Market Size of Purging Compound Industry
| 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.
