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 in the plastic processing industry to clean the extruder, molds, and other equipment during color changes, resin changes, and material switches. They help reduce downtime, increase productivity, and improve efficiency in the manufacturing process. The demand for purging compounds is driven by the increasing adoption of these compounds in industries such as automotive and packaging, where efficient production processes are crucial.
B) Market Key Trends:
One key trend in the purging compound market is the increasing demand in the automotive industry. The automotive industry requires frequent color changes and material switches during production, which can lead to significant downtime. Purging compounds help reduce this downtime by effectively cleaning the equipment and ensuring a smooth transition between colors or materials. For example, Asahi Kasei Corporation, one of the key players in the market, offers a range of purging compounds specifically designed for the automotive industry.
C) PEST Analysis:
- Political: The political environment can have an impact on the regulations and policies related to plastic processing and manufacturing. For example, governments may implement regulations to promote sustainable practices and reduce plastic waste.
- Economic: The economic factors such as GDP growth, disposable income, and consumer spending can influence the demand for products and packaging, which in turn affects the demand for purging compounds.
- Social: Changing consumer preferences towards sustainable and eco-friendly products can drive the demand for purging compounds that are environmentally friendly.
- Technological: Advancements in technology can lead to the development of more efficient and effective purging compounds, enhancing the overall performance and productivity in the plastic processing industry.
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 driven by the increasing demand in industries such as automotive and packaging.
- In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the purging compound market. The region's rapid industrialization, particularly in countries like China and India, coupled with increasing investments in automotive and packaging sectors, is driving the demand for purging compounds.
- 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 companies focus on product development and innovation to strengthen their market position and cater to the evolving needs of their customers.
In conclusion, the global purging compound market is witnessing significant growth, primarily driven by the automotive and packaging industries. Advancements in technology and increasing demand for sustainable solutions are expected to further drive market growth in the coming years. Key players in the market play a crucial role in providing innovative purging compound solutions to meet the industry's requirements.
