Purging Compound Market to witness 8.6% Growth over 2017-2024
SELBYVILLE, Del., Feb. 8, 2018 /PRNewswire-iReach/ — Global Purging Compound Market will surpass USD 600 million by 2024; according to a new research report by Global Market Insights, Inc. Potential applications in custom molding, packaging, consumer goods and automotive industry will propel global purging compound market growth. Reduced machine downtime, lower raw material wastage along with low cleaning cost are the key properties driving industry demand.
Automotive industry accounts for over 20% of the industry share in 2016. Automotive industry expansion along with rapidly increasing polymer usage across the various products has positively influenced demand.
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Effective plastic resin & contamination removal particularly in complicated machinery parts coupled with improved quality & safety are among key factors driving product penetration. Optimum machinery maintenance along with prevention from material mixture during feedstock replacement will support industry demand.
Electronics segment accounted nearly 10% of the global demand in 2016. Increasing R&D spending along with technological advancements to improve machinery efficiency will drive industry growth. Growing number of manufacturing facilities in China, India and Brazil are key factors stimulating demand.
Increasing preference for cost-effective scrap removal solutions to regulate carbon deposition and prevent corrosion has positively driven product penetration. However, raw material price volatility due to changing crude oil prices are key factors impacting purging compound market price trend globally.
Purging compound are extensively used in injection molding process due to increasing demand for manufacturing of bulk quantities of plastic components. High usage of injection molding boosts production processes and assures high accuracy in the development of engineering components.
Mechanical purging was valued over USD 210 million in 2016 owing to rising demand for plastic processing units. These compounds are highly competent and safe to use for polymer deposit removal by using high viscosity plastics to mechanically scrub the contaminants.
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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.
Automotive 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.
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.
Global purging compound market is fragmented with large presence of manufacturers and distributors across the globe. These companies have implemented numerous growth strategies including product launches, mergers & acquisitions, partnerships, joint ventures, innovation and technological developments to strengthen market foothold. Some of the key players are VELOX GmbH, Asahi Kasei Corporation, Dyna-Purge, E. I. Du Pont de Nemours and Chem-Trend LP.
Browse key industry insights spread across 350 pages with 299 market data tables & 12 figures & charts from the report, “Global Purging Compound Market Size By Process (Extrusion, Injection Molding, Blow Molding), By Product (Mechanical, Chemical / Foaming), By Form (Liquid, Powder, Granules), By End-Use (Automotive, Healthcare, Consumer Goods, Electronics, Packaging, Custom Molding), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Italy, Spain, Poland, Benelux, China, India, Japan, South Korea, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Kuwait, Oman, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Chapter 4. Global Purging Compound Market, By Process
4.1. Global purging compound market share by process, 2016 & 2024
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013–2024
4.3. Injection molding
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013–2024
4.4. Blow molding
4.4.1. Market estimates and forecast, 2013 – 2024
4.4.2. Market estimates and forecast, by region, 2013–2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/purging-compound-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, email@example.com
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SOURCE Global Market Insights, Inc.