Purging Compound Market Size to Grow at a CAGR of 5.6% During the Forecast Period 2021-2026
Rising Demand of Plastic Products in Various End Use Verticals Driving the Growth of Purging Compound Market.
(EMAILWIRE.COM, October 03, 2021 ) Purging Compound Market size is expected to be valued at $725.6 million by the end of the year 2026 and the purging compound industry is set to grow at a CAGR of 5.6% during the forecast period from 2021-2026. The rise in demand for plastic products from various end-use industries is the major driving factor contributing to the growth of overall market. Further, purging compounds help in reducing machine downtime, which resulted in increased efficiency of the machinery; is another driving factor for purging compounds market. Purging compounds are extensively used in thermoplastic processors and also used in high impact poly styrene, which is easy to thermoform and fabricate. Purging compounds also helps in reducing the production cost by increasing the health of the machine and reduces raw material wastage which drives the growth of purging compound market.
Covid-19 Impact
Covid-19 pandemic has hugely affected the purging compound market in terms of production and demand. The economic slowdown across the globe led to the total shutdown of production of purging compounds and also has affected the distribution of the stock of purging compounds which was already produced before the lockdown. This situation led to the incurring of losses by the Purging Compound top 10 companies. The supply and distribution of the purging compounds were also highly affected owing to the economic restrictions. This situation is however set to ease by the year ending 2021.
Purging Compound Market Segment Analysis – By Plastic Machinery
Injection molding machines segment held the largest share of more than 45% in the purging compound market in the year 2020. Injection molding machinery facilitates faster rate of production and also produces plastic components with multiple colors. It is ideal for high volume production. The utilization of injection molding machinery facilitates the reduction of carbon build-up and changeover time, which results in uptime of the machine and reduction of scrap parts, which is estimated to accelerate the growth. Injection molding machines also promotes high cleaning accuracy in several engineering components. It is also driven by the rising demand for injection molded products, owing to technological advancements and the increase in environmental concerns to reduce carbon footprint.
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Purging Compound Market Segment Analysis – By Materials
Polyethylene (PE) segment held the largest share of 28% in the purging compound market in the year 2020. Polyethylene (PE) is the most commonly used plastic in the present days. Polyethylene (PE) is the highest produced plastic with 34% more production than any other kind of plastics. It is most commonly used in the packaging industry. Polyethylene (PE) showcases excellent properties such as good density and low moisture absorption which is very accommodative of purging compounds and is easy to be used on. Polyethylene (PE) is used extensively for packaging, wire and cable insulation, containers, bottles etc., which makes Polyethylene (PE) the most used plastic.
Purging Compound Market Segment Analysis – By Purging Solutions
Liquid segment held the largest share in the purging compound market in the year 2020 and is expected to rise at a CAGR of 4.9% during the forecast period. Liquid form of purging compound is highly effective in removing thermoplastics.Liquid purging compounds are also extensively used in thermoplastic processors and also used in high impact poly styrene, which is easy to thermoform and fabricate. It is also highly effective in the treatment of several chemicals that are in a granule structure of ultra-high purity purges. Liquid purges are very effective in resin and color changes. This also helps in providing easy, quick, safe and cost-effective conventional processing. It also provides various advantages such as non-requirement of soaking and cracking in acrylic resin.
Purging Compound Market Segment Analysis – By End-Use Industry
Automotive segment held the largest share of 18% in the purging compound market in the year 2020, owing to the extensive adoption of lightweight and sustainable plastic materials in the form of equipment, films and fasteners components. The increase in initiatives by automakers to accommodate senior driving population by including safety features will also drive the purging compound market hugely. The total sales in the automobile industry amounted to 91 million units of which sales of commercial vehicles was 27 million units and total sales of passenger vehicles was 64 million units in 2019. Electronics sector closely followed the automotive sector in the purging compound market. Purging compound is used in various electronic applications such as switches, sockets, enclosures, housings and semiconductors.
Purging Compound Market Segment Analysis – By Geography
North American region held the largest share of 32% in the purging compound market in the year 2020, owing to the presence of numerous industrial plants across the region. Therefore, the demand for plastics processing equipment has increased hugely in North America. The increase in need for packaging for various kind of products owing to the recent development in technology is majorly driving the use of purging compounds in this region. The increase in the use of plastic products and application of plastic products in various end-use industries is driving the purging compound market in North America. The increase in adoption of plastics, since they are cheaper than other materials is increasing the demand for purging compound in region. This is driving the purging compound market in the North American market.
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Purging Compound Market Drivers
Rising demand of plastic products in various end use verticals
The increase in demand for plastic products in various end-use industries such as consumer products, electronics and packaging has given rise to the use of machinery producing such plastics which in turn has increased the use of purging compounds which is necessary to keep the machinery clean and maintain them. Purging compounds are widely used for effective cleaning of plastic processing equipment, which consists of scrubbing granules, which penetrates into dead spots and hot spots of machines to remove carbon build up which comprises of layers of separated additives and degraded polymers.
Statutory compliance made compulsory
There is various statutory compliance which is made compulsory with various legal and administrative bodies to avoid any kind of mishap or accidents in the production process. Using purging compounds in the processing of food products and pharmaceutical devices or products have been made compulsory by OEMs and brand owning consumers failure of which gives the latter legal rights to reject the products. Making it legally compulsory has increased the use and demand for purging compounds, and non-compliance of this law might invite legal actions.
Reduction in production cost
With better performance and increase in the quality of machine uptime, there are very less wastages and downtimes. Therefore, the cost related to idle time, downtime, scrap and wastages can be reduced to a great extent. This helps in the overall production cost of the manufacturing unit, which is hugely driving the purging compounds market.
Purging Compound Market Challenges
Fluctuation in Raw Materials Prices
The high prices of purging compounds are one of the biggest challenges to the market. Relative to the quality and efficiency provided by purging compound, the prices of the products are also high. Therefore, most of the manufacturers prefer to utilise cheaper alternatives in place of purging compound. Some of the main engineered products used for purging are Polysulfone (PSU), Polyvinylidene fluoride (PVDF), Polyetherimide (PEI), Polyphenylene oxide (PPO), Polyphenylene sulfide (PPS), Polyether ether ketone (PEEK) and Polyphthalamide (PPA). PEEK and PPS are the most commonly used thermoplastics for processing purging compounds.
Stringent regulations
There are various stringent regulations regarding the use of purging compounds, especially for waste water treatments, because the water wastes generated from manufacturing purging compounds are hazardous to the environment, which has to be compulsorily followed by manufacturers, which could prove expensive and attract legal actions if not followed. Several food and drug regulation bodies in various countries like FDA of US and Central Drugs Standard Control Organization of India has made using purging compounds as a compulsory compliance for packaging food, beverages and drugs. In European region, the containers in which purging compounds are shipped must bear the CE Mark as a statutory compliance in relevance to European Union (EU) directives for health and safety.
Purging Compound Market Industry Outlook
Product improvements, new product launches, expansions, partnership, acquisitions and mergers are some of the key strategies adopted by players in the Purging Compound Market. Major players in the Purging Compound Market are Plastics Technology, Purge Right, RapidPurge, Purgex, Asaclean Purging Compound, Asahi Kasei Corporation, Clariant AG, VELOX, Kuraray Co., Ltd. and Daicel Corporation among others.
Acquisitions/Technology Launches
In December 2020, Star Plastics and LATI partnered to expand the availability of speciality engineered compounds in North America, Europe and Asia.
In November 2019, SurTec and Chem-Trend, two affiliates of Freudenberg Group, joined hands together to produce innovative top-quality, environmentally-conscious products for a more sustainable production process.
Key Takeaways
North American market held the largest share owing to the presence of many plastic processing plants in the region.
The purging compound market also is driven by the statutory compliance made compulsory with legal and administrative bodies in order to reduce any mishap in the production process.
Covid-19 pandemic heavily impacted the growth of the purging compound market, owing to the many economic restrictions.
Related Reports:
A. Potting Compound Market
https://www.industryarc.com/Report/16526/potting-compound-market.html
B. Ethylene Methyl Acrylate Market -
https://www.industryarc.com/Report/9595/ethylene-methyl-acrylate-market-research-analysis-report.html
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Covid-19 Impact
Covid-19 pandemic has hugely affected the purging compound market in terms of production and demand. The economic slowdown across the globe led to the total shutdown of production of purging compounds and also has affected the distribution of the stock of purging compounds which was already produced before the lockdown. This situation led to the incurring of losses by the Purging Compound top 10 companies. The supply and distribution of the purging compounds were also highly affected owing to the economic restrictions. This situation is however set to ease by the year ending 2021.
Purging Compound Market Segment Analysis – By Plastic Machinery
Injection molding machines segment held the largest share of more than 45% in the purging compound market in the year 2020. Injection molding machinery facilitates faster rate of production and also produces plastic components with multiple colors. It is ideal for high volume production. The utilization of injection molding machinery facilitates the reduction of carbon build-up and changeover time, which results in uptime of the machine and reduction of scrap parts, which is estimated to accelerate the growth. Injection molding machines also promotes high cleaning accuracy in several engineering components. It is also driven by the rising demand for injection molded products, owing to technological advancements and the increase in environmental concerns to reduce carbon footprint.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=500262
Report Price: $ 4500 (Single User License)
Purging Compound Market Segment Analysis – By Materials
Polyethylene (PE) segment held the largest share of 28% in the purging compound market in the year 2020. Polyethylene (PE) is the most commonly used plastic in the present days. Polyethylene (PE) is the highest produced plastic with 34% more production than any other kind of plastics. It is most commonly used in the packaging industry. Polyethylene (PE) showcases excellent properties such as good density and low moisture absorption which is very accommodative of purging compounds and is easy to be used on. Polyethylene (PE) is used extensively for packaging, wire and cable insulation, containers, bottles etc., which makes Polyethylene (PE) the most used plastic.
Purging Compound Market Segment Analysis – By Purging Solutions
Liquid segment held the largest share in the purging compound market in the year 2020 and is expected to rise at a CAGR of 4.9% during the forecast period. Liquid form of purging compound is highly effective in removing thermoplastics.Liquid purging compounds are also extensively used in thermoplastic processors and also used in high impact poly styrene, which is easy to thermoform and fabricate. It is also highly effective in the treatment of several chemicals that are in a granule structure of ultra-high purity purges. Liquid purges are very effective in resin and color changes. This also helps in providing easy, quick, safe and cost-effective conventional processing. It also provides various advantages such as non-requirement of soaking and cracking in acrylic resin.
Purging Compound Market Segment Analysis – By End-Use Industry
Automotive segment held the largest share of 18% in the purging compound market in the year 2020, owing to the extensive adoption of lightweight and sustainable plastic materials in the form of equipment, films and fasteners components. The increase in initiatives by automakers to accommodate senior driving population by including safety features will also drive the purging compound market hugely. The total sales in the automobile industry amounted to 91 million units of which sales of commercial vehicles was 27 million units and total sales of passenger vehicles was 64 million units in 2019. Electronics sector closely followed the automotive sector in the purging compound market. Purging compound is used in various electronic applications such as switches, sockets, enclosures, housings and semiconductors.
Purging Compound Market Segment Analysis – By Geography
North American region held the largest share of 32% in the purging compound market in the year 2020, owing to the presence of numerous industrial plants across the region. Therefore, the demand for plastics processing equipment has increased hugely in North America. The increase in need for packaging for various kind of products owing to the recent development in technology is majorly driving the use of purging compounds in this region. The increase in the use of plastic products and application of plastic products in various end-use industries is driving the purging compound market in North America. The increase in adoption of plastics, since they are cheaper than other materials is increasing the demand for purging compound in region. This is driving the purging compound market in the North American market.
Inquiry Before Buying @https://www.industryarc.com/reports/request-quote?id=500262
Purging Compound Market Drivers
Rising demand of plastic products in various end use verticals
The increase in demand for plastic products in various end-use industries such as consumer products, electronics and packaging has given rise to the use of machinery producing such plastics which in turn has increased the use of purging compounds which is necessary to keep the machinery clean and maintain them. Purging compounds are widely used for effective cleaning of plastic processing equipment, which consists of scrubbing granules, which penetrates into dead spots and hot spots of machines to remove carbon build up which comprises of layers of separated additives and degraded polymers.
Statutory compliance made compulsory
There is various statutory compliance which is made compulsory with various legal and administrative bodies to avoid any kind of mishap or accidents in the production process. Using purging compounds in the processing of food products and pharmaceutical devices or products have been made compulsory by OEMs and brand owning consumers failure of which gives the latter legal rights to reject the products. Making it legally compulsory has increased the use and demand for purging compounds, and non-compliance of this law might invite legal actions.
Reduction in production cost
With better performance and increase in the quality of machine uptime, there are very less wastages and downtimes. Therefore, the cost related to idle time, downtime, scrap and wastages can be reduced to a great extent. This helps in the overall production cost of the manufacturing unit, which is hugely driving the purging compounds market.
Purging Compound Market Challenges
Fluctuation in Raw Materials Prices
The high prices of purging compounds are one of the biggest challenges to the market. Relative to the quality and efficiency provided by purging compound, the prices of the products are also high. Therefore, most of the manufacturers prefer to utilise cheaper alternatives in place of purging compound. Some of the main engineered products used for purging are Polysulfone (PSU), Polyvinylidene fluoride (PVDF), Polyetherimide (PEI), Polyphenylene oxide (PPO), Polyphenylene sulfide (PPS), Polyether ether ketone (PEEK) and Polyphthalamide (PPA). PEEK and PPS are the most commonly used thermoplastics for processing purging compounds.
Stringent regulations
There are various stringent regulations regarding the use of purging compounds, especially for waste water treatments, because the water wastes generated from manufacturing purging compounds are hazardous to the environment, which has to be compulsorily followed by manufacturers, which could prove expensive and attract legal actions if not followed. Several food and drug regulation bodies in various countries like FDA of US and Central Drugs Standard Control Organization of India has made using purging compounds as a compulsory compliance for packaging food, beverages and drugs. In European region, the containers in which purging compounds are shipped must bear the CE Mark as a statutory compliance in relevance to European Union (EU) directives for health and safety.
Purging Compound Market Industry Outlook
Product improvements, new product launches, expansions, partnership, acquisitions and mergers are some of the key strategies adopted by players in the Purging Compound Market. Major players in the Purging Compound Market are Plastics Technology, Purge Right, RapidPurge, Purgex, Asaclean Purging Compound, Asahi Kasei Corporation, Clariant AG, VELOX, Kuraray Co., Ltd. and Daicel Corporation among others.
Acquisitions/Technology Launches
In December 2020, Star Plastics and LATI partnered to expand the availability of speciality engineered compounds in North America, Europe and Asia.
In November 2019, SurTec and Chem-Trend, two affiliates of Freudenberg Group, joined hands together to produce innovative top-quality, environmentally-conscious products for a more sustainable production process.
Key Takeaways
North American market held the largest share owing to the presence of many plastic processing plants in the region.
The purging compound market also is driven by the statutory compliance made compulsory with legal and administrative bodies in order to reduce any mishap in the production process.
Covid-19 pandemic heavily impacted the growth of the purging compound market, owing to the many economic restrictions.
Related Reports:
A. Potting Compound Market
https://www.industryarc.com/Report/16526/potting-compound-market.html
B. Ethylene Methyl Acrylate Market -
https://www.industryarc.com/Report/9595/ethylene-methyl-acrylate-market-research-analysis-report.html
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Contact Information:
IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
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IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results