Albany, NY -- (SBWIRE) -- 11/08/2017 -- According to TMR, the opportunity in the polyglycolic acid market, worldwide, was worth US$181.7 mn in 2014 with a production volume of 1,690.0 tons. Expanding at a CAGR of 10.10% between 2015 and 2023, it is likely to reach US$424.5 mn by the end of the forecast period.

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North America led the demand for polyglycolic acid in 2014 with a share of nearly 72%. The region is expected to continue to lead throughout the forecast period with revenue reaching US$213.4 mn by 2023. Shale gas extraction is anticipated to remain the key application area of polyglycolic over the forthcoming years.

Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa are the key regional markets for polyglycolic acid. North America emerged as the market leader in 2014 with a share of more than 70%. The commercial extraction of shale gas has increased the consumption of polyglycolic acid in this region, which is likely to increase further over the coming years. The revenue generated by polyglycolic acid in this region is estimated to expand at a CAGR of approximately 10.4% between 2015 and 2023.

The presence of prominent commercial producers of polyglycolic acid, especially Kureha Corp., in North America will also contribute significantly to the growth of this regional market in the near future. The rising demand for polyglycolic acid in medical application is projected to boost this market in other regions.

Kureha PGA LLC has been leading the global market for polyglycolic acid since the last few years. Analysts project it to remain at the forefront of the market over the next few years. Other producers of polyglycolic acid across the world are EI Du Pont De Nemours & Co., Teleflex Inc., and Huizhou Foryou Medical Devices Co. Ltd.

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