Purging Compound Market Size

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.

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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.