PLGA Market worth $321 Million by 2030 - Exclusive Report by MarketsandMarkets™
PLGA, renowned for its biodegradability, biocompatibility, and tunable properties, lends itself exceptionally well to the injection molding process.
CHICAGO, March 27, 2024 /PRNewswire/ -- The report "PLGA Market by Composition, Application (Medical, Non-Medical Applications), Processibility (Extrusion, Injection Molding), End-Use Industry (Healthcare, Biotech Firms, Medical Institutions, Packaging, Textile, Agriculture) - Global Forecast to 2030", is projected to reach USD 321 Million by 2030, at a CAGR of 16.6% from USD 125 Million in 2024.
The PLGA market is driven by several factors, including technological advancements, shifting consumer behaviors, favorable economic conditions, expanding applications in various industries, and growing demand. The increasing use of PLGA in various end-use industries, such as healthcare, biotech firms, medical institutions, packaging, textile, and agriculture, is a significant driver for market growth.
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"Injection molding is projected to be the fastest growing processibility type of PLGA, in terms of value, during the forecast period."
Injection molding stands as a pivotal processibility type for PLGA (poly (lactic-co-glycolic acid)), offering businesses in various industries a versatile and efficient method for producing complex and precise polymer components. PLGA, renowned for its biodegradability, biocompatibility, and tunable properties, lends itself exceptionally well to the injection molding process. This manufacturing technique involves injecting molten PLGA resin into a mold cavity under high pressure, where it solidifies to form the desired shape. Injection molding offers several advantages for PLGA-based products, including high production efficiency, consistent part quality, and the ability to produce intricate geometries with tight tolerances. In industries such as healthcare, where PLGA finds extensive applications in medical devices, implants, and drug delivery systems, injection molding enables the mass production of customized and patient-specific components, facilitating cost-effective manufacturing and rapid product development cycles.
"Packaging is the fastest growing end-use industry of the PLGA, in terms of value."
Packaging stands as a pivotal end-use industry for PLGA (poly (lactic-co-glycolic acid), offering a promising avenue for sustainable and innovative solutions in the global packaging market. PLGA, renowned for its biodegradability, biocompatibility, and versatility, finds applications across various packaging sectors. In recent years, the packaging industry has witnessed a paradigm shift towards eco-friendly materials, driven by consumer demand for sustainable packaging solutions and tightening regulations governing plastic waste. PLGA emerges as a compelling alternative to traditional petroleum-based plastics, offering properties conducive to packaging applications such as films, coatings, and containers. Its ability to degrade into harmless byproducts under controlled conditions aligns with the circular economy principles, addressing concerns related to environmental pollution and resource depletion.
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"North America captures the largest share in the PLGA market during the forecast period, in terms of value."
The PLGA market in North America stands as a vibrant and evolving landscape within the realm of biodegradable polymers. Fueled by factors such as increasing demand for advanced drug delivery systems, growing investments in biomedical research, and stringent regulatory requirements promoting biocompatible materials, the market exhibits significant growth potential. North America, with its robust pharmaceutical and healthcare industries, serves as a key hub for PLGA adoption and innovation. Pharmaceutical companies are increasingly integrating PLGA into their product pipelines to develop controlled-release formulations for a wide array of therapeutics, including small molecules, biologics, and nucleic acid-based drugs. Moreover, advancements in PLGA manufacturing technologies and the emergence of novel applications beyond drug delivery, such as tissue engineering scaffolds and medical implants, further propel market expansion.
The key players profiled in the report include Evonik (Germany), Corbion NV (Netherlands), Ashland (US), Mitsui Chemicals (Japan), Jinan Digang Bioengineering Co., Ltd. (China), Merck (Germany), Akina, Inc. (US), Nomisma Healthcare Pvt. Ltd. (India), Bezwada Biomedical, LLC (US), CD Bioparticles (US).
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