Polyglycolic Acid Market – Market Overview
Polyglycolic Acid is a thermoplastic polymer, biodegradable in nature with properties such as tissue reactivity, high tensile strength, hydrolytic stability, and excellent knotting ability.
The Global Polyglycolic Acid Market is driven by its biodegradability and biocompatibility in controlled drug delivery and tissue engineering. Moreover, it is used in manufacturing implantable medical devices used in various applications such as orthopedics, pacemakers, cardiovascular stents, and others. Increasing health awareness amongst the consumers along with the rising disposable income is expected to fuel the product demand in coming years. Additionally, it is also used in cosmetic surgery as it provides minimal degree of scarring at the skin surface. Polyglycolic Acid is insensitive to humidity which is likely to propel the market demand in perishable food & beverage packaging over the assessment period.
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Polyglycolic Acid Market- Competitive Landscape
The Global Polyglycolic Acid Market is witnessing rapid growth primarily driven by growing demand from bio-medical, cosmetic and personal care industry. Toray Industries, Inc, BASF SE, SK Chemicals, Shenzhen Polymtek Biomaterial Co., Ltd, Teleflex Incorporated, DowDuPont, Corbion, and Kureha Corporation are the leading players in this market. Most of these market participants are adopting the acquisition, collaboration tactics and launching new products in order to strengthen their market position and meet the growing demand. Growing bio-medical and packaging sector coupled with the continuous collaborations and agreements between manufacturers, distributers, and marketing firms are key factors for the growth of Polyglycolic Acid in the global market. Considering these trends, the Global Polyglycolic Acid Market is set to witness considerable competition over the forecast period of 2017-2023.
Industry/ Innovation/ Related News:
August 29, 2016– Teleflex Medical OEM, a global developer in fiber-based products, announced the availability of bio-absorbable sutures, yarns, and resins which can be custom-configured to meet the performance requirements for specific applications. The bio-absorbable product portfolio included Bondek plus Suture and Monodek Sutures. Among the two, the Bondek plus Suture is a braided and coated polyglycolic acid (PGA) product with a high, initial tensile strength during the critical wound healing period, and beaks down evenly later. The suture is cleared by the FDA for use in general soft tissue approximation and ligation.
September 28, 2016– Kureha Corporation and JGC Corporation together established a company to market and sale polyglycolic acid downhole tools used in oil & gas fields in America. Kureha already expanded the polyglycolic acid tools sales by partnering with the Magnum Oil Tools International Ltd back in 2014. The newly established venture experienced technological and marketing staff to directly access to end consumers, and solidify their competitive advantage in the market.
January 23, 2018- A new barrier polyester named Verian High Barrier Polyester (HBP) for the use with PET in bottles and films was launched at the Drinktec 2017 in September in Germany by Solvay Specialty Polymers and Husky Injection Molding Systems. The production was to begin in the second half of the year, i.e. by 2018. Solvay states that the Verian High Barrier Polymer is based on polyglycolide chemistry which is recyclable and is expected to enable a new generation of sustainable packaging solutions for PET bottles and films.
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