Synopsis of Purging Compound Market:
Purging Compound is a product composed of base resin and additives which is designed for cleaning thermoplastic extruder and machines. It is also used for cleaning hot runner mold as well as color and material changes. The important trends and factors which are influencing the market positively are reduced downtime, less processing time and fewer scraps. Due to these characteristics, they are used in various applications such as automotive, construction, industrial machinery, and others.
As per our market survey, the Global Purging Compound Market is segmented into type, process and application. On the basis of type, the market is further sub-divided into mechanical purge, chemical purge and liquid purge. Among these, mechanical purge segment holds a major share in the market on account of their extensive use in automotive, construction and polymer industries. This segment is mainly known for fast removal of contaminants from the machinery equipment such as extruders and hoppers. Owing to these factors, mechanical purge segment is estimated to witness a higher CAGR during the forecast period. The growing demand from food and beverages industry has propelled the extrusion process segment to observe a rapid growth in the market. Moreover, the growth of injection molding segment is attributed to the boundless use in plastic processing industry during the projected period, 2017-2023.
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Global Key Players:
- The 3M Company
- The Dow Chemical Company
- Kuraray Co., Ltd.
- RapidPurge
- CALSAK Corporation
- VELOX GmbH
- Daicel Corporation
- Chem-Trend
- BASF SE
Regional Analysis:
The Global Purging Compound Market is segregated into five crucial regions of the world namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. Among these, North America holds a major portion of the market due to endless consumption of purging compounds in automotive, construction, polymer industries, and others. Owing to these factors, countries such as U.S.A., Canada and Mexico are projected to be the major players during the forecast period.
The Asia Pacific region is estimated to witness a higher CAGR due to the growing use of extrusion and injection molding processes in automotive, construction, and industrial machinery. China, Japan and India are the major players in this region due to extensive use and consumption of purging compounds in plastic processing industry. A surge in demand is predicted in the industrial machinery segment due to growing investment and manufacturers in the major end use industries.
A notable growth is observed in the European region due to increasing demand of Purging Compounds in the end use industries such as construction, automotive, polymer, industrial machinery and aviation sectors. It is estimated that mechanical surge segment is projected to lead the market in this region due to its growing consumption of Purging Compounds in heavy industries. Owing to these factors, Germany, the U.K. and Italy are projected to be the major contributors to the market during the forecast period. The Middle East & Africa is predicted to witness a significant growth in the market due to growing use of Purging Compounds in oil & gas, and petrochemical industries. Moreover, it is estimated that the growing consumption of Purging Compounds in automotive and construction sectors has propelled the Latin American region to witness a rapid growth in the market during the forecast period.
Market Segmentation:
The Global Purging Compound Market is segregated into type, process and application. On the basis of type, the market is further categorized into mechanical purge, chemical purge and liquid purge. Among these, mechanical surge segment holds a major share in the market owing to growing demand of purging in major industries such as polymers, automotive, construction, and others. By process, the market is further differentiated into extrusion, injection molding and blow molding. Of these, extrusion and injection molding are the widely used processes in heavy end industries due to its exceptional features such as short processing time, efficiency, durability and versatile nature. Automotive, construction, polymer, industrial machinery, and others are the classifications of applications segment. It is projected that the automotive segment is set to expand at a higher rate due to exceptional features offered by Purging Compounds such as reduction of scrap and carbon contaminants from the heavy machineries.
Geographical Analysis:
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Intended Audience
- Purging Compound Manufacturers
- Traders and Distributors of Purging Compound
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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