Report Details
Introduction
- The global polyglycolic acid (PGA) market in the oil and gas sector is witnessing steady growth, valued at approximately USD 86.2 million in 2023, driven by increasing demand for high-performance polymers in advanced drilling and extraction applications.
- With its unique chemical properties and adaptability, polyglycolic acid is becoming a preferred choice in the oil and gas industry for applications such as pipeline coatings, wellbore stability, and environmentally sustainable solutions.
- The market is projected to exceed USD 123.8 million by 2031, growing at a robust CAGR of 4.7% between 2024 and 2031, reflecting rising industrial investments and technological innovations that enhance operational efficiency and safety.
Competitor Analysis - Global Polyglycolic acid (PGA) Market
- Leading market players are focusing on strategic collaborations, mergers, and acquisitions to strengthen their presence in the global PGA market and expand product portfolios.
- Companies are heavily investing in research and development to enhance the performance, biodegradability, and application versatility of PGA for oil and gas, biomedical, and industrial sectors.
- Competitive differentiation is driven by technological innovation, including advanced polymerization techniques and eco-friendly production processes that reduce operational costs and environmental impact.
- Regional expansion and localized manufacturing facilities are key strategies for competitors to meet rising demand and reduce logistics and supply chain challenges.
- Pricing strategies, product customization, and long-term supply agreements are being leveraged by top players to maintain market share in a growing yet competitive global landscape.
- Sustainability initiatives, regulatory compliance, and certifications are increasingly becoming a differentiating factor in attracting environmentally conscious clients and global partnerships.
Segment and Key Players
1. By Product Type:
1.1 Polyglycolic Acid (PGA) Filaments
1.2 Polyglycolic Acid (PGA) Fibers
1.3 Polyglycolic Acid (PGA) Films
1.4 Other PGA Forms
2. By Application:
2.1 Oil & Gas Industry
2.2 Medical & Healthcare (Sutures, Implants, Tissue Engineering)
2.3 Industrial Applications
2.4 Packaging & Biodegradable Materials
2.5 Other Applications
3. By Region:
3.1 North America
3.1.1 United States
3.1.2 Canada
3.1.3 Mexico
3.2 Europe
3.2.1 Germany
3.2.2 France
3.2.3 United Kingdom
3.2.4 Italy
3.2.5 Spain
3.2.6 Rest of Europe
3.3 Asia-Pacific
3.3.1 China
3.3.2 Japan
3.3.3 South Korea
3.3.4 India
3.3.5 Australia
3.3.6 Rest of Asia-Pacific
3.4 Middle East & Africa (MEA)
3.4.1 Saudi Arabia
3.4.2 UAE
3.4.3 South Africa
3.4.4 Rest of MEA
3.5 Latin America
3.5.1 Brazil
3.5.2 Argentina
3.5.3 Rest of Latin America
4. Key Players / Manufacturers:
4.1 Corbion N.V.
4.2 Evonik Industries AG
4.3 Mitsubishi Chemical Corporation
4.4 Hubei Hanyang Xingfa Chemicals Co., Ltd.
4.5 Shandong Polyglycolic Acid Co., Ltd.
4.6 Shanghai Jusen Industrial Co., Ltd.
4.7 Purac Biochem BV
4.8 Other Regional & Local Manufacturers
1. Executive Summary
1.1 Market Overview
1.2 Key Findings
1.3 Analyst Insights
1.4 Opportunity Assessment
2. Research Methodology
2.1 Research Scope
2.2 Data Sources
2.3 Forecast Methodology
2.4 Assumptions and Limitations
3. Market Overview and Dynamics
3.1 Market Definition and Scope
3.2 Market Drivers
3.3 Market Restraints
3.4 Market Opportunities
3.5 Regulatory Landscape
4. Global Polyglycolic Acid Market, By Product Type (USD Million)
4.1 Polyglycolic Acid (PGA) Filaments
4.2 Polyglycolic Acid (PGA) Fibers
4.3 Polyglycolic Acid (PGA) Films
4.4 Other PGA Forms
5. Global Polyglycolic Acid Market, By Application (USD Million)
5.1 Oil & Gas Industry
5.2 Medical & Healthcare (Sutures, Implants, Tissue Engineering)
5.3 Industrial Applications
5.4 Packaging & Biodegradable Materials
5.5 Other Applications
6. Global Polyglycolic Acid Market, By Region (USD Million)
6.1 North America
6.1.1 United States
6.1.2 Canada
6.1.3 Mexico
6.2 Europe
6.2.1 Germany
6.2.2 France
6.2.3 United Kingdom
6.2.4 Italy
6.2.5 Spain
6.2.6 Rest of Europe
6.3 Asia-Pacific
6.3.1 China
6.3.2 Japan
6.3.3 South Korea
6.3.4 India
6.3.5 Australia
6.3.6 Rest of Asia-Pacific
6.4 Middle East & Africa
6.4.1 Saudi Arabia
6.4.2 UAE
6.4.3 South Africa
6.4.4 Rest of MEA
6.5 Latin America
6.5.1 Brazil
6.5.2 Argentina
6.5.3 Rest of Latin America
7. Market Share Analysis, 2020–2031
7.1 Global Market Share by Product Type
7.2 Global Market Share by Application
7.3 Global Market Share by Region
8. Competitive Landscape
8.1 Market Ranking of Key Players
8.2 Recent Developments
8.3 Strategic Initiatives
8.4 SWOT Analysis
9. Company Profiles
9.1 Corbion N.V.
9.2 Evonik Industries AG
9.3 Mitsubishi Chemical Corporation
9.4 Hubei Hanyang Xingfa Chemicals Co., Ltd.
9.5 Shandong Polyglycolic Acid Co., Ltd.
9.6 Shanghai Jusen Industrial Co., Ltd.
9.7 Purac Biochem BV
9.8 Other Regional & Local Manufacturers
10. Supply Chain and Value Chain Analysis
10.1 Raw Material Supply
10.2 Manufacturing Process
10.3 Distribution Channels
10.4 End-user Analysis
11. Pricing Analysis
11.1 Price Trends by Region
11.2 Price Trends by Product Type
12. Porter’s Five Forces Analysis
12.1 Threat of New Entrants
12.2 Bargaining Power of Suppliers
12.3 Bargaining Power of Buyers
12.4 Threat of Substitutes
12.5 Industry Rivalry
13. PESTLE Analysis
13.1 Political Factors
13.2 Economic Factors
13.3 Social Factors
13.4 Technological Factors
13.5 Legal and Environmental Factors
14. Investment and Expansion Opportunities
14.1 Regional Hotspots
14.2 Emerging Markets
14.3 Joint Ventures & Acquisitions
15. Forecast Outlook, 2020–2031 (USD Million)
15.1 Market Size and CAGR
15.2 Forecast by Product Type
15.3 Forecast by Application
15.4 Forecast by Region
1. By Product Type:
1.1 Polyglycolic Acid (PGA) Filaments
1.2 Polyglycolic Acid (PGA) Fibers
1.3 Polyglycolic Acid (PGA) Films
1.4 Other PGA Forms
2. By Application:
2.1 Oil & Gas Industry
2.2 Medical & Healthcare (Sutures, Implants, Tissue Engineering)
2.3 Industrial Applications
2.4 Packaging & Biodegradable Materials
2.5 Other Applications
3. By Region:
3.1 North America
3.1.1 United States
3.1.2 Canada
3.1.3 Mexico
3.2 Europe
3.2.1 Germany
3.2.2 France
3.2.3 United Kingdom
3.2.4 Italy
3.2.5 Spain
3.2.6 Rest of Europe
3.3 Asia-Pacific
3.3.1 China
3.3.2 Japan
3.3.3 South Korea
3.3.4 India
3.3.5 Australia
3.3.6 Rest of Asia-Pacific
3.4 Middle East & Africa (MEA)
3.4.1 Saudi Arabia
3.4.2 UAE
3.4.3 South Africa
3.4.4 Rest of MEA
3.5 Latin America
3.5.1 Brazil
3.5.2 Argentina
3.5.3 Rest of Latin America
4. Key Players / Manufacturers:
4.1 Corbion N.V.
4.2 Evonik Industries AG
4.3 Mitsubishi Chemical Corporation
4.4 Hubei Hanyang Xingfa Chemicals Co., Ltd.
4.5 Shandong Polyglycolic Acid Co., Ltd.
4.6 Shanghai Jusen Industrial Co., Ltd.
4.7 Purac Biochem BV
4.8 Other Regional & Local Manufacturers
Download Sample Request Form
Make an Inquiry
Ask for Discount
Frequently Asked Questions
What is driving the growth of the global Polyglycolic Acid (PGA) market in 2025 and beyond?
The market is fueled by increasing demand for biodegradable polymers in medical, oil & gas, and industrial applications. Rising focus on sustainable solutions, coupled with technological advancements in polymer production, is significantly accelerating PGA adoption globally.
Which applications of PGA are witnessing the fastest expansion worldwide?
Medical and healthcare applications, including absorbable sutures, implants, and tissue engineering, are leading the growth curve. Additionally, PGA’s role in oil & gas for wellbore stability and industrial applications is rapidly expanding due to its chemical stability and eco-friendly properties.
How are regional trends shaping the global PGA market landscape?
Asia-Pacific dominates growth due to large-scale industrial adoption and manufacturing capabilities, while North America and Europe are driven by R&D investments and stringent environmental regulations encouraging biodegradable polymer usage. Emerging markets in MEA and Latin America are gradually contributing to market expansion.
Who are the key players influencing the PGA market, and what are their strategies?
Global leaders such as Corbion N.V., Evonik Industries, Mitsubishi Chemical, and Purac Biochem are focusing on product innovation, strategic partnerships, and regional expansion to strengthen their market footprint and meet evolving industry demands.
What future opportunities and challenges exist for the PGA market?
Opportunities lie in expanding applications in eco-friendly packaging, next-gen biomedical devices, and high-performance industrial uses. Challenges include production cost fluctuations and maintaining biodegradability standards across regions. Companies that innovate sustainably are poised to capture maximum market share.