Global Purging Compound Market: Overview
"The Purging Compound Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Purging compound is a plastic resin compound designed for cleaning of thermoplastic molding machines such as injection molding machines, blow molding machines, and extruders. Purging compounds are also used for the manufacturing of plastic parts for various industries, including automotive, medical, and many other. Purging compounds are used for plastic processing as it reduces the downtime of machines and improves the efficiency as well as the quality of the product.
Global Purging Compound Market: Dynamics
Increasing demand for purging compounds in various applications such as automotive, construction, medical, consumer goods, electronics and packaging industry coupled with rapid industrialization, is a major factor expected to drive growth of the global purging compound market over the forecast period.
In addition, rising demand for purging compound in extrusion process coupled with growing packaging industry, is another factor anticipated to fuel growth of the target market during the forecast period. Moreover, rising demand for purging compound by manufacturers to curb wastage of raw material, reduce machine downtime, lower cleaning cost, and others, is among some factors anticipated to propel growth of the potential market over the long run.
However, high cost of purging compounds is among the factors which may hamper demand for purging compound and restrain growth of the target market during the forecast period.
Government regulations formulated for compliance of purging compounds in food products and medicines is expected to create a lucrative opportunity for growth of the potential market during the forecast period.
Global Purging Compound Market: Segment Analysis
Based onproduct type, the mechanical purging segment is expected to account for highest share in terms of value and volume in the target market over the forecast period, owing to increasing demand in various applications such as automotive, construction, polymers, and others.
Among process, the extrusion segment is expected to hold significant share in terms of revenue in the target market during the forecast period, due to its properties such as durability, versatility, and others. Among application, the automotive segment is expected to register major revenue share in the target market over the forecast period, as it helps in reduction of carbon components and scrap from heavy machineries.
Global Purging Compound Market: Regional Analysis
The purging compound market in North America accounts for highest share contribution in terms of revenue and is expected to dominate the target market in the over the forecast period. Increasing demand for purging compound in plastic processing equipments and presence of prominent players in countries in the region, is a factor anticipated to drive growth of the North America purging compound market over the forecast period.
The Asia Pacific purging compound market is projected to grow at a rapid rate in the target market in the next coming years. This can be attributed to the rising use of different processes such as extrusion and injection molding in various applications in the region. Europe purging compound market is projected to witness moderate share in terms of revenue in the target market over the forecast period, followed by Middle East & Africa.
Global Purging Compound Market Segmentation:
Segmentation based on Product Type:
- Mechanical Purging
- Chemical/Foaming Purging
- Liquid Purging
Segmentation based on Process:
- Injection Molding
- Blow Molding
Segmentation based on Application:
- Industrial Machinery
- Others (Medical, Consumer Goods, Electronics, and Packaging)
Segmentation based on Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Formosa Plastics Corporation
- DowDuPont Inc.
- 3M Company
- Kuraray Co., Ltd.
- VELOX GmbH
- Daicel Corporation
- CALSAK Corporation
- Chem-Trend L.P.
- Asahi Kasei Corporation
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