Albany - New York, Nov. 2, 2015 (GLOBE NEWSWIRE) -- According to the report, the global polyglycolic acid market was valued at US$ 181.7 Million in 2014 and is estimated to reach US$ 424.5 Million in 2023, expanding at a CAGR of 10.1% between 2015 and 2023.
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Polyglycolic acid (PGA) is a fine chemical derived from glycolic acid. Earlier, global demand for PGA was limited to its application as absorbable medical sutures used for internal surgeries. Kureha Corporation, a Japan-based chemical manufacturing company, introduced its commercial application as packaging material and in shale gas and oil field extraction.
The polyglycolic market is highly region specific; it exhibits distinct demand dynamics in different locations. North America holds the largest share of the global polyglycolic acid market in terms of production as well as demand. Kureha PGA, LLC is the only commercial scale producer of glycolic acid, which is used in packaging and shale gas extraction applications. Kureha PGA, LLC is a subsidiary of Japan based Kureha Corporation. The company procures raw material (glycolic acid) from E. I. du Pont de Nemours and Company and produces polyglycolic acid. In terms of demand, North America accounted for over 70% share of the global market in 2014. Europe followed North America and Asia Pacific in 2014. In terms of demand, the polyglycolic acid market in North America is likely to exhibit the fastest growth rate during the forecast period. This is primarily ascribed to the commercial extraction of shale gas in the region, which accounts for the major share of the global shale gas market. However, the medical application dominates the PGA market in Europe, Asia Pacific, and Latin America.
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Kureha Corporation dominates the global polyglycolic acid market. It is the only manufacturer of polyglycolic acid that is used in packaging and shale gas extraction applications.
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The report provides in-depth analysis of the polyglycolic acid market in terms of volume (tons and kilo grams) and revenue (US$ Mn and US$ thousand). It includes current demand analysis and forecast for each application segment at the global and regional level. Regions analyzed include North America, Europe, Asia Pacific, Latin America (LATAM), and Middle East & Africa (MEA). Each region has been further sub-segmented into major countries or areas.
The Polyglycolic Acid Market has been segmented as follows:
Polyglycolic Acid Market - Application Analysis
- Shale Gas Extraction
- Others (Including Agriculture, Civil Engineering Resins, and Filters)
Polyglycolic Acid Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- South Africa
Rest of MEA
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