June 24, 2024

Purging Compound Market Propelled by Increasing Demand from Plastics Industry

Purging compounds are polymeric-based materials inserted into the passageways of injection-molding or extrusion equipment to clean residues from previous molding cycles. They help remove contamination to ensure better color consistency and higher-quality plastic parts. The global purging compound market demand is rising with growth in the plastics industry as purging compounds help manufacturers improve product quality and maximize equipment uptime.

The global Purging Compound Market is estimated to be valued at US$ 596.5 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing demand from plastics industry is one of the major market trends in the purging compound market. The plastics industry is witnessing robust growth especially in emerging economies. Purging compounds are increasingly used by plastic product manufacturers and processor to remove residues and contamination. This helps in improving product quality and consistency. As plastic production grows globally driven by various end-use industries, demand for purging compounds from plastic manufacturers is also expected to rise significantly over the forecast period. This will drive the purging compound market growth.

SWOT Analysis
Strength: Purging compounds helps in easy and fast cleaning of injection molding machines and extruders without causing any damage to the machines or parts. Their application ensures better production efficiency.
Weakness: Higher prices of purging compounds compared to conventional purging methods increase production cost for manufacturers. Storage and handling of purging compounds also require care due to their chemical composition.
Opportunity: Growing demand from end-use industries like automotive, electronics, and home appliances is fueling the purging compound market growth. Development of bio-based and environment-friendly purging compounds present business opportunities.
Threats: Stringent environment regulations over volatile organic compound emissions during plastics processing pose challenges. Competition from alternative purging methods impact market share of purging compound manufacturers.

Key Takeaways

The global purging compound market is expected to witness high growth.

Regional analysis: North America currently dominates the global purging compound market owing to major presence of injection molding machine and plastics manufacturing companies in the region. Asia Pacific is projected to be the fastest growing market during the forecast period supported by growing automotive and electronics industry in China, India, Japan and other developing Asian countries.

Key players operating in the purging compound market are 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. Key players focus on new product development, capacity expansion and mergers & acquisitions to strengthen their market position and cater to increasing demand for purging compounds.