Purging compounds are polymeric materials that help clean and purge injection molding machines, extruders and die cast machines. They are used to clean industrial equipment by removing residues of previously used materials such as thermoplastics. This helps to avoid contamination between different production runs and colors.
The global Purging Compound Market is estimated to be valued at US$ 596.5 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 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 growing demand from the automotive industry. Purging compounds play a vital role in automotive production as automakers need to frequently change color and material during production runs. They help automakers to reduce cleanup time between material changes, avoiding production delays. This increases efficiency and reduces costs. Growth in automotive production globally is thereby expected to drive demand for purging compounds over the forecast period.
SWOT Analysis
- Strength: Purging compounds are easy to use and require very little skills and training to operate. They allow for quick color, material, and design changes in injection molding machines.
- Weakness: Frequent purging also increases wastage of materials. Different types of purging compounds are required for different material grades which increases maintenance costs.
- Opportunity: Growing demand from the automotive and electronics industries for purging compounds is driving market growth. The miniaturization of electronics components is pushing demand for high-precision purging.
Threats: Strict environmental regulations around the disposal of purged material residues pose challenges. Volatility in raw material prices can impact purging compound costs.
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 the automotive and electronics industries. The miniaturization of components in vehicles and electronics is pushing the need for advanced purging solutions for high-precision cleaning.
Regional analysis: North America dominated the global market in 2022 and is expected to maintain its leading position during the forecast period. This is attributed to the large automotive industry and early adoption of advanced manufacturing technologies. Asia Pacific is expected to be the fastest-growing market for purging compounds owing to rapid industrialization and growth in the electronics sector, especially in China and India.
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. The market remains fairly consolidated with top players accounting for over 60% of the global market share. Companies are investing in R&D to develop bio-based and customized purging compounds to strengthen their market position.