Trusted Business Insights presents the Updated and Latest Study on Purging Compound Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Purging Compound Market
Industry / Sector Trends
Global Purging Compound Market size was valued over USD 300 million in 2016 and is set to exceed 14 kilo tons by 2024.
U.S. Purging Compound Market Size, By Process, 2016 & 2024 (USD Million)
Shifting manufacturer preference to reduce machine downtime, curb raw material wastage and lower cleaning costs will drive global purging compound market growth. Rapid industrialization particularly among automotive, healthcare, consumer goods, electronics and packaging industry will stimulate 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 purging compound 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 colour replacement along with optimum maintenance of components will propel industry growth.
Emergence of extrusion utilizing purging compounds in the packaging industry will drive the growth prospects for the 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.
Market Segmentation, Outlook & Regional Insights: Purging Compound Market
Global Purging Compound Market, By Process
Extrusion is projected to witness growth over 7% up to 2024. High product requirement for extrusion due to advantages including faster colour & 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 product demand.
Injection molding extensively use these compounds while changing resin, colour or removal of black specks. Easy colour changeability without demounting equipment, thus gaining optimum results are key factors fuelling product demand. High cleaning accuracy in several engineering components will further enhance product penetration. Injection molding was worth of USD 109 million in 2016.
Blow molding has been observing significant growth in the industry. Increasing demand for the mass production of several injection moulded components from end-use industries including automotive will enhance product demand.
Global Purging Compound Market, By Product
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 global purging compound market demand. Increasing demand for plastic processing units due to manufacturing industry expansion will drive industry 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.
Global Purging Compound Market, By Form
Liquid form is anticipated to observe a growth of more than 7.5% up to 2024 due to increasing demand for the removal of all thermoplastics. The form is extremely effective for resin to resin and colour to colour 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 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 specialised cleansing materials and thereby boosting global purging compound market.
Global Purging Compound Market, By End-Use
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 is 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 global purging compound market size.
Electronics held 8% of the global purging compound market 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 their demand in this sector.
Global Purging Compound Market, By Region
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 composite 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.
Key Players, Recent Developments & Sector Viewpoints: Purging Compound Market
Global purging compound market share is fairly fragmented in nature with presence of large number of manufacturers and distributors across different regions. Major leading industry participants include Asahi Kasei Corporation, VELOX GmbH, Dyna-Purge, Chem-Trend LP and E. I. Du Pont de Nemours. 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 Internationals business Ultra Purge to expand its thermoplastic processing portfolio.
Other prominent players are 3M, Purgex, Magna Purge, RapidPurge, Reedy Chemical Foam & Specialty Additives, CALSAK Corporation, Formosa Plastics Corporation, Dow Chemical, Daicel Corporation, Kuraray, Clariant AG, Ultra System SA, Polyplast Muller GmbH and Slide Products. Companies invest enormously in R&D operations to offer distinguished solutions to gain competitive advantage.
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 global 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.
Key Insights Covered: Exhaustive Purging Compound Market
1. Market size (sales, revenue and growth rate) of Purging Compound industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Purging Compound industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Purging Compound industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Purging Compound industry.
Research Methodology: Purging Compound Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Purging Compound Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
This post was originally published on Downey Magazine