Global Purging Compound Market Is Estimated To Witness High Growth Owing To Increasing Demand From Various Industries
The Global Purging Compound Market is estimated to be valued at US$ 450.7 million in 2017 and is expected to exhibit a CAGR of 5.4% over the forecast period 2017-2022, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Purging compounds are used to clean and remove resins, colorants, and other contaminants from extruder barrels and molds. These compounds help in reducing downtime and increasing productivity in various industries such as automotive, packaging, consumer goods, and electronics. Purging compounds are used in the form of a regrind or concentrate and can be easily processed into plastics without causing any damage to the final product. They are also used to remove carbon deposits and eliminate material degradation, resulting in improved product quality.
B) Market Dynamics:
The purging compound market is driven by two main factors. Firstly, the growing demand for high-quality plastic products in various industries is driving the need for efficient cleaning solutions. The use of purging compounds ensures that the final product meets the required standards and reduces the risk of defects and contamination.
Secondly, the increasing adoption of advanced molding technologies such as injection molding and blow molding is boosting the demand for purging compounds. These compounds help in maintaining the cleanliness of molds and extruders, thereby ensuring smooth operations and preventing material buildup.
C) SWOT Analysis:
Strength:
1. Highly effective in removing contaminants
2. Reduces downtime and increases productivity
Weakness:
1. Relatively high cost compared to conventional cleaning methods
2. Availability of alternative cleaning solutions
Opportunity:
1. Increasing demand from emerging economies
2. Development of eco-friendly purging compounds
Threats:
1. Intense competition among key players
2. Fluctuating raw material prices
D) Key Takeaways:
- The Global Purging Compound Market Demand is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period. This growth is attributed to the increasing demand for high-quality plastic products in various industries.
- The Asia-Pacific region is expected to dominate the market, owing to the rapid growth of industries such as automotive and packaging in countries like China and India.
- Key players operating in the global purging compound market include Asahi Kasei Corporation, Clariant A.G., CALSAK Corporation, Daicel Corporation, DowDuPont Inc., Formosa Plastics Corporation, Kuraray Co., Ltd., Chem-Trend L.P., Polyplast Muller GmbH, and Claude Bamberger Molding Compounds Corporation. These players are focusing on product innovation and strategic partnerships to gain a competitive edge in the market.
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