Purging Compound Market is projected to be worth USD 745.6 million by 2030, registering a CAGR of 5.4% during the forecast period (2022 - 2030).
The purging compound market is showing remarkable growth and was valued approximately at USD 536.8 million in 2020. The widespread use of thermoplastic molding machines to fulfill the growing demand for durable plastic materials is driving the market growth. Purging compound with their superior properties leads the market leaving the other competitors behind.
Purging compound is a chemical product used to clean thermoplastic molding machines and extruders. It is a resin-based cleanser with some additives to clean. Owing to its immense benefits it has become a necessity for every industry involving the use of thermoplastics. The global purging compound market is estimated to grow at a Compound Annual Growth Rate ( CAGR ) of 5.6 % over the current forecast period.
The purging compound has several advantages over other resin-based cleansers. It reduces machine downtime and effectively scrubs residue material along with color deposits. The global purging compound market value is estimated to be worth USD 745.6 million by the end of the current forecast period in 2030.
Covid 19 Analysis
Covid 19 had a negative impact on the global purging compound market. The demand rapidly declined over the period due to the closure of various end-user industries such as the plastic industry, automotive industry, and others. The closure of production units to curb the virus spread led to a shortage of material in the market when some industrial units began functioning.
The Restrictions on travel and movement of goods hampered the market growth causing disruptions in the supply chain. However, the second quarter witnessed moderate growth owing to demand from the protective equipment manufacturing industry. Therefore, the market is estimated to show a quick recovery in the near future.
The increasing demand from the thermoplastic processing industry is the major growth driving factor for the global purging compound market. The global thermoplastic industry was valued at USD 20 billion in 2020 owing to a greater benefit-to-cost ratio, low-cost manufacturing, chemical resistance, impact resistance, smooth finish, and recyclability. The high demand for thermoplastic processing machines and extruders will in turn generate the demand for purging compounds.
Purging compounds have superior properties to other resin-based cleaning compounds which are in turn generating high market demand. It gives faster changeover, reduces machine downtime, and ensures less material wastage. Moreover, purging compounds have greater market advantages as they can remove carbon and color deposits which other conventional cleaners are not able to.
The high cost of purging compounds is the major growth-hindering factor. Moreover, its volatile market price also affects the users.
The other major restraining factor is the lack of awareness about purging communities in developing economies.
Purging Compound is a chemical product used for cleaning thermoplastic molding machines and other extruders. It comprises a base resin and other scrubbing and cleansing additives. Purging compound is specifically used to clean screws, nozzles, mold, hot runners, or die of molding machines.
The Purging compound is used when we need to mold a different material or change the color of a mold. Purging Compound runs through screws and barrels removing all traces of the previous mix including degraded material in less downtime.
It is available in granular form which melts to liquid and runs through the hot runner of the machine, purging the residues. This purging compound also can clean color residue so that there will be no contamination in the coloring of the next mold with the color of the previous mold.
The specific objectives of this market report on the global purging compound market are given below:
Segmentation of the global purging compound market, by type
The mechanical purging segment dominates the market by type. The mechanical purging compounds are easy-to-use Materials that don't require a soak cycle. They have higher efficiency and reduce resource wastage. Moreover, they are more effective under high screw pressure and high backpressure.
Segmentation of the global purging compound market, by process
The extrusion process holds the largest market segment owing to its high benefit to cost ratio. Moreover, the extrusion machine is easy to operate and can be continuously operated to give high production volume. It alone accounts for about 37 percent of the global market share.
However, injection molding is a rapidly growing segment. The ability for automation and fast molding ability is driving the market growth of injection molding.
Segmentation of the global purging compound market, by
The thermoplastic processing segment occupies the major market share. Owing to the superior properties of the purging compound, there are no available replacements for it. Moreover, frequent need in the thermoplastic machinery accounts for very high demand.
The different regional markets for the global purging compound market are:
Asia-Pacific is a leading regional market for purging compounds. The significant presence of plastic manufacturing industries in this region especially in China, India, and Japan generates huge demand. There is a growing use of extrusion and injection molding processes in automotive, construction, and industrial machinery. Moreover, the growing industrialization and other end-user industries of plastics also account for significant demand for the purging compound.
North America is the second-largest market for the purging compound. The widespread presence of demand-generating industries such as automotive, construction, polymer industry, and others in this region accounts for the market growth.
Europe also holds a significant market share in the global purging compound market. The demand arises from the growing automotive industry, electronic industry, aviation industry, and others. The huge backing of research institutes provides support to the market growth. The UK, Germany, and Italy are the major contributors to the purging compound market in this region.
Latin America and the Middle East are also expected to show moderate growth over the forecast period.
The major global companies playing a key role in the purging compound market are :
This report will be beneficial for every stakeholder of the purging compound market such as :
This report provides an in-depth analysis of the purging compound market in terms of current value and future forecast. We have also identified the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help to make decisions about investment in the product. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the purging compound market.
|Market Size||2030: USD 745.6 million|
|CAGR||(2022-2030) : 5.6% CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, process and application|
|Geographies Covered||Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.|
|Key Vendors||The 3M Company (U.S.A), The Dow Chemical Company (U.S.A), Kuraray Co., Ltd. (Japan), RapidPurge (U.S.A), CALSAK Corporation (U.S.A), VELOX GmbH (Germany), Daicel Corporation (Japan), Chem-Trend (China), BASF SE( Germany)|
|Key Market Opportunities||Reduced downtime, less processing time and fewer scraps.|
|Key Market Drivers||Exceptional features offered by Purging Compounds such as reduction of scrap and carbon contaminants from the heavy machineries.|
The increasing demand from the thermoplastic processing industry is the major growth driving factor for the global purging compound market.
The Asia Pacific is the leading regional market for Purging compounds. Rapid industrial development particularly in the plastic manufacturing industry and automobile industry fuels the growth.
The extrusion process holds the largest market segment owing to its high benefit to cost ratio and higher working efficiency.
The different Purging types are: ● Mechanical purging ● Chemical/foaming purging ● Liquid purging