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:
The global purging compound market offers a range of products that are used in the plastics industry. These compounds are used to clean the processing equipment during color or material changes, ensuring efficient and effective production. They help in removing contaminants, reducing downtime, improving quality, and minimizing scrap. The market is characterized by the presence of various key players offering a wide range of purging compounds to cater to the diverse needs of the industry.
B) Market Dynamics:
The market is driven by two main factors, the increasing demand from the plastics industry and the growing focus on reducing production downtime. The plastics industry is experiencing significant growth due to the increasing demand for plastic products across various end-use industries such as packaging, automotive, healthcare, and consumer goods. This growing demand requires frequent color and material changes, leading to an increased need for purging compounds to ensure efficient production.
Another factor driving the market is the need to reduce production downtime. Time is a critical factor in the manufacturing process, and any downtime can lead to significant losses. Purging compounds help in reducing downtime by efficiently cleaning the processing equipment, allowing for faster color and material changes. This leads to increased productivity and cost savings for manufacturers.
C) Segment Analysis:
The global purging compound market can be segmented based on type and process. By type, the market is segmented into mechanical purging, chemical purging, and liquid purging compounds. Among these, mechanical purging compounds dominate the market due to their effective cleaning properties and ease of use.
By process, the market is segmented into extrusion, injection molding, and blow molding. Injection molding is the dominating process segment due to the wide applications of plastics in various industries such as automotive, packaging, and consumer goods.
D) PEST Analysis:
Political: The political factors affecting the purging compound market include government regulations related to plastic waste management and recycling. Governments worldwide are implementing strict regulations to reduce plastic waste and promote recycling, which can impact the demand for purging compounds.
Economic: The economic factors affecting the market include the growth of the plastics industry and increasing investments in research and development for product innovation. The economic growth of various end-use industries such as automotive, packaging, and healthcare contributes to the demand for purging compounds.
Social: The social factors include the growing awareness among consumers regarding the environmental impact of plastics. Increasing consumer preference for eco-friendly solutions and sustainable packaging can drive the demand for purging compounds that are environmentally friendly.
Technological: The technological factors include advancements in purging compound formulations and manufacturing processes. Key players are investing in research and development to develop advanced purging compounds with better cleaning efficiency and reduced downtime.
E) Key Takeaways:
Paragraph 1: The Global Purging Compound Market Demand is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing demand from the plastics industry. The growing demand for plastic products across various end-use industries is driving the need for frequent color and material changes, boosting the demand for purging compounds.
Paragraph 2: In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the global purging compound market. The region has a well-established plastics industry, and manufacturers are increasingly adopting purging compounds to optimize their production processes and reduce downtime.
Paragraph 3: 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 focused on product development, partnerships, and acquisitions to expand their presence and cater to the growing demand for purging compounds.
In conclusion, the global purging compound market is witnessing high growth due to the increasing demand from the plastics industry and the need to reduce production downtime. The market offers a range of products catering to various processes and types, with mechanical purging compounds dominating the market. Regional analysis indicates North America as the fastest-growing region, and key players are investing in research and development to develop advanced purging compounds.