The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The polyglycolic acid (PGA) market has witnessed remarkable growth, poised to expand even further in the coming years. Here’s a closer look at the factors fueling its growth trajectory and the key trends shaping its future.

Explosive Market Growth and Projections

• The polyglycolic acid market size has surged in recent years.
• From $4.76 billion in 2023, it’s set to reach $5.25 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.4%.
• Projections indicate a robust growth to $7.73 billion by 2028, maintaining a CAGR of 10.1%.

Drivers of Growth in Historic and Forecast Periods

• Advancements in Polymer Chemistry: Continual advancements have propelled the market forward.
• Medical Applications: Increased usage in medical settings has driven demand.
• Regulatory Support: Favorable regulations for biodegradable materials have contributed significantly.
• Research and Development Initiatives: Ongoing R&D efforts have expanded the scope of applications.
• Demand in Oil and Gas Industry: Increased utilization in this sector has bolstered market growth.

Forecast Trends and Influences

• Expanding Bioplastics Market: Growing demand for eco-friendly materials has been a major catalyst.
• Rising Demand in Packaging Industry: PGA’s suitability for packaging applications is driving growth.
• Increasing Surgical Procedures: PGA’s use in surgeries is on the rise, contributing to market expansion.
• Growing Awareness of Environmental Issues: Environmental concerns are driving the adoption of biodegradable materials like PGA.
• Demand in Electronics Industry: PGA finds applications in electronics, further stimulating market growth.
• Medical Device Innovations: Innovations in medical devices are creating new opportunities for PGA applications.

Rising Demand in Packaging Industry Fuels Growth of Polyglycolic Acid Market

• Increasing demand for packaging in various industries is a significant driver.
• PGA is preferred in high-gas barrier packaging applications.
• Major companies operating in the PGA market include a diverse range of players.

Sustainable Packaging Innovations: Ali Food Introduces Refucoat

• Product innovations in food packaging are gaining traction.
• Ali Food’s RefuCoat, a PGA-based solution, targets zero-waste initiatives.
• Key players are focusing on sustainable packaging to bolster their market positions.

Strategic Acquisitions in the Market

• In August 2023, PureTech Scientific LLC acquired the Glycolic Acid business from The Chemours Company.
• This acquisition aims to expand PureTech Scientific’s product portfolio and market presence.

Market Segmentation and Regional Landscape

• The polyglycolic acid market is segmented by form, distribution channel, and industry.
• North America emerged as the largest region in the polyglycolic acid market in 2023.

View More On The Polyglycolic Acid Market Report 2024 – https://www.thebusinessresearchcompany.com/report/polyglycolic-acid-global-market-report

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The Polyglycolic Acid Global Market Report 2024  provides comprehensive insights on the polyglycolic acid market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the polyglycolic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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