Market Trends of Purging Compound Industry
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.
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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.
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