Purging Compound Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Purging Compound Market Analysis
During the time frame of the forecast, the market is expected to grow at a CAGR of over 6%.
The COVID-19 pandemic reduced demand for purging compounds in the automobile and aerospace industries, which were severely impacted. The pandemic disrupted supply networks, lowered demand for automobiles and aircraft, and shut down many production facilities, slowing compound purging. However, in 2021, the global economy rebounded and manufacturing began, increasing the need for purging chemicals as businesses attempted to rebuild their production capacity.
- In the future, the market may be able to take advantage of the growing demand for purging compounds as cleaning chemicals in industrial machines.
- Volatile prices of purging compounds are expected to hinder the growth of the market studied.
- During the forecast period, there is likely to be a rise in the use of purging compounds in thermoplastic processing.
- The Asia-Pacific region is expected to dominate the market, with the largest consumption coming from countries such as China and India.
Purging Compound Market Trends
This section covers the major market trends shaping the Purging Compound Market according to our research experts:
Increasing Demand of Purging Compound from Thermoplastic Processing Industry in Global Market
- A commercial purging compound is a product specifically manufactured to clean thermoplastic molding machines and extruders. It usually has a base resin and other substances added to it that are meant to clean the screw, barrel, and extruder die.
- The utilization of purging compounds has become a necessary piece of thermoplastics processing in the growing competitive environment. Efficient production and a decrease in cost are significant standards for plastics processors.
- In the assembly of electric vehicles (EVs), thermoplastic processing techniques like injection molding are often used to make a wide range of parts and components, such as battery housing, interior trim, and exterior body pieces.
- Thermoplastics are ideal for use in the assembly of EVs because of their low weight, high strength, and long service life. They're easy to process and can be shaped into intricate designs, both of which cut down on production time and cost. Sales of battery electric vehicles reached 4.5 million units in 2021, up 135% from 2020, according to the International Energy Agency.
- The thermoplastics market is expected to register substantial growth during the forecast period. The demand is increasing capacity in downstream processing and applications in the automotive industry.
- The application of purging compounds from the thermoplastic industry is expected to dominate during the forecast period due to the aforementioned factors.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the global market, owing to the increasing demand from developing nations, including China and India. The region is a manufacturing hub for polymers and thermoplastics. This factor is a propelling factor for the increasing demand for purging compounds in the region.
- The largest producers of purging compounds are based in the Asia-Pacific region. Some of the leading companies in the production of purging compounds are Calsak Corporation, RapidPurge, 3M, Kuraray Co. Ltd., and Dyna-Purge, among others.
- The rapid industrialization in the Asia-Pacific region is contributing to the expansion of several industries, including the food and beverage, construction, automotive, petrochemical, and chemical industries. These industries are gradually implementing composites to reduce downtime and increase manufacturing efficiency.
- China, Japan, and India are the biggest players in this area because the plastics processing industry uses and needs a lot of purging compounds.
- Many automobile plastic components are manufactured with the help of purging chemicals. According to the International Organization of Motor Vehicle Manufacturers, China produced over 26 million automobiles in 2021, an increase of 3% from the previous year, making it the world's largest automotive producer.
- According to the India Brand Equity Foundation, India's exports of plastic and linoleum products reached USD 9.8 billion in 2021. This is a 30% increase over the previous year's exports.
- Due to the above reasons, the market for purging compounds is expected to grow in the Asia-Pacific region during the study period.
Purging Compound Industry Overview
The global purging compound market is partially consolidated, with only a few major players dominating the market. Some of the major companies are Calsak Corporation, RapidPurge, 3M Company, Kuraray Co. Ltd., and Dyna-Purge, among others.
Purging Compound Market Leaders
CALSAK CORPORATION
3M
Kuraray Co. Ltd
RapidPurge
Dyna-Purge
*Disclaimer: Major Players sorted in no particular order
Purging Compound Market News
- June 2021: Asahi Kasei Asaclean America's newest purging compound blends invisibly with a processor's own production resins while providing the same performance and cleaning power as the company's other purging compounds. Processors' most demanding uses were in mind when developing the new heat-activated Asaclean Plus Grade concentrate.
- April 2021: Slide Products launched a purge compound for use in high temperature applications, developed specifically for use with engineering resins such as polyphenylene sulfide, polyetheretherketone, polyethylene terephthalate, polyetherimide, and liquid crystal polymer. This process cleans the injection molding machine's barrel and screw to get rid of carbon buildup and residue left over from switching resins and colors.
Purging Compound Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand of Purging Compound from Thermoplastic Industry in Global Market
4.1.2 Growing Demand as Effective Removal Solutions to Control Corrosion in Chemical Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Volatile Prices of Purging Compounds
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
4.5 Raw Material Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Mechanical Purge
5.1.2 Chemical Purge
5.1.3 Liquid Purge
5.2 Process
5.2.1 Injection Molding
5.2.2 Extrusion
5.2.3 Blow Molding
5.2.4 Other Processes
5.3 Application
5.3.1 Automotive
5.3.2 Construction
5.3.3 Industrial machinery
5.3.4 Polymers
5.3.5 Thermoplastic Processing
5.3.6 Other Applications
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Dow Chemical Company
6.4.2 Kuraray Co. Ltd
6.4.3 3M Company
6.4.4 BASF SE
6.4.5 RapidPurge
6.4.6 Daicel Corporation
6.4.7 VELOX GmbH (IMCD Group)
6.4.8 Calsak Corporation
6.4.9 ChemTrend LP
6.4.10 Dyna-Purge
6.4.11 Formosa Plastics Corporation
6.4.12 Ultra System SA
6.4.13 Purge Right
6.4.14 Clariant AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand of Cleaning Chemicals in Industrial Machines
7.2 Other Opportunities
Purging Compound Industry Segmentation
Purging compounds cleans and preserves thermoplastics production machinery. They dissolve leftover material and contaminants in equipment. In the automotive and aerospace industries, purging chemicals are used to clean and maintain processing equipment to make sure that parts are consistent and of good quality.
The purging compound market is segmented by type, process, application, and geography. By type, the market is segmented into mechanical purging, chemical purging, and liquid purging. By process, the market is segmented into injection molding, extrusion, blow molding, and other processes. By application, the market is segmented into automotive, construction, industrial machinery, polymers, thermoplastic processing, and other applications. The report covers the market size and forecast for the purging market in 15 countries. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Type | |
| Mechanical Purge | |
| Chemical Purge | |
| Liquid Purge |
| Process | |
| Injection Molding | |
| Extrusion | |
| Blow Molding | |
| Other Processes |
| Application | |
| Automotive | |
| Construction | |
| Industrial machinery | |
| Polymers | |
| Thermoplastic Processing | |
| Other Applications |
| Geography | |||||||
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Purging Compound Market Research FAQs
What is the current Purging Compound Market size?
The Purging Compound Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Purging Compound Market?
CALSAK CORPORATION, 3M, Kuraray Co. Ltd, RapidPurge and Dyna-Purge are the major companies operating in the Purging Compound Market.
Which is the fastest growing region in Purging Compound Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Purging Compound Market?
In 2024, the Asia-Pacific accounts for the largest market share in Purging Compound Market.
What years does this Purging Compound Market cover?
The report covers the Purging Compound Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Purging Compound Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Purging Compound Industry Report
Statistics for the 2024 Purging Compound market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Purging Compound analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
