The polyglycolic acid (PGA) market showcases remarkable features, with the dominating segment being its versatile application in the medical field. PGA exhibits biodegradability, high strength, and flexibility, making it a preferred material for sutures and tissue engineering. Additionally, the oil and gas sector increasingly relies on PGA due to its use in shale gas extraction processes. These diverse applications position PGA as a pivotal player, with the medical segment currently leading the market, driven by the demand for advanced surgical materials and biodegradable medical implants.
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Data Bridge Market Research analyses that the Global Polyglycolic Acid Market in Oil and Gas Industry was valued at USD 74,589.40 thousand in 2021 and 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 of 2022-2029. Government regulations that promote the use of biodegradable materials, including polyglycolic acid (PGA), create a favorable environment for PGA adoption. Such regulations encourage industries to shift towards sustainable and environmentally friendly alternatives, driving increased demand for PGA in various applications.
Key Findings of the Study
Consumer awareness is expected to drive the market's growth rate
The growing global awareness of environmental issues and the desire for sustainable living have prompted consumers to seek biodegradable and eco-friendly alternatives in their everyday products. Polyglycolic acid (PGA), known for its biodegradability and versatility, fits this demand perfectly. PGA is increasingly incorporated into everyday items such as packaging materials, disposable cutlery, and textiles, as consumers prioritize products that minimize their environmental footprint, thereby driving greater usage of PGA in various industries.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Thousand kilo, Pricing in USD
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Segments Covered
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Form (Powder/Granular, Fibrous Materials, Films and Others) and Application (Scale Control And Remediation, Horizontal Well Stimulation, Gypsum Removal, Metal Naphthenate Dissolution, Removal Of Water Soluble Organics, Hydraulic Fracturing, Downhole Tools, Pressure Management, Well Control, Oil Extraction and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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KUREHA CORPORATION (Japan), The Chemours Company (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The global polyglycolic acid market in oil and gas industry is segmented on the basis of form and application.
- On the basis of form, the global polyglycolic acid market in oil and gas industry is segmented into powder/granular, fibrous materials, films, and others.
- On the basis of application, the global polyglycolic acid market in oil and gas industry is segmented into scale control and remediation, horizontal well stimulation, gypsum removal, metal naphthenate dissolution, removal of water soluble organics, hydraulic fracturing, downhole tools, pressure management, well control, oil extraction, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the global polyglycolic acid market in oil and gas industry players in global polyglycolic acid market in oil and gas industry are KUREHA CORPORATION (Japan), The Chemours Company (U.S.).
Market Developments
- In July 2021, KUREHA CORPORATION established a new polyvinylidene fluoride (PVDF) manufacturing facility at its wholly-owned subsidiary, Kureha Changshu Fluoropolymers Co., located in China. This strategic move significantly bolstered the company's presence in the Asia-Pacific region. By expanding its production capabilities in China, KUREHA CORPORATION enhanced its ability to meet the growing demand for PVDF materials, reinforcing its position as a key player in the region's fluoropolymer market and serving various industries requiring high-performance materials.
- In April 2022, The Chemours Company unveiled plans to conduct an investor webinar, slated for May 16, 2022. The webinar aimed to spotlight its thermal and specialized solutions segment, emphasizing long-term market trends, critical business catalysts, and growth-oriented strategic endeavors. This proactive approach enabled the company to garner increased global attention, attracting more customers who sought insight into its offerings and future direction within this pivotal business segment.
Regional Analysis
Geographically, the countries covered in the global polyglycolic acid market in oil and gas industry report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the global polyglycolic acid market during the forecast period 2022 - 2029
North America dominates the global polyglycolic acid (PGA) market, mainly driven by the surge in natural gas extraction from unconventional shale sources, such as shale gas. Over the past decade, advancements in horizontal drilling and hydraulic fracturing technologies have unlocked previously inaccessible shale deposits, fueling the demand for PGA in shale gas and oil exploration. The United States, in particular, dominates the North American PGA market within the oil and gas sector, thanks to its increasing oil drilling activities.
Middle East and Africa is expected to dominate the global polyglycolic acid market in the forecast period 2022 - 2029
In the Middle East and Africa, Saudi Arabia is expected to dominate the polyglycolic acid (PGA) market within the oil and gas sector. This dominance is attributed to the substantial growth in shale gas operations within the country. Saudi Arabia has witnessed a significant increase in its shale gas activities, leading to a higher demand for PGA, which is utilized in various aspects of the oil and gas industry, including drilling and exploration processes.
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