Global Purging Compound Market Is Estimated To Witness High Growth Owing To Increasing Demand From Various Industries
Purging Compound Market |
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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