Others

Global Polyglycolic Acid Market, by Application

  • Medical

  • Oil and Gas Extraction

  • Packaging

  • Others

Global Polyglycolic Acid Market, by Region

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • UK

  • Russia

  • France

  • Spain

  • Italy

  • Poland

  • Rest of Europe

  • Asia-Pacific

  • China

  • India

  • Japan

  • Australia and New Zealand

  • Indonesia

  • South Korea

  • Rest of Asia-Pacific

  • Latin America

  • Mexico

  • Brazil

  • Argentina

  • Rest of Latin America

  • Middle East and Africa

  • Saudi Arabia

  • Turkey

  • Israel

  • UAE

  • Egypt

  • Rest of Middle East & Africa


Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 1.9 Billion
  CAGR   10.45%(2020–2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Form, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Kureha Corporation, Corbion N.V., Shenzhen Polymtek Biomaterial Co., Ltd, BMG Incorporated, Huizhou Foryou Medical Devices Co., Ltd, Teleflex Inc
  Key Market Opportunities   There is further opportunity to exploit the rapid industrialization and urbanization of different nations which would increase the demand for energy resulting in the surge in PGA demand as well.
  Key Market Drivers   One of the chief factors that act as a catalyst is

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Frequently Asked Questions (FAQ) :

The rising demand and consumption of frac balls and frac plugs in the oil and gas industry act as the chief driver of the global Polyglycolic Acid market.

North America dominates the market at the global level as a majority of transactions take place in the region.

The market is expected to reach USD 1.9 billion by the year 2030.