The global Purging Compounds market was valued at US$ 450.5 million in 2020. Increasing demand for plastic processing machinery coupled with the benefits offered by the purging compounds such as low material wastage, lower production cost, high efficiency, and reduced machine downtime are few of the major factors that are expected to fuel the demand for the purging compounds market, globally. The Purging Compounds market has been segmented on the basis of type, process, and region.
By type, mechanical purging accounted for approximately 50% share of the global purging compounds market revenue in 2020 and is projected to maintain its dominance throughout the forecast period between 2021 and 2029. Whereas, the chemical purging is anticipated to be the fastest growing segment during the forecast period 2021 to 2029.
By process, extrusion segment accounted for the largest market revenue share in 2020. This share can be attributed to huge demand of purging compound from plastic processing equipment industry. Extrusion is followed by injection molding segment, which holds the second largest share of global purging compound market by process. However, this segment is the fastest growing segment owing to increasing demand from food and automotive industry.
In 2020, the Purging Compounds market by region was dominated by the North America region followed by the Asia-Pacific and Europe. North America purging compound market is mainly driven by the huge demand from the processing plants located in the U.S... U.S. is the largest market accounted for more than 50% share of North America purging compound market. Moreover, the growing demand for plastic processing machinery from processing industries is also driving the demand of purging compounds in the region. Asia Pacific market is expected to witness the fastest growth during the forecasted period, owing to increasing demand from economies such as China, Japan and India. End-use industries such as plastic processing and automotive in Asia-Pacific region is expected to propel the demand of purging compounds in the coming years.
The companies such as Asahi Kasei Corporation (Japan), Daicel Corporation (Japan), Dyna-Purge (U.S.), Clariant AG (Switzerland), VELOX GmbH (Germany), The Dow Chemical Company (U.S.), E. I. Du Pont de Nemours and Company (U.S.), 3M Company (U.S.), and Formosa Plastics Corporation (Taiwan) among others are present in the global purging compounds market.
The report titled “Purging Compounds Market - Growth, Future Prospects, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global purging compounds market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on type, process and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2020 & 2029. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.
In order to help the strategic decision makers, the report also includes profiles of the leading purging compounds manufacturers, along with their, product portfolio and key developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global purging compounds market, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.
Mechanical purging compounds accounted for approximately 50% of the purging compounds market in 2020, followed by chemical and liquid purging compounds. Mechanical purging compounds are ideal for eliminating scrap from different mechanical parts such as dies, screws, barrels and so on, as it contains high-viscosity polymers. Mechanical purging compounds is being followed by chemical purging compounds which is the fastest growing sub-segment owing to its features such as high mold ability rate, as scrap generated can often be used to remold parts. Liquid purging compounds are mostly surfactants which plays an important role as cleaning agents.
In 2020, on the basis of process, the purging compounds market was dominated by extrusion segment accounted for more than 50% of market share in 2020. Extrusion is the widely used process in the plastic processing industry, hence driving the growth of purging compounds in this market. Extrusion is the widely used and most preferred process in the processing industry resulting in the high demand of purging compounds from this segment especially in the Asia-Pacific region. Extrusion process allows the use of purging compounds without opening of machine for cleaning process which results in time saving and increased operation efficiency. Extrusion process is followed by injection molding process, increasing demand of injection molded plastic from various end-use industries such as automotive industry is fuelling the use of extrusion process globally, and hence the demand of purging compounds is increasing in this sector.
The global purging compounds market has been segmented geography-wise, wherein a detailed analysis of every country has been conducted in this section. These regions include North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.
The global market for purging compounds is dominated by North America region in terms of value in 2020, followed by Asia Pacific & Europe. Increasing demand from plastic processing equipment industry is expected to drive the market in this region. Asia Pacific is projected to grow at the fastest CAGR between 2021 and 2029 on account of the growing demand for injection molding and extruders from countries, such as China, Japan, and India. Asia-Pacific and North America together accounted for more than 55% of global purging compounds market by region in 2020.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Purging Compounds market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Type
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Process
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
