Purging Compound Market Growing automotive production in India to drive the demand for purging compounds

According to Precision Business Insights (PBI), the latest report the global purging compound market is expected to be worth USD 68,586.1 million in 2022 and projected to grow at a 8.5% CAGR over 2022 to 2028. Purging chemicals outperform conventional resin-based cleaning compounds, leading to significant market demand. It allows rapid changeover, lowers machine downtime, and assures reduced material waste. Furthermore, purging chemicals have larger commercial benefits since they can remove carbon and colour deposits that other traditional cleaner cannot.

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The Mechanical Purging Segment is Dominating the Purging Compound Market:
The mechanical purging accounts to have largest share in the market and expected to grow at a considerable CAGR during the forecast period. This is due to ease of use and fast operation as There is no chemical reaction and no soak time needed to purge the molding machine. Efficient removal of polymer deposit by utilizing high viscosity plastics from screws and barrels will enhance the product demand in the forecasting market.

North America Leads Purging Compound Market:
North America is expected to hold significant market share in the global Purging Compound market and is projected to grow at a prominent growth rate over the forecast years owing to the availability of multiple processing units, the United States accounted for the greatest share (85.1 percent) of the North America market in 2016. Furthermore, rising need for plastic processing machines to manufacture various components is expected to boost demand for purging compounds in the region.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Purging Compound market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In October 2018, the Chem? Trend L.P., a manufacturer of release agents, purge compounds and other chemical products has launched Chem-Trend Ultra Purge™ C6090, a thermoplastic purging compound. This is primarily used in the manufacturing process of automotive products.

Detailed Segmentation
Based on the Type, the market is segmented into the following:
• Mechanical Purging
• Chemical/Foaming Purging
• Liquid Purging

Based on the Process, the market is segmented into the following:
• Extrusion
• Injection Molding
• Blow Molding

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Key player's profiles in the Purging Compound market report are Asahi Kasei Corporation (Japan), Chem-Trend (China), Purgex (U.S.), Dyna-Purge (U.S.), 3M Company (U.S.), Clariant AG (Switzerland), VELOX GmbH (Germany), E. I. Du Pont de Nemours and Company (U.S.), Kuraray Co., Ltd. (Japan), Daicel Corporation (Japan), The Dow Chemical Company (U.S.), Formosa Plastics Corporation (Taiwan), CALSAK Corporation (U.S.)

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This release was published on openPR.