Press release
Purging Compound Market To hit $600mn by 2024
Global Purging Compound Market size is estimated to exceed USD 600 million by 2024; according to a new research report by Global Market Insights, Inc. Potential applications in custom molding, packaging, consumer goods and automotive industry will propel global purging compound market growth. Reduced machine downtime, lower raw material wastage along with low cleaning cost are the key properties driving industry demand.Automotive industry accounts for over 20% of the industry share in 2016. Automotive industry expansion along with rapidly increasing polymer usage across the various products has positively influenced demand.
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Effective plastic resin & contamination removal particularly in complicated machinery parts coupled with improved quality & safety are among key factors driving product penetration. Optimum machinery maintenance along with prevention from material mixture during feedstock replacement will support industry demand.
Electronics segment accounted nearly 10% of the global demand in 2016. Increasing R&D spending along with technological advancements to improve machinery efficiency will drive industry growth. Growing number of manufacturing facilities in China, India and Brazil are key factors stimulating demand.
Increasing preference for cost-effective scrap removal solutions to regulate carbon deposition and prevent corrosion has positively driven product penetration. However, raw material price volatility due to changing crude oil prices are key factors impacting purging compound market price trend globally.
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Purging compound are extensively used in injection molding process due to increasing demand for manufacturing of bulk quantities of plastic components. High usage of injection molding boosts production processes and assures high accuracy in the development of engineering components.
Mechanical purging was valued over USD 210 million in 2016 owing to rising demand for plastic processing units. These compounds are highly competent and safe to use for polymer deposit removal by using high viscosity plastics to mechanically scrub the contaminants.
Extensive usage of liquid form for thermoplastics removal will boost the global purging compound market. The form is very effective for resin-to-resin and colour-to-colour transformations to provide easy, quick, safe and cost-effective processing of purges.
Automotive will generate more than USD 120 million in revenue by 2024. Widespread adoption of lightweight and sustainable plastic materials in the form of equipment, films and fasteners components will propel global purging compound market growth. Numerous automakers are undertaking steps to accommodate increasing senior driver population by including safety features. These safety features include enhanced safety belt designs using plastics and reduced package space.
Chapter 4. Global Purging Compound Market, By Process
4.1. Global purging compound market share by process, 2016 & 2024
4.2. Extrusion
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013–2024
4.3. Injection molding
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013–2024
4.4. Blow molding
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013–2024
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: http://algosonline.com/news
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