The Global Polyglycolic Acid (PGA) Market in the oil and gas industry is expected to witness steady growth in the coming years. PGA, a biodegradable polymer with excellent mechanical properties and chemical resistance, finds significant application in the sector. One of the key drivers for the market is the increasing focus on sustainable practices and environmental regulations, prompting oil and gas companies to adopt biodegradable materials like PGA in their operations. Additionally, the demand for PGA is fueled by its use in downhole tools, filtration systems, and enhanced oil recovery processes, where its properties offer advantages over traditional materials. The market is also driven by technological advancements and innovations in PGA production, leading to cost-effective manufacturing processes and improved product performance.
Data Bridge Market Research analyses that the Polyglycolic Acid Market in the oil & gas industry is expected to reach the value of USD 106,888.41 thousand by the year 2029, at a CAGR of 4.6% during the forecast period.
Below are the Top Five Polyglycolic Acid Companies with a Significant Market Share:
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RANK
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COMPANY
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OVERVIEW
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PRODUCT PORTFOLIO
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SALES GEOGRAPHICAL COVERAGE
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DEVELOPMENTS
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1.
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KUREHA CORPORATION
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KUREHA CORPORATION is a prominent player in the global polyglycolic acid (PGA) market, particularly in the oil and gas industry. Polyglycolic acid is a biodegradable polymer known for its high mechanical strength and rapid hydrolysis. In the oil and gas sector, PGA is utilized primarily for downhole applications, such as frac balls, plugs, and other temporary sealing devices. KUREHA CORPORATION continuously invests in research and development to enhance the properties and applications of PGA. Their commitment to innovation has led to the development of advanced PGA products that meet the stringent demands of the oil and gas industry, improving operational efficiency and environmental sustainability.
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North America, Middle East and Africa, Europe, South America, Asia-Pacific
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In July 2021, KUREHA CORPORATION built a new polyvinylidene fluoride (“PVDF”) plant at its wholly-owned subsidiary, Kureha Changshu Fluoropolymers Co., in China. This has enabled the company to strengthen its position in the Asia-Pacific region.
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2.
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The Chemours Company
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Chemours provides advanced materials and solutions that contribute to the development and enhancement of polyglycolic acid (PGA) products used in oil and gas applications. Chemours offers specialized materials and chemicals used in the production process of polyglycolic acid, ensuring the high quality and performance of the final product. With a team of experts and a strong focus on research and development, Chemours provides technical support and solutions to enhance the efficiency and effectiveness of PGA applications in the oil and gas industry.
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North America, Middle East and Africa, Europe, South America, Asia-Pacific
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In April 2022, The Chemours Company entered into a Memorandum of Understanding (MoU) with North Carolina Agricultural and Technical State University (N.C. A&T), a Carnegie-classified science, technology, engineering, and mathematics (STEM) dominant institution and the nation’s largest historically black college/university (HBCU), to promote the advancement of chemistry and chemical engineering education. This has, in turn, helped the company build a strong presence in the region.
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Conclusion
The global polyglycolic acid (PGA) market for the oil and gas industry is poised for steady growth, driven by increasing environmental regulations and the industry's focus on sustainability. Companies like KUREHA CORPORATION and others are playing a vital role in providing high-quality PGA materials for use in various applications within the sector. With technological advancements and innovations in PGA production, the market is expected to witness further expansion, offering opportunities for companies to develop tailored PGA products to meet the industry's evolving needs. Despite challenges such as high production costs and limited awareness in some regions, the overall outlook for the global PGA market in the oil and gas industry remains positive, supported by the industry's ongoing transition towards greener practices and materials.
