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Polyglycolic acid market to witness phenomenal proceeds in the U.S., shale gas extraction to drive the regional trends

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Being one of the biggest beneficiaries of the developments in tissue bioengineering, polyglycolic acid market has garnered hefty proceeds in the medical sector. In fact, as per reliable estimates, the medical fraternity contributed to more than 60% of the overall polyglycolic acid market size in 2016. Widespread adoption of absorbable sutures has been a chief driver of the increasing demand for PGA from this sector. Reportedly, the global surgical suture market is already a billion-dollar space and is anticipated to witness remarkable growth in the ensuing years.

U.S. polyglycolic acid market size, by application, 2013 – 2024 (USD Billion)
U.S. polyglycolic acid market size, by application, 2013 - 2024 (USD Billion)

Elaborating further on the application arena of polyglycolic from medical space, tissue engineering, biodegradable bone graft polymers, transplantation procedures, cell culture, etc. are some of the renowned opportunistic areas generating a massive demand for PGA. Due to the biodegradable properties of PGA, it has been categorized as one of the most widely used biodegradable bone graft polymers. For the records, the global biodegradable bone graft polymers market is projected to witness a CAGR of 7.5% over 2017-2024.

Tissue engineering is also anticipated to provide a remarkable impetus to PGA market share, on grounds of the material being recognized as an outstanding support for tissue development. Speaking along similar lines, fiber form of PGA has been prominently used in the medical applications over the recent years, having held 40% of the overall polyglycolic market landscape in 2016.

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However, despite the medical applications holding a major chunk of polyglycolic industry size, the contributions of shale gas extraction and packaging domains has also been commendable. PGA has been widely adopted in shale gas extraction driven by its operational efficiency and cost reduction capabilities. In fact, as per a report by Global Market Insights, Inc. this sector is estimated to be catalogued as the fastest growing application of PGA market, with a target CAGR of 8% over 2017-2024.

In terms of geographical standards, North America stood as one of the biggest recipients of this application growth and led the overall PGA market in 2016. For the records, North America procured 60% of polyglycolic acid industry size in 2016, with U.S. as a chief revenue pocket. Allegedly, the United States, driven by its recorded shale gas production, has been classified as a prominent facilitator of the global energy change. As per the U.S. EIA, the country’s natural gas consumption is estimated to reach 31.6 TcF by 2040. 56% of this growth is believed to be driven by upward development in shale gas production.

Europe is also forecast to stand tall in the regional hierarchy with an estimated annual growth rate of 8% over 2017-2024. The regional growth can be credited to the food packaging applications, which is predominantly focusing on recyclable and biodegradable solutions. Citing a relevant instance, RefuCoat, the EU-funded project, recently created quite a buzz in the regional polymer market landscape. Reportedly, the project aims at deploying high-performance coatings to develop completely recyclable food packaging endorsed with improved functionalities and gas barrier properties.  The move will provide a significant push to the Europe polyglycolic acid market trends, on grounds of the aforementioned hybrid coating comprising PGA and modified silica oxide as the key materials.

In this context, it is imperative to mention that the packaging applications have also been a prominent driver of global PGA industry trends, driven by the product’s excellent biodegradability and flexural strength. PGA has seen a remarkable rise in its demand curve with its proven benefits over conventional plastics. As per estimates, 30% of the PGA industry application landscape was procured by packaging sector in 2016. Film form of PGA has been extensively used in packaging applications and is estimated to record a CAGR of 8.5% over 2017-2024.

All in all, the profitability matrix of PGA market is projected to remain high with the sustainability and biodegradability trends becoming mainstream. The competitive landscape is likely to be monopolistic, synonymous to that in 2016, with Kureha Corporation as the leading player. In terms of commercialization potential, global polyglycolic acid market is slated to surpass a revenue of USD 9 billion by 2024.

Author Name : Shikha Sinha

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An outline of automotive composites market in terms of the competitive landscape: regulatory initiatives to majorly influence the industry growth

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Powered by the rising concerns with regard to environmental degradability, global automotive composites market has gained a remarkable momentum over the recent years. The problem of exponentially increasing carbon dioxide emissions has been recognized as a matter of concern at a global level, in response to which, both the government as well as private entities are striving hard to combat this issue. Citing an instance with the regulatory frame of reference, The European Union (EU) has introduced norms that aim to limit the CO2 emission per vehicle to 95g/km by 2020. Reportedly, as of now, each vehicle in Europe emits approximately 133.3g/km of carbon dioxide. Yet another initiative being widely undertaken to curtail these emissions revolves around reducing the overall weight of the vehicles, subject to the fact that the lightweight automobiles depot a high fuel efficiency and a considerably lower rate of emission. The aforementioned fact can be validated by the recent trend of lightweight material adoption in the automotive sector spanning across the interior as well as exterior designs of the vehicles, that has led to a major revolution of sorts in automotive composites industry.

U.S. Automotive Composites Market, By Fiber, 2016 & 2024, (Kilo Tons)
U.S. Automotive Composites Market, By Fiber, 2016 & 2024, (Kilo Tons)

How McLaren Automotive took a step forward toward consolidating their position in automotive composites market

The demand for composite materials is expected to rise several notches higher in the years to come, on the grounds of which various educational research institutes and renowned players of the automotive composites market have been working diligently toward the development of novel composite materials through innovative technology. For instance, the British automotive composites industry player, McLaren Automotive, has recently constructed the McLaren Composites Technology Centre (MCTC) worth GBP 50 million, at Sheffield in UK, wherein the company plans to manufacture lightweight carbon fiber with advanced manufacturing processes. MCTC is also expected to commence the production of carbon fiber tubs for its automotive wings including supercars, sports and racing cars by 2019, further impelling the regional automotive composites market share. The UK government seems to be keenly encouraging education hubs to develop trained composite engineers and scientists in a bid to tackle any future challenges that might arise ahead, with regards to composite materials, that is certain to impel the regional automotive composites industry. Say for instance, the Higher Education Funding Council for England (HEFCE) has granted a fund of GBP 200,000 to the joint projects of the University of Bristol and the University of Plymouth to carry out research related to composite materials. This precedence indeed validates that the increasing involvement of research institutes and industry giants toward enhancing the product portfolio of this business space will stimulate UK automotive composites market size.

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The impact that the Trelleborg-Automated Dynamics deal may have on automotive composites market

It is imperative to state that automotive components manufactured with composites as a raw material have a longer shelf life that ordinary components and require lesser maintenance and less frequent replacements. These components can also be used as an alternative for metal bearings, owing to their massive endurance strength and eco-friendly features, that enable them to function without lubricants. Taking into account the diversified deployment scope of composites for automotive applications, major players in automotive composites market are looking forward to strengthening their position in this business space via mergers and acquisitions. For instance, in 2018, Sealing Solution unit of Trelleborg A.B. acquired the reputed advanced composite components manufacturer, Automated Dynamics, with an aim to improve its technology portfolio using Trelleborg’s next-generation composites. It is also expected that the technological expertise that buyers would gain through strategic takeovers would leverage their presence in global automotive composites industry.

Currently, it has been observed that numerous governmental bodies, at the regional as well as international level, have been focusing on the deployment of renewable energy sources for overcoming the shortage of fossil fuel sources – a trend that is predicted to influence automotive components market. The prevalence of a strict regulatory frame of reference mandating specific norms encouraging the adoption of renewable resources will further enable the masses to incline toward electric vehicles. In consequence, this would increase the dependency on renewable energy sources in the future, which seems to be one of the pivotal strategies of the government to expedite the growth of automotive composites industry. In essence, the shifting trends toward green mobility and the elimination of carbon emissions are certain to have a considerable impact on automotive composites market outlook in the ensuing years.

Author Name : Sunil Hebbalkar

APAC advanced polymer composites market to register the highest growth rate over 2018-2025, strategic business tactics adopted by industry players to augment the product demand

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In the last few years, advanced polymer composites market has witnessed a remarkable growth graph with the increasing requirement for composite materials across the aerospace, automotive, and construction sectors. With the favorable advancements in the material science technology, researchers have successfully come up with a new range of products that have become alternatives for already existing metallic materials. These composite materials have nearly similar properties to that of metallic materials, but have far less weight density as compared to metal composites.

U.S. Advanced polymer composites market size, by application, 2014 – 2025 (USD Billion)
U.S. Advanced polymer composites market size, by application, 2014 - 2025 (USD Billion)

In this regard, the aircraft and automotive manufacturers have been giving preference for these materials for achieving higher fuel efficiency. Taking into account the demand for advanced polymer composites, key industry players have been looking forward to extending their product portfolio and regional reach. Tried-and-tested as well as out0of-the-box tactics adopted by companies to consolidate their position in the market is slated to expedite the advanced polymer composites industry size.

Recently in May 2018, the well-known aeronautical company, Airbus offered a long-term contract to Teledyne CML Composites to supply composite wings components and assemblies to its commercial airliner. In this contract, the UK based composite manufacturer will provide long range of composite parts for Airbus’ A350-900 and A350-1000 aircraft wings. In order to manufacture both – the wings structure and fuselage of the A350 series aircraft, it has used a carbon-fiber reinforced polymer that will reduce the maintenance cost and improves components’ resistance to corrosion. After receiving the long-term contract from Airbus, Teledyne CML Composites has considerably improved the quality of its composite parts that will help it to gain access to new business opportunities from several other end-users.

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As of now, numerous companies have been replacing metals with polymer composites for reducing the overall weight of the product assembly. In line with the increasing demand for polymer composites, polymer manufacturers have been focusing on new product developments, capacity expansions, and mergers & acquisitions. Validating the aforementioned fact, in the middle of 2018, Mitsui Chemicals Inc. decided to establish its long glass fiber reinforced polypropylene (LGFPP) production facility in the U.S. pertaining to the growing demand for fiber-reinforced resins across North America. This would considerably augment the commercialization potential of North America advanced polymer composites industry, which as per estimates, held 35% of the overall market share in 2017.

Speaking along the same line, Mitsui Chemicals will start its commercial operation by October 2019 with the production capacity of 3500 tons per year that will turn out to be rather beneficial for leading automakers. Owing to the excellent impact resistance, lightweight, better appearance, and hardness, LGFPP is preferred for automotive applications. In the last few years, with the increasing popularity of electric vehicles along with the deployment of strict environmental norms, the demand for LGFPP has increased remarkably. Reportedly, in line with the surging demand for automobiles across India and China, APAC advanced polymer composites market will register a CAGR of more than 8% over 2018-2025.

In addition to capacity expansions, several other contributors in the advanced polymer composites industry have been looking forward to enhancing their product portfolio with the strategic mergers and acquisitions. For instance, in June 2018, global provider of specialized polymer material, PolyOne has acquired leading manufacturer of high-performance and advanced composites, PlastiComp. This deal will become fruitful for PolyOne to improve its existing portfolio, aided by PlastiComp’s expertise in the long fiber technology. In the future, PolyOne is planning to launch unique and long fiber technology composite formulations to expand its customer base. The strategies adopted by the players in the advanced polymer composites market to focus on the diverse application scope is poised to boost the industry growth over the years ahead.

The collaborative approach undertaken between the OEMs and product suppliers in line with the on-going product innovation and design changes is likely to impel advanced polymer composites industry trends. The shifting trends toward the development of lightweight components for improving the fuel efficiency and curbing emission also will have a positive impact on the product demand. Reportedly, advanced polymer composites market will surpass a revenue collection of USD 17 billion by the end of 2025.

Author Name :Sunil Hebbalkar