Routine Purging to Drive Growth in the Global Purging Compound Market
Purging compounds are used to clean polymeric residues and other contaminants from injection molding or extrusion machinery and dies. Purging compounds help in routine cleaning of manufacturing equipment and prevent defects caused due to material contamination between production runs. They facilitate quick color changes, material changes, and equipment transition by providing clean-out without disassembly. Commonly used purging compounds are based on polyethylene glycols, polyvinylpyrrolidones, thermoplastic polymers, and citrates. They find applications across various industries including automotive, packaging, electronics, construction and others.
The global Purging Compound Market is estimated to be valued at US$ 596.5 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the purging compound market is the development of biodegradable purging compounds. With the emphasis on sustainable manufacturing and eco-friendly production processes, major players are developing bio-based purging solutions. For example, Asahi Kasei Corporation offers BioPurge series of purging compounds manufactured using plant-derived raw materials. They provide equivalent purging performance as conventional purging compounds and can reduce environmental footprint. Furthermore, manufacturers are focused on offering liquid purging compounds as they eliminate the dust emission issues associated with powdered compounds and ensure residue-free cleaning. Liquid purging compounds have emerged as an attractive alternative to traditional powdered compounds.
Porter’s Analysis
Threat of new entrants: The purging compound market requires high capital investments for production facilities and R&D which poses entry barriers for new players.
Bargaining power of buyers: Large multinational companies have significant bargaining power over smaller players due to their high demand and purchasing power.
Bargaining power of suppliers: Due to the presence of a large number of suppliers and easy availability of raw materials, the bargaining power of suppliers is low in this market.
Threat of new substitutes: There exists a low threat from substitutes as purging compounds are essential in several manufacturing industries for changing production colors and materials quickly.
Competitive rivalry: The global purging compound market is highly competitive due to the presence of several established players operating at regional and global levels.
Key Takeaways
The global purging compound market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand from automotive and consumer goods industries. The automotive industry accounts for over 40% of the overall demand for purging compounds.
Regional analysis: Asia Pacific dominates the global purging compound market and is estimated to grow at the fastest rate during the forecast period due to the presence of major automotive hubs and the rapid development of industries in countries such as China and India. The expanding automotive production in the region boosts the demand for purging compounds.
Key players operating in the purging compound market are Asahi Kasei Corporation, Clariant A.G., CALSAK Corporation, Daicel Corporation, DowDuPont Inc., Formosa Plastics Corporation, Kuraray Co., Ltd., Chem-Trend L.P., Polyplast Muller GmbH, and Claude Bamberger Molding Compounds Corporation. Key players are focusing on new product development and capacity expansion strategies to gain a competitive advantage in the market. _______________________________________________________________________
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.