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Purging Compound Market Growth In Size Will Be Stimulated By Automotive Industry To Generate Over $120 Mn Revenue By 2024

Author : Ronak Bora | Published Date : 2019-05-30 

Purging Compound Market size from automotive industry will generate more than USD 120 million in revenue by 2024. Widespread adoption of lightweight and sustainable plastic materials in the form of equipment, films and fasteners components will propel global purging compound market growth. Numerous automakers are undertaking steps to accommodate increasing senior driver population by including safety features. These safety features include enhanced safety belt designs using plastics and reduced package space.

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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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.

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.

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 Purging Compound Market growth.

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.

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North America will register a grow over 7.5% up to 2024. This growth is mainly accredited to the large base of plastic processing units in the region. Growing demand for plastics processing equipment will support product penetration.

Extensive usage of liquid form for thermoplastics removal will boost the global purging compound market. The form is very effective for resin-to-resin and colour-to-colour transformations to provide easy, quick, safe and cost-effective processing of purges.

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.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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