Purging Compound Market Growth Outlook by 2024, Business Expansion, Measurement, Regional Segments, and Forecast till 2031 | Asahi Kasei Corporation, Clariant A.G.

Market Overview:

Purging compounds are thermoplastic materials that are used to clean injection molding machines and extruders by removing residues of previously used thermoplastics. They help improve production efficiency and part quality.

Market Dynamics:

The global purging compounds market is expected to witness significant growth over the forecast period owing to growing demand from the plastics industry. The growing demand for lightweight and high-performance plastics from the automotive industry is expected to boost market growth during the forecast period. Furthermore, purging compounds help improve part quality and production efficiency, reducing wastage and downtime. Stringent regulations regarding workplace safety and reducing volatile organic compound emissions during production processes are also expected to propel the demand for purging compounds. Continuous advancements in purging compound formulations by key players to suit requirements of newer materials and applications will further support the purging compounds market growth through 2031.

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Top Companies Covered In This Report:

★ 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
★ Claude Bamberger Molding Compounds Corporation.

Detailed Segmentation:

On the basis of product type,
✦ Chemical or Foam Purging Compound
✦ Liquid Purging Compound

On the basis of process,
✦ Blow Molding
✦ Injection Molding
✦ Extrusion Molding
✦ Others

Key Region/Countries are Classified as Follows:

⋆ North America (United States, Canada, and Mexico)
⋆ Europe (Germany, France, UK, Russia, Italy)
⋆ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
⋆ South America (Brazil, Argentina, Colombia)
⋆ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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✦ Major Growth in Plastic Industry is Driving the Demand for Purging Compounds

The global plastic industry has witnessed significant growth over the past few years. According to recent estimates, the global plastic production reached around 360 million tonnes annually. The plastic industry is increasingly adopting purging compounds to remove contaminants and color residue from processing equipment. Purging compounds helps in obtaining clean and consistent material flows, which is important for maintaining the quality and aesthetics of the end products. With the rise in consumption and production of different plastic products across industries like automotive, packaging, construction, electronics etc. the demand for purging compounds is rising at a substantial pace.

✦ Increasing Automotive Production Boosting the Sales of Purging Compounds

The automotive industry is one of the largest end-users of purging compounds. Purging compounds play a vital role in automotive plastic manufacturing by removing contaminants from plastic injection molding machines and extruders. This helps automakers in achieving the desired quality, colors and textures for various interior and exterior automotive plastic components. With vehicles worldwide containing more and more plastic components due to focus on weight reduction, the use of purging compounds is rising in the automotive sector. As automotive production continues to rise across major economies like China, USA, Germany, India etc. driven by factors such as rising vehicle ownership, increasing disposable incomes and economic growth, it is positively impacting the growth of purging compound market.

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✦ Stringent Environmental Regulations Can Pose Challenges

Recyclability and environment-friendliness have become key considerations for plastic product design and manufacturing processes in recent years. With rising environmental awareness, regulations regarding hazardous chemicals usage and emissions are becoming more stringent across the globe. Some purging compounds contain solvents and other chemicals that need to meet threshold limits for emissions and effluents. This may require manufacturers to invest in upgrading production processes to comply with evolving environmental norms. The compliance burden and additional costs pose challenges for purging compound producers and processors to some extent.

✦ Opportunities in Developing Nations with Growing Plastics Industries

While developed countries have relatively mature plastic markets, developing economies offer huge untapped opportunities for purging compound producers. Countries like China, India, Brazil, Mexico etc. have witnessed rapid economic and industrial growth over the past few decades. Their plastics consumption has grown significantly along with greater penetration of end-use sectors like packaging, consumer goods and automotive. At the same time, regulations regarding plastics usage and their processing are still evolving in these nations compared to developed markets. This provides purging compound manufacturers an opportunity to partner with plastic product and raw material producers in these high growth developing markets. With their increasing investments in plastics infrastructure and rising safety standards, demand for purging compounds is expected to surge exponentially in developing countries in the coming years.

✦ Growing adoption of Engineered Plastics to Support Market Trends

Engineered plastics which include nylons, polycarbonates and other high-performance plastics are increasingly replacing conventional materials across industries due to superior properties. Automakers are using more engineered plastics for applications such as gears, fuel system parts and electronic components owing to benefits such as heat resistance, durability and lightweight. Similarly, electronic product manufacturers prefer engineered plastics for housings and connectors. The usage of engineered plastics involves complex production processes and strict purification requirements. This makes extensive use of purging compounds essential to avoid contamination. With engineers exploring new applications of high-performance plastics, the engineered plastics market is poised for strong growth globally. This emerging trend would directly amplify the demand for specialized purging compounds compatible with different engineered plastic materials.

Key Questions Answered in the Report:

1. What are the growth opportunities for the new entrants in the global Purging Compound industry?
2. Who are the leading players functioning in the global Purging Compound marketplace?
3. What are the key strategies participants are likely to adopt to increase their share in the global Purging Compound industry?
4. What is the competitive situation in the global Purging Compound market?
5. What are the emerging trends that may influence the Purging Compound market growth?
6. Which product type segment will exhibit high CAGR in the future?
7. Which application segment will grab a handsome share in the global Purging Compound industry?
8. Which region is lucrative for the manufacturers?

Table of Contents:

1. Research Objectives and Assumptions
• Research Objectives
• Assumptions
• Abbreviations

2. Market Purview
• Report Description
- Market Definition and Scope
• Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Regions
- Market Snippet, By End-User
• Stratagem Opportunity Map (SOM)

3. Market Dynamics, Regulations, and Trends Analysis
• Market Dynamics
- Drivers
- Restraints
- Market Opportunities
• Impact Analysis
• Industry Trends
• Regulatory Scenario
• Acquisitions, Partnerships & Agreements
• Brand Analysis
• Pricing Analysis
• Epidemiology
• Porter's Analysis
• Value Chain Analysis
• Supply Chain Analysis
• Distribution Landscape

4. Purging Compound Market - Impact of Coronavirus (Covid-19) Pandemic
• COVID-19 Epidemiology
• Overall Impact on this Sector
• Impact of COVID-19 on Supply and Demand

5. Purging Compound Market, By Product Type, 2024-2031 (US$ Million)
• Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2024 - 2031
- Segment Trends

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