Asia Pacific Polyglycolic Acid Market to Grow at a CAGR of 11.2% During 2024-30

The Asia Pacific Polyglycolic Acid Market is projected to grow at a CAGR of 11.2% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Several factors that contribute to the growth of the PGA market include the development of the healthcare industry in developing countries, growing application in shale gas extraction, environmental conservation awareness, and increasing demand for eco-friendly plastics. Polyglycolic Acid has gained attraction across the globe through the increase in public environmental realization and regulatory pressures for the reduction of petroleum-based plastics. Furthermore, the rising old population and the increasing number of plastic surgeries executed in the countries have boosted the requirement for dermal filler and further, the demand for PGA has increased due to this. Along with this, with ever-growing e-commerce, PGA is becoming all the more fit for use in packaging because of rising online purchases of perishable goods which has raised the opportunities for the usage of sustainable packaging which is projected to increase the demand for Polyglycolic Acid.

Moreover, Asia-Pacific countries are witnessing a robust shift towards the consumption of convenience food due to hectic schedules and expedited urbanization. Along with this, the nations in the APAC region are focusing on introducing initiatives for the development of sustainable packaging solutions. Hence, with the rising demand for packaged convenience food and the growing adoption of sustainable packaging solutions by food companies, the demand for PGA has increased in recent years, further states the research report, “Asia Pacific Polyglycolic Acid Market Analysis, 2024.”

Asia Pacific Polyglycolic Acid Market Segmentation Analysis

Fibers to Hold Considerable Share in the Market

Based on the Form segment, the market is further bifurcated into, Composites, Film, Fiber, and Others (Plate, Rod, etc.)

PGA fibers are widely used in the medical field for creating absorbable sutures. These sutures are essential for wound closure after surgical procedures. PGA fibers' strength, biodegradability, and biocompatibility make them ideal for this purpose. Surgeons appreciate PGA sutures as they provide reliable wound support during the healing process and eventually break down harmlessly in the body. PGA fibers also find applications in textiles due to their robust properties. They can be woven into fabrics or blended with other materials to enhance strength and durability. Textile products made from PGA fibers are used in various industries, including apparel, home textiles, and industrial fabrics. Hence, with the expansion of the textile industry across the APAC countries, the requirement for PGA has gradually increased.

China to Continue the Market Domination During 2024-30

Geographically, China holds a substantial market share due to the increasing shift of the end-user industries towards environment-friendly packaging. With the growing focus of the F&B companies towards adopting eco-friendly packaging solutions, the demand for PGA has seen a boom from the sustainable packaging segment. Along with this, the medical & pharmaceutical industries in China are increasingly using the PGA for making surgical sutures. Also, the ongoing expansion of the retail industry, particularly for organic foods, worldwide, with notable growth in the Asia-Pacific regions, is further fueling the requirement for sustainable packaging growth thereby contributing to the Polyglycolic Acid Market in China.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including BMG Incorporated, Kureha Corporation, Merck KGaA, Polysciences Inc., Huizhou Foryou Medical Devices Co., Ltd., Haihang Industry, Hefei TNJ Chemical Industry Co., Ltd., Polylactide, Inc., Vizag Chemicals, Teleflex Incorporated, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?