Purging Compound Market Size & Share 2017 - 2024
Market Size by Process (Extrusion, Injection Molding, Blow Molding), by Product (Mechanical, Chemical / Foaming), by Form (Liquid, Powder, Granules), by End Use (Automotive, Healthcare, Consumer Goods, Electronics, Packaging, Custom Molding), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast.
Report ID: GMI2145
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Published Date: October 2017
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Purging Compound Market Size
Global Purging Compound Market size was valued over USD 300 million in 2016 and is set to exceed 14 kilo tons by 2024. Shifting manufacturer preference to reduce machine downtime, curb raw material wastage and lower cleaning costs coupled with rapid industrialization particularly among automotive, healthcare, consumer goods, electronics and packaging sectors will stimulate the industry growth.
Eliminating degraded residues, un-melted resins, foreign contaminants, true gels, moisture, un-dispersed additives & modifiers, and air bubbles from machine barrels are among the key features driving the purging compound market demand. Corporate Average Fuel Economy (CAFE) guidelines to produce less fuel consuming automobiles will foster industry growth. A 10% drop in overall weight by effective cleaning results in about 5% to 7% fuel saving in an automobile. Furthermore, the reduced weight also helps control CO2 emission levels over the vehicle life cycle.
Ensured quality and safety along with effective plastic resin & contamination removal from screws & barrels of the equipment in several processes will fuel product penetration. Prevention from resin mixture during plastic and color replacement along with optimum maintenance of components will propel the purging compound market growth.
Emergence of extrusion utilizing purging compounds in the packaging industry will drive the growth prospects for the purging compound market over the forecast period. Extrusion process helps in differentiating plastics from different substrates for the equipment cleaning purposes. Further, increasing application in several packaging industries including liquid packaging, flexible packaging, and medical packaging is expected to generate high product demand.
Rising preference for cost effective scrap removal solutions to control carbon deposition and corrosion particularly in chemical industry has positively enhanced product demand. Changeable raw material costs owing to high dependency on crude oil prices may impact purging compound market price trend.
Purging Compound Market Analysis
Extrusion is projected to witness growth rate 7% through 2024. High product requirement for extrusion due to advantages including faster color & material changes and ease in carbon removal will enhance industry. Improved processing among comprehensive thermoplastics including GPPS, PP, PC, PA and ABS is the key factor supporting the purging compound market share.
Injection molding process segment was worth of USD 109 million in 2016. Injection molding extensively use these compounds while changing resin, color or removal of black specks. Easy color changeability without demounting equipment, thus gaining optimum results are key factors fueling product demand. High cleaning accuracy in several engineering components will further enhance product penetration.
Blow molding has been observing significant growth in the industry. Increasing demand for the mass production of several injection molded components from end-use industries including automotive will enhance the purging compound market share.
Mechanical purging is projected to surpass USD 400 million by 2024. Efficient removal of polymer deposit by utilizing high viscosity plastics from screws and barrels will enhance the product demand. Increasing demand for plastic processing units due to manufacturing industry expansion will drive the purging compound market growth.
Chemical/foaming was valued over USD 90 million in 2016 as it is considered as the most common product used in plastic processing apparatus. High foldability rate making the scrap to repeatedly be used to remould parts is expected to improve product usability.
Liquid form is anticipated to observe a growth rate of more than 7.5% through 2024 due to increasing demand for the removal of all thermoplastics. The form is extremely effective for resin to resin and color to color changes to provide easy, quick, safe and cost-effective conventional processing. In addition, unique form properties including non-requirement of soaking and cracked acrylic resin inventory will drive the overall global purging compound market.
Granule form segment was worth of over USD 250 million in 2016. The form significantly limits the removal of certain contaminants including carbon build up from the extruder. It is effective for the treatment of several chemicals that are in a granule structure of ultra-high purity purges. Further, the form evolves as a crucial part in production of specialized cleansing materials and thereby boosting global purging compound market.
Automotive is anticipated to maintain its dominance over the forecast period owing to extensive adoption of lightweight and sustainable plastic materials in the form of equipment, films and fasteners components. Automotive industry will be valued over USD 130 million by 2024. Exclusive partnerships between OEMs and product manufacturers will benefit in industrial development in terms of supply chain efficiency. Furthermore, increasing initiatives by automakers to accommodate growing senior driver population by including safety features will boost the global purging compound market revenue.
Electronics sector held 8% of volume share in 2016. These product mixtures are used in a wide array of electronics applications including switches, sockets, enclosures, housings and semiconductors. Growing necessity for heat resistance, flame retardancy and enhanced serviceability in producing materials will drive the purging compound market segment.
North America registered over USD 100 million in 2016 with largest production share over the forecast period. This share is primarily credited to the large base of plastic processing units in the region. Increasing demand for plastics processing equipment is also expected to drive global purging compound market growth.
Asia Pacific is anticipated to grow at a rate over 7% from 2017 to 2024. The growth will be attributed to rapid industrialization contributing towards expansion of several industries including food & beverage, construction, automotive, petrochemicals and chemicals. As these composites is gradually used by these industries to decrease machine downtime and expand manufacturing efficiency, the growth of the end-use industries will continue to boost the global purging compound market sales.
Purging Compound Market Share
Global purging compound industry share is fragmented in nature with presence of large number of manufacturers and distributors across different regions. Major leading industry participants include
The key industry players have adopted numerous growth strategies including new product launches, mergers & acquisitions, joint ventures, partnerships, innovation and technological advancements to strengthen their position.
For instance, in 2016, Chem-Trend acquired the Italian engineering and designing company Moulds Plus International’s business “Ultra Purge” to expand its thermoplastic processing portfolio.Other prominent players are
Companies invest enormously in R&D operations to offer distinguished solutions to gain competitive advantage.
Industry Background
Rising number of plastic processing units on a global scale coupled with growing demand for purging compound, particularly in engineering thermoplastics will drive the product market size. Improved governmental regulations, commercialization and new product launches in several emerging economies including India, China, Thailand, South Korea and Brazil will further propel the global purging compound market expansion.
Increasing efficiency as compared to traditional cleaning approaches including purging with regrind along will drive industry development. Benefits of using the product include low manufacturing cost, less material waste, less scrap and reduced downtime. Thereby, these benefits positively impact industry growth over the forecast timeframe.
Global purging compound market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons and revenue in USD thousand from 2013 to 2024, for the following segments:
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By Process
By Product
By Form
By End-Use
The above information has been provided on a regional and country basis for the following:
By Region
Research methodology, data sources & validation process
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Our 6-step research process
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