The report is titled “Polyglycolic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.” The report provides fruitful insights into the polyglycolic acid market’s structure, market projections, and the competitive landscape of the market. It offers data for the forecast period based on volume and revenue of the global polyglycolic acid market.
Transparency Market Research (TMR) has announced the publication of a new market study based on the polyglycolic acid market. According to the study, the market for polyglycolic acid, which was valued at US$181.7 mn in 2014, is anticipated to expand to a valuation of US$424.5 mn in 2023, growing at a robust CAGR of 10.1% between 2015 and 2023. The polyglycolic acid market’s growth can be attributed to the growing demand for absorbable sutures, while the biggest challenge the market faces is the high price of polyglycolic acid, coupled with lack of awareness among consumers. The report focuses on the industry trends and key market forces that are benefitting the growth of the market and also the factors that restrain its growth.
Polyglycolic acid (PGA) is used in the manufacturing of absorbable sutures for surgical and medical applications due to its gas barrier properties and high tensile strength. These properties, along with its biodegradability, also make it useful for packaging and extraction of shale gas, which are newly emerging applications of polyglycolic acid, thus driving the global market for polyglycolic acid.
The report segments the polyglycolic acid market based on application and region. The regional segmentation includes statistical data for Latin America, Asia Pacific, Europe, North America, and MENA. Each region has been further segmented into major countries, thus providing a demand analysis and forecast for individual national markets. According to TMR analysts, the largest share in the global polyglycolic acid market in 2014 was held by North America, led by the U.S., the consumption of polyglycolic acid in which accounted for above 70% of the total demand from the polyglycolic acid market in 2014.
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The polyglycolic acid market is segmented by application mainly into medical, shale gas extraction, and packaging. Its other applications comprise civil engineering resins, agriculture, and filters. Out of these applications, the packaging and shale gas extraction segment accounted for a major share of 35% in 2014 in the polyglycolic acid market. The medical applications segment led the market in emerging economies around the world.
The report studies the opportunities the polyglycolic acid market can take advantage of, for instance, a shift in the preference for plastic packaging for beverages. Major players that have been analyzed in the report include: LLC, Kureha PGA, E. I. du Pont de Nemours and Company, Teleflex, Inc., and Huizhou Foryou Medical Devices Co., Ltd.
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