Albany, NY -- (SBWIRE) -- 10/08/2018 -- With the rapid increase in applications, the sales volume of polyglycolic acid is witnessing a significant rise. Traditionally, polyglycolic acid is utilized in the production of absorbable sutures, owing to its high tensile strength. However, nowadays, it is witnessing a widespread application in shale gas extraction, which is likely to present lucrative opportunities to market players in the near future. Polyglycolic acid manufacturers are also projected to witness huge growth opportunity in the years to come due to the growing preference of consumers for beverages with plastic packaging.

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The opportunity in the global market for polyglycolic acid is likely to rise at a CAGR of 10.10% during the period from 2015 to 2023 and increase from US$181.7 mn in 2014 to an estimated value of US$424.5 mn by the end of the forecast period.

The growing application of polyglycolic acid in biomedical applications such as controlled drug delivery, tissue engineering, and manufacturing of implantable medical devices is also expected to fuel its demand remarkably during the forecast period. However, the high price of polyglycolic acid, together with the lack of awareness among customers, is predicted to restrict its application considerably over the next few years.

Shale Gas Extraction to Exhibit High Consumption of Polyglycolic Acid

Shale gas extraction, packaging, medical, other applications, such as agriculture, civil engineering resins, and filters, are the main application areas of polyglycolic acid. Shale gas surfaced as the key consumer of polyglycolic acid in 2014 and was closely followed by the packaging segment. As, apart from China, North America is the only commercially active shale gas extraction region across the world, the demand from this segment was the strongest in this region.

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Over the forthcoming years, shale gas extraction is anticipated to remain the leading consumer of polyglycolic acid. Packaging and medical applications are also expected to register high demand for polyglycolic acid in the near future.