Purging Compound Market to exceed $600 million by 2024
Published Date: October 26, 2017 Authors: Kunal Ahuja, Amit Rawat
According to a new research report by Global Market Insights, Inc., the Global Purging Compound Market size is estimated to exceed USD 600 million by 2024. Potential applications in custom molding, packaging, consumer goods and automotive industry will propel global market growth. Reduced machine downtime, lower raw material wastage along with low cleaning cost are the key properties driving industry demand.
Automotive industry accounts for over 20% of the industry share in 2016. Automotive business expansion along with rapidly increasing polymer usage across the various products has positively influenced demand.
Effective plastic resin & contamination removal particularly in complicated machinery parts coupled with improved quality & safety are among key factors driving product penetration. Optimum machinery maintenance along with prevention from material mixture during feedstock replacement will support the purging compound market demand.
Electronics segment accounted nearly 10% of the global demand in 2016. Increasing R&D spending along with technological advancements to improve machinery efficiency will drive the purging compound market growth. Growing number of manufacturing facilities in China, India and Brazil are key factors stimulating demand.
Increasing preference for cost-effective scrap removal solutions to regulate carbon deposition and prevent corrosion has positively driven product penetration. However, raw material price volatility due to changing crude oil prices are key factors impacting purging compound market price trend globally.
Browse key industry insights spread across 350 pages with 299 market data tables & 12 figures & charts from the report, “Global Purging Compound Market 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 (U.S, Canada, Germany, UK, France, Italy, Spain, Poland, Benelux, China, India, Japan, South Korea, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Kuwait, Oman, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Purging compounds are extensively used in injection molding process due to increasing demand for manufacturing of bulk quantities of plastic components. High usage of injection molding boosts production processes and assures high accuracy in the development of engineering components.
Mechanical purging was valued over USD 210 million in 2016 owing to rising demand for plastic processing units. These compounds are highly competent and safe to use for polymer deposit removal by using high viscosity plastics to mechanically scrub the contaminants.
Extensive usage of liquid form for thermoplastics removal will boost the global purging compound market share. The form is very effective for resin-to-resin and color-to-color transformations to provide easy, quick, safe and cost-effective processing of purges.
Automotive end use industry will generate more than USD 120 million in revenue by 2024. Widespread adoption of lightweight and sustainable plastic materials in the form of equipment, films and fasteners components will propel global purging compound market growth. Numerous automakers are undertaking steps to accommodate increasing senior driver population by including safety features. These safety features include enhanced safety belt designs using plastics and reduced package space.
North America will register a grow over 7.5% through 2024. This growth is mainly accredited to the large base of plastic processing units in the region. Growing demand for plastics processing equipment will support the purging compound market penetration.
The global market is fragmented with large presence of manufacturers and distributors across the globe. These companies have implemented numerous growth strategies including product launches, mergers & acquisitions, partnerships, joint ventures, innovation and technological developments to strengthen market foothold. Some of the key players involved in the purging compound industry are VELOX GmbH, Asahi Kasei Corporation, Dyna-Purge, E. I. Du Pont de Nemours and Chem-Trend LP.