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The purging compound market size is forecast to increase by USD 202.72 million at a CAGR of 5.67% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing demand for purge compounds from the thermoplastic industry, the growing demand for purge compounds as effective removal solutions to control corrosion in the chemical industry, and the growing industrialization in emerging markets. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
The market share by the mechanical purge segment will be significant during the forecast years. The mechanical purge method is especially useful for removing color and excess plastic material removal from machinery because it eliminates residues, reduces downtime, and improves overall production efficiency. The process begins with the preparation of machinery, ensuring that it is at the proper temperature and ready to transition between materials.
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The mechanical purge segment accounted for USD 254.50 million in 2018. Further, several market players offer purge compounds specifically designed for mechanical purge. Also, users should follow the purge compound manufacturers' guidelines to achieve the best results in the mechanical purge process while also maintaining equipment efficiency and increasing production capabilities. These factors will accelerate the mechanical purge segment in the market during the forecast period.
The injection molding segment will account for the largest share of this segment.? Asaclean (Asahi Kasei Corp.), Chem Trend LP, Slide Products Inc., and Neutrex Inc. are some of the well-known companies that offer purge compounds designed specifically for injection molding. Furthermore, the trend toward using a wide range of polymers and colors in manufacturing processes increases the demand to reduce downtime during material and color transitions. Additionally, manufacturers and processors are increasingly recognising the value of efficient practices, positioning the market for long-term expansion. Therefore, these factors will drive the market through the injection molding segment during the forecast period.
APAC is estimated to contribute 42% to the expansion of the global market during the projection period.
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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The market in the APAC region has experienced robust expansion, primarily driven by the region's dynamic and rapidly growing manufacturing sector. China, India, and Southeast Asian countries are experiencing an increase in production across a wide range of industries, including automotive, electronics, and packaging. This increased manufacturing demand necessitates efficient machinery maintenance solutions, which has led to an increase in the use of purging compounds in the APAC region.
Furthermore, increased manufacturer awareness of the benefits, as well as investments in research and development (R&D) activities in countries such as China, help to drive the development of innovative solutions tailored to the specific needs of various manufacturing processes. APAC's competitive manufacturing costs make it an attractive destination for industries looking to invest in technologies to improve overall operational efficiency. Hence, such factors are expected to drive market growth in this region during the forecast period.
Purging compounds are specialized products that are used in industrial operations, particularly in the plastics manufacturing industry, to clean and purge processing equipment, including extruders, injection molding machines, and other equipment. The primary goal of purge compounds is to remove residual polymer or colorants from equipment between production runs.
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The market is vital for addressing challenges like machine downtime, production costs, and raw material wastage in various industries employing plastic processing equipment. With methods ranging from mechanical and chemical/foaming purging to liquid purging, it ensures efficient process optimization in extrusion, injection molding, and blow molding operations. By scrubbing granules, eliminating dead spots, and preventing hot spots and carbon buildup, it safeguards against degraded polymers and color changes, facilitating the production of high-quality finished products. With its role in routine shutdowns and manual cleaning minimized, it enhances operational efficiency, productivity, and bottom-line costs, promoting the reuse of raw materials. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market development examination, trends, and challenges. A holistic examination of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The market is witnessing significant growth, primarily fueled by escalating demand from the thermoplastic industry. Key market players specializing in purge compounds play a pivotal role in meeting the industry's burgeoning needs. This surge in demand is propelled by the widespread adoption of thermoplastic materials across diverse sectors such as automotive, packaging, electronics, and consumer goods. Additionally, manufacturers in the thermoplastic industry are increasingly seeking cost-effective and time-saving solutions, driving the necessity for purging compounds to optimize production processes and minimize downtime associated with equipment cleaning. As a result, the market is poised for substantial growth during the forecast period.
The development of environmentally friendly and bio-based compounds is the primary trend in the market. The development of environmentally friendly and bio-based mixtures reflects a broader industry shift towards sustainable and eco-friendly practices. This trend is being driven by an increased awareness of environmental concerns and a greater emphasis on corporate social responsibility in the manufacturing sector. Market players are investing in R&D to create products with lower environmental impact. These environmentally friendly seek to address issues such as waste generation, carbon footprint, and the use of non-renewable resources that are common with traditional purge compounds.
For example, Slide Products Inc. has introduced bio-based purge compounds that use renewable resources in their formulations. These compounds are intended to provide effective cleaning while minimizing environmental impact during production and use. Furthermore, as regulatory pressures and consumer preferences drive demand for long-term solutions, the development of bio-based is expected to play a critical role in the market during the forecast period.
Volatile prices is a significant challenge that affects market expansion. Raw materials like polymers, additives, and abrasives, fluctuate due to market demand, geopolitical events, and supply chain disruptions. Price volatility in raw materials creates uncertainty in production costs for manufacturers. Fluctuations in the prices of key components can cause unpredictability in overall manufacturing costs, affecting profit margins and financial planning. Rapid and unpredictable changes in raw material prices can put pressure on the profitability of manufacturers. If the prices of essential ingredients rise unexpectedly, manufacturers may struggle to maintain competitive pricing or absorb additional costs.
Additionally, market uncertainties caused by raw material price volatility can impede long-term investment planning and innovation in the purge compound industry. Manufacturers may be hesitant to invest in R&D or adopt new technologies when faced with uncertain and fluctuating cost structures. Furthermore, ongoing market trend monitoring and proactive pricing strategy adjustments can assist in purge compound manufacturers in navigating the impact of raw material price volatility while maintaining market development. Thus, such factors will hinder the market during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., BASF SE, Daicel Corp., Dow Chemical Co., DuPont de Nemours Inc., Flamingo Additives and Colourants LLP, Formosa Plastics Corp., Freudenberg and Co. KG, K. Sakai and Co. Ltd., KURARAY Co. Ltd., Mitsubishi Chemical Group Corp., Neutrex Inc., Novanative Plastix Solutions Pvt. Ltd., Plastic Solutions International LLC, Premix Oy, RapidPurge, Shuman Plastics Inc., Slide Products Inc., and Ultra System SA
Qualitative and quantitative examination of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
The market addresses critical issues such as machine downtime, raw material wastage, and mechanical purging across various industries. This market offers solutions like chemical/foaming purging and liquid purging to combat issues like scrubbing granules, dead spots, and hot spots. By preventing carbon buildup, separated additives, and degraded polymers, it ensures color changes are minimized, maintaining the quality of finished products. With features facilitating resin or raw material changes and formulation adjustments, it optimizes operational activities and productivity while minimizing bottom-line costs. Efficient machine cleaning and reuse of raw materials contribute to sustainability and profitability in the plastic processing industry.
Also, the market is driven by various factors, such as the need for plastic processing equipment maintenance, formulation changes, and routine shutdowns for quality control. Manual cleaning of large machines can be time-consuming, prompting the use of purging compounds to streamline the process. With increased pressure, minimizing machine cleaning time becomes essential to ensure operational efficiency and minimum rejection rates for final products. Companies rely on various sources like company websites, directories, and databases, along with primary sources and expert insights, to assess the global purging compound market. Regulatory interventions, particularly in automotive applications, aim to enhance fuel efficiency and reduce carbon emissions. The market caters to diverse processes, including injection molding, extrusion, and blow molding, offering mechanical, foaming, and liquid compounds to meet industry needs.
Purging Compound Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.67% |
Market Growth 2024-2028 |
USD 202.72 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.25 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Asahi Kasei Corp., BASF SE, Daicel Corp., Dow Chemical Co., DuPont de Nemours Inc., Flamingo Additives and Colourants LLP, Formosa Plastics Corp., Freudenberg and Co. KG, K. Sakai and Co. Ltd., KURARAY Co. Ltd., Mitsubishi Chemical Group Corp., Neutrex Inc., Novanative Plastix Solutions Pvt. Ltd., Plastic Solutions International LLC, Premix Oy, RapidPurge, Shuman Plastics Inc., Slide Products Inc., and Ultra System SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technique
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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