Asia Pacific Polyglycolic Acid Market
According to the Gas Exporting Countries Forum, it has been estimated that by 2050, global primary energy demand will grow approximately by 22% to hit almost 17,865 million tonnes of oil equivalent, out of which almost 60% would be contributed from Asia Pacific.
According to MarkNtel Advisors study, The Asia Pacific Polyglycolic Acid Market is estimated to grow at a CAGR of around 11.2% during the forecast period, i.e., 2024-30.
The growing working population, has led to increasingly busy schedules. As a result, there is a rising demand for convenient food options such as packaged foods and ready-to-eat meals. Furthermore, governments across the countries have introduced various initiatives to encourage sustainable packaging practices. This results in the food & beverage companies increasingly adopting sustainable packaging methods to reduce the harm caused by packaging materials to the shelf life of food. Hence, this sustainable packaging includes the incorporation of polyglycolic acid material which is expected to impact their market growth in the forthcoming period.
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Market Challenge: The presence of other biodegradable polymers, such as polylactic acid, polycaprolactone, and polyhydroxyalkanoates, etc., are posing challenges to polyglycolic acid (PGA). In some cases, these materials offer equal or superior properties, hence being suitable PGA substitutes. The low production cost of some of these substitute materials to PGA makes them more economically viable for manufacturers. Cost-sensitive industries, especially in developing regions, prefer such cheaper alternatives to PGA, which inhibits market growth. Other biodegradable polymers with special properties are better suited to specific applications. PCL is preferred in those medical fields where the degradation period is longer, as PGA tends to degrade faster. The varied suitability of these alternatives provides a challenge to the growth of the APAC Polyglycolic Acid Market.
Asia Pacific Polyglycolic Acid Market Key Players:
BMG Incorporated, Kureha Corporation, Merck KGaA, Polysciences Inc., Huizhou Foryou Medical Devices Co., Ltd., Haihang Industry, Teleflex Incorporated, Hefei TNJ Chemical Industry Co.,Ltd., Polylactide, Inc., Vizag Chemicals, Others
Market Segmentation Overview:
By End User
-Medical
-Oil & Gas
-Packaging
-Others (Agriculture, Manufacturing, etc.)
By Form
-Composites
-Film
-Fiber
-Others (Plate, Rod, etc.)
The fiber segment holds a significant market share in the Asia Pacific Polyglycolic Acid Market. PGA fibers are widely used in a range of various industrial branches such as medical, packing, textile, and others due to their mechanical robustness, biodegradation, and versatility. In the medical industry, PGA fibers are mostly applied in operating instruments like sutures, because of their high tensile strength, ability to be absorbed, and being biocompatible. Steady improvement in technology enhances the usage of fibers in the manufacturing of PGA fabrics hence implying increased market demand for PGA fiber and more acceptance in the market, resulting in constant innovation.
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By Region
- China
- Japan
- India
- South Korea
- Australia
- Singapore
- Vietnam
- The Philippines
- Rest of Asia Pacific
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Asia Pacific Polyglycolic Acid Market Regional Growth
China holds a significant market share in the Polyglycolic Acid (PGA) market of Asia Pacific. Sustainability is becoming an increasingly persistent global concern, with food and beverage manufacturers trying to boost their sustainability credentials through revamped packaging designs. The country is home to various food brands providing convenience food to consumers. Hence, as the country is inclined towards the usage of environment-friendly packaging solutions, the production of these food items is expected to positively impact the growth of the Polyglycolic Acid (PGA) market in China.
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