Global Polyglycolic Acid Market in Oil & Gas Industry, By Form (Powder/Granular, Fibrous Materials, Films, and Others), Application (Scale Control and Remediation, Horizontal Well Stimulation, Gypsum Removal, Metal Naphthenate Dissolution, Removal Of Water Soluble Organics, Hydraulic Fracturing, Downhole Tools, Pressure Management, Well Control, Oil Extraction, and Others)- Industry Trends and Forecast to 2029.
Market Analysis and Size
Polyglycolic acid (PGA), is a biodegradable polymer consisted of a simple linear aliphatic polyester. PGA is synthesized from glycolic acid monomers through polycondensation or ring-opening polymerization. It is a bulk degrading polymer with low solubility in water and organic solvents because of its high degree of crystallinity. The component is highly crystalline and consequently it presents a high melting point and low solubility in organic solvents.
The PGA is highly beneficial in oil drilling activities. Data Bridge Market Research analyses that the polyglycolic acid market in oil & gas industry is expected to reach the value of USD 106,888.41 thousand by the year 2029, at a CAGR of 4.6% during the forecast period. Fibrous materials “account for the most prominent form segment in the respective market owing to rise in the oil drilling activities. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Thousand kilo, Pricing in USD
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Segments Covered
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By Form (Powder/Granular, Fibrous Materials, Films and Others) and Application (Scale Control And Remediation, Horizontal Well Stimulation, Gypsum Removal, Metal Naphthenate Dissolution, Removal Of Water Soluble Organics, Hydraulic Fracturing, Downhole Tools, Pressure Management, Well Control, Oil Extraction and Others)
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Country Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa
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Market Players Covered
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KUREHA CORPORATION and The Chemours Company
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Market Definition
Polyglycolic acid (PGA) has a similar chemical structure to PLA but without the methyl side group, which allows the polymer chains to pack together tightly and results in a high degree of crystallinity, high thermal stability, exceptionally high gas barrier, as well as high mechanical strength and stiffness. PGA is rapidly biodegradable and 100% compostable and has intrinsic characteristics such as high hydrophilicity, rapid degradation, insolubility in most organic solvents.
Regulatory Framework
- US9303118B2: A method of preparing a poly (glycolic acid) (PGA) from the C1 feedstocks carbon monoxide and formaldehyde or its equivalent. By controlling the comonomer feed ratios and the polymerization temperatures, high-quality PGA can be prepared. The method is extended to copolymers of PGA where alkylene oxides or cyclic ether comonomers are included in the polymerization mixture with the C1 monomers to yield polyester-ether thermoplastics.
These standards provide qualification for PGA production, protocols and guidelines that ensures a high level of security and certifies the material for use.
COVID-19 had a Minimal Impact on Global Polyglycolic Acid Market in Oil & Gas Industry
COVID-19 impacted various manufacturing industries in the year 2020-2021 as it led to the closure of workplaces, disruption of supply chains, and restrictions on transportation. However, significant impact was noticed on polyglycolic acid market. The operations and supply chain of polyglycolic acid, with multiple manufacturing facilities were still operating in the region. The service providers continued offering polyglycolic acid following sanitation and safety measures in the post-COVID scenario.
The Market Dynamics of the Global Polyglycolic Acid Market in Oil & Gas Industry Include:
Drivers/Opportunities faced by the Global Polyglycolic Acid Market in Oil & Gas Industry
- The rising use of PGA in shale gas and oil exploration
With the advance of extraction technology, shale gas production has led to a new abundance of natural gas supply around the world over the past decade, and is expected to continue to do so for the foreseeable future. In general, increased domestic production of energy resources often results in larger supplies and lower prices, a reduced need for imports and enhanced the countries energy security. In conclusion, the production units of gas exploration have set an ambitious target to increase the area under exploration and production with an objective of increased domestic production of oil and gas. This in turn raises the demand for PGA and thus contributing to the growth of global polyglycolic acid market in oil & gas industry.
- Increasing oil and gas drilling operations around the world
The rise in the oil drilling activities offers benefits for both the global economy and the global environment. The oil drilling requires a refinement process that makes usable petroleum products utilized around the world. The oil drilling technologies require PGA which are then used for air pollution control, particularly for removing harmful particulate matter from waste gases at industrial facilities and power-generating stations. In conclusion, the use of PGA in industrial filters and precipitators can remove a number of particulate exhaust elements such as coal or oil smoke, salt cake, chemical pulp extracts, and gaseous elements. This in turn raises the demand for PGA and thus contributing to the growth of global polyglycolic acid market in oil & gas industry.
- Growing use of PGA in fresh water and high-salinity water fracturing processes
The boom in oil and gas produced through hydraulic fracturing, or fracking, is seen as a boon for meeting the world’s energy needs. Produced water from fossil-fuel wells can have salinity three to six times greater than that of seawater and this salt can be effectively removed through a succession of stages of electro dialysis. In conclusion, PGA can also work as a delayed-release acid through degradation, which enables the decomposition or activation of various types of finishing fluids. This in turn created opportunity for polyglycolic acid market and hence accelerating the growth of the global polyglycolic acid market in oil & gas industry.
- Rise in R&D activities of PGA
Oil and gas operations conducted in different regions improve the standard of living of the society by promoting the sustainable development of the often-marginalized regions where the production units are typically located. In recent times, governments of different countries have been investing in research activities of several fluids used in the gas production including PGA for the development of environmental management along with focusing on infrastructure costs for hosting oil and gas operations in the particular regions. In conclusion, governments of developing countries are also prioritizing the development of CGD networks to enhance domestic gas distribution to the PNG (Domestic) and CNG (Transportation) segments. This in turn created opportunity for polyglycolic acid market and hence accelerating the growth of the global polyglycolic acid market in oil & gas industry.
Restraints/Challenges faced by the Global Polyglycolic Acid Market in Oil & Gas Industry
- High cost of production for PGA
Increasing drilling and finishing efficiency and shifting to longer wells for gas extraction with more complex finishing stages tend to drive up oil and natural gas costs, impacting the drilling and finishing supply market, affecting drilling operations. As it is expensive to own land for exploration, and drilling is sometimes a condition of the contract, companies drill in the field and keep the well running even if prices are dropped. As with any resource extraction industry, production cannot be idled, so the demand for labor, equipment costs, rent, and more continues to grow even when output declines and hence increasing the overall costs of gas exploration. In addition, the involvement of different types of equipment and machines using PGA for the extraction of oil and gas from deep sea level includes huge costs of production. This in turn hinders the growth of the global polyglycolic acid market in oil & gas industry.
- Fluctuations in the prices of natural gas
Natural gas price fluctuations are a function of market supply and demand. The alternatives to natural gas are limited, particularly in the short-term. This means that any change in the supply or demand for natural gas, even over short periods, can result in significant price changes. Due to natural gas supply infrastructure constraints and limitations in the ability of many natural gas consumers to switch fuels quickly, short-term increases in demand and/or reductions in supply may cause large changes in natural gas prices. In conclusion, typical weather conditions force the natural gas refineries to slow or shut down production during periods when weather events pose a threat to workers and facilities. This in turn decreases the demand for polyglycolic acid and thus hinders the growth of the global polyglycolic acid market in oil & gas industry.
This Global Polyglycolic Acid Market in Oil & Gas Industry report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the rodenticides market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
Recent Developments
In July, 2021, KUREHA CORPORATION built a new polyvinylidene fluoride (“PVDF”) plant at its wholly-owned subsidiary, Kureha Changshu Fluoropolymers Co., in China. This has enabled the company to strengthen its position in Asia-Pacific region.
In April, 2022, The Chemours Company announced that it will host an investor webinar on May 16, 2022 with a focus on the thermal & specialized solutions segment highlighting secular dynamics, key business drivers, and strategic initiatives for growth. This has in turn helped the company to attract more customers worldwide.
Global Polyglycolic Acid Market in Oil & Gas Industry Scope
The global polyglycolic acid market in oil & gas industry is segmented on the basis of form and application. The growth amongst these segments will help you analyze growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Form
- Fibrous Materials
- Powder/Granular
- Films
- Others
Based on form, the global polyglycolic acid market in oil & gas industry is segmented into powder/granular, fibrous materials, films and others.
Application
- Oil Extraction
- Hydraulic Fracturing
- Downhole Tools
- Scale Control and Remediation
- Horizontal Well Stimulation
- Gypsum Removal
- Metal Naphthenate Dissolution
- Removal of Water Soluble Organics
- Well Control
- Pressure Management
- Others
Based on application, the global polyglycolic acid market in oil & gas industry is segmented into scale control and remediation, horizontal well stimulation, gypsum removal, metal naphthenate dissolution, removal of water soluble organics, hydraulic fracturing, downhole tools, pressure management, well control, oil extraction and others.
Polyglycolic Acid Market in Oil & Gas Industry Market Regional Analysis/Insights
The global polyglycolic acid market in oil & gas industry is segmented on the basis of form and application.
The countries of global polyglycolic acid market in oil & gas industry are U.S., Canada, Mexico, Russia, U.K., Belgium, Germany, Italy, France, Spain, Netherlands, Turkey, Switzerland and Rest of Europe, China, India, Indonesia, Malaysia, Thailand, Japan, South Korea, Philippines, Singapore, Australia & New Zealand and Rest of Asia-Pacific, Brazil, Argentina and Rest of South America, Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel and Rest of Middle East and Africa.
North America is dominating the global polyglycolic acid market. Natural gas exploration from unconventional shale formations including shale gas, has recently arisen as an appealing energy supply to meet the increasing worldwide demand. During the last decade, development of horizontal drilling and hydraulic fracturing technologies have allowed flexibility in gas exploration from previously inaccessible shale deposits. This as a result increases the demand for PGA for shale gas and oil exploration in the region. The U.S is dominating the North America polyglycolic acid market in oil & gas industry due to the rising oil drilling operations in the country. On the other hand, Saudi Arabia is dominating the Middle East and Africa polyglycolic acid market in oil & gas industry due to the rising shale gas operations in the country. China dominates the Asia-Pacific polyglycolic acid market in oil & gas industry. The demand in this region is projected to be driven by rise in the oil drilling activities in the country.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Polyglycolic Acid Market in Oil & Gas Industry Share Analysis
The global polyglycolic acid market in oil & gas industry competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global polyglycolic acid market in oil & gas industry.
The players operating in the polyglycolic acid market in oil & gas industry are KUREHA CORPORATION and The Chemours Company.
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