Shifting manufacturer preference to reduce machine downtime, curb raw material wastage and lower cleaning costs will drive global purging compound market growth.
Sellbyville, DE -- (SBWIRE) -- 11/01/2018 -- The Purging Compound Market is set to grow from its current market value of more than $300 million to over $600 million by 2024; as reported in the latest study by Global Market Insights, Inc.
Increasing necessity to reduce machine downtime, cleaning costs and raw material wastage will drive global purging compound market growth. Rapidly increasing demand for consumer goods, automotive, electronics, and healthcare products will propel purging compound market growth.
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Removing degraded residues, contaminants, un-melted resins, air bubbles, true gels, un-dispersed additives & modifiers and moisture from machine barrels are key concern supporting product penetration. Stringent government norms including Corporate Average Fuel Economy (CAFE) protocols for automobile manufactures will influence industry growth.
Extrusion process will observe growth over 6.5% up to 2024. Ease of carbon removal and faster color & material changes will propel product demand for this segment. Potential outlook in comprehensive thermoplastics processing including GPPS, PP, PC, PA and ABS will propel industry growth.
Mechanical purging is anticipated to exceed USD 400 million by 2024. Rising application of high viscosity plastics to eliminate polymer from barrels and screws will support product penetration. Factors such as safety and quality coupled with efficient plastic resin & contamination removal will drive segment demand. Moreover, expansion of manufacturing industries will boost purging compound market growth.
Granules form demand was more than 6 kilo tons in 2016. Increasing necessity to remove unwanted carbon build up from the plastic extrusion machines will drive product demand. It also serves as cost effective method for treating several chemicals present in granule structure of ultra-high purity purges. In addition, the form is widely utilized for producing specialized cleansing materials, thus boosting global purging compound market. Instable raw material costs due to fluctuating crude oil prices may hamper global purging compound market growth.
Automotive accounted for over 20% industry share in 2016. Increasing government regulation to cut down carbon emissions improve vehicles fuel efficiency driving plastics demand for automotive manufacturing. Rising demand for injection molded plastic parts in automotive industry surged plastic processing machinery applications. which is further expected to drive the product demand. Rising application of purging compounds in injection molding machine to reduce carbon build-up & minimize total changeover time will drive segment growth.
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Asia Pacific will witness a CAGR over 7% up to 2024. The regional growth attributed to rapid industrialization of numerous industries including automotive, construction, food & beverages, chemicals and petrochemicals. Increasing product application scope to reduce machine downtime and expand production efficiency in these industries will stimulate global purging compound market.
Global purging compound market share is moderately fragmented with large presence of manufacturers and suppliers. Key industry participants are E. I. Du Pont de Nemours, Chem-Trend LP, Dyna-Purge, VELOX GmbH and Asahi Kasei Corporation. Other prominent players include Dow Chemical, 3M, Purgex, Daicel, Kuraray, RapidPurge, Clariant AG, Formosa Plastics and Magna Purge.
Commercialization and new product launches supported by government funding in several emerging economies including India, China, Thailand, South Korea and Brazil will provide lucrative opportunities for manufacturers.
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