Purging Compound Market Growth Accelerated by Increasing Adoption in Plastic Processing Industry

 

Purging compounds are auxiliary materials used to clean polymers processing equipment and remove undesirable residues. Purging compounds provide advantages like improved product quality by reducing defects, lower reject rates, enhanced safety through elimination of hazardous materials from equipment, and reduced process downtime by facilitating changeovers. 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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increasing plastic production and consumption across industries like packaging, automotive, construction is driving the adoption of purging compounds. Purging compounds helps plastic processors to remove polymer residues left inside the processing equipment during changeovers involving different grades or colours of plastic materials. This allows seamless production runs and reduces downtime significantly. As plastic processing grows globally to cater to various industry demands, use of purging compounds is also increasing to sustain production efficiency. Major plastic producing regions like North America, Europe, Asia Pacific are witnessing rise in purging compound consumption driven by their large plastic processing industry base.

Segment Analysis

The global purging compound market is dominated by the purging compound pellets sub-segment, which accounted for the largest market share in 2022. Purging compound pellets are easier to handle and dispense as compared to liquids and granules. The pellets find wide usage for clearing injection molding machines, injection molding barrels, and extrusion lines. They help in removing residues of older materials during changeovers and switching colors or grades to prevent contamination.

Key Takeaways

The global purging compound market is expected to witness high growth over the forecast period of 2023 to 2030. Growth will be driven by rapid expansion of the injection molding and extrusion industries worldwide. Purging compounds help eliminate production downtime and reduce defective parts, thus increasing manufacturing efficiency.

Regional analysis: Asia Pacific region dominated the purging compound market in 2024 with a share of over 35%, driven by strong growth of plastic pipe, film, bottle manufacturing industries in China, India, Japan, and South Korea. The region is expected to remain the fastest growing market during the forecast period due to ongoing industrialization and infrastructure development activities.

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. These key players are focusing on new product launches catering to various applications. They are also expanding their manufacturing facilities across Asia Pacific and Middle East & Africa to tap into rising demand.