Purging Compound Market Analysis
Purging Compound Market to accrue hefty returns via packaging applications, high-grade advancements to augment industry growth over 2017-2024
The dire need to make purging highly efficient and less expensive has been one of principal catalysts for purging compound market growth in recent years. In a bid to reinforce efficiency and reduce purging costs, companies partaking in purging compound market share have been making continuous attempts to innovate unique compounds that can be used for myriad end-use arenas such as those of custom molding, packaging, automotive, electronics, healthcare, and consumer goods. Last year for instance, the Dyna-Purge Division of Shuman Plastics Inc. launched the Dyna-Purge A for polypropylene color changes. Apparently, this hybrid product combines the pivotal features of both – the chemical and mechanical purging systems, and encompasses ingredients that penetrate all the stagnation areas. Furthermore, the Dyna-Purge A has been found to demonstrate much more effectiveness than abrasive purging compounds and in-house resins for during PP color changes. Given how conveniently the Dyna-Purge A saved money and time by lowering scrap rates and purging expenses, the product quickly gained widespread prominence in purging compound industry.”
U.S. Purging Compound Market Size, By Process, 2016 & 2024 (USD Million)
The Dyna-Purge A apparently has also emerged as a major stimulation for purging compound market players. During the testing phase, the product enabled the successful transition of the purging process from black to natural PP in merely seven shots. Having been engineered to flake off from the machine post leaving behind the next production resin but no trace of any residual purging compound, the Dyna-Purge A has been deemed fit for a variety of arenas such as cast films and hot runners, thereby successfully impacting the product landscape of purging compound industry.
The packaging sector is one of the most dynamic end-use domains of purging compound market. The robust growth of this business space has led to a spike in the demand for purging compounds in the extrusion processes in the packaging companies, eventually leading to a change of dynamics in purging compound market outlook. Furthermore, this business vertical comprises myriad sub-verticals such as flexible packaging, medical packaging, liquid packaging, and the like, thereby leading to a rapid rise in the requirement for purging products across the global expanse of this domain.
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Speaking of which, it is noteworthy to mention that extrusion is one of the most pivotal processes in purging compound industry. Given that it conveniently helps to differentiate plastics from various substrates for equipment cleaning, the process is widely deployed across numerous end-use domains. As per estimates in fact, purging compound market size from the extrusion process is forecast to register a CAGR of 7% over 2017-2024. Driven by its excellent benefits such as ease in carbon elimination, faster color changes, and more, and the rapid expansion of the packaging sector, purging compound market share from the extrusion process is expected to accumulate substantial gains over the years ahead.
Numerous end-use domains have lately been demanding cost-effective scrap removal solutions, pertaining to the global demand for carbon emission control and corrosion prevention. The chemical sector, specifically, has been in a roll, exhibiting a rising inclination toward efficient and less expensive purging processes. This in consequence, has led to a global rise in the demand for high-grade products, gradually impelling purging compound market trends. Furthermore, it is prudent to mention that this business vertical and the production methodologies it is inclusive of are highly dependent on crude oil. Naturally, the fluctuating costs of crude oil as well as other raw materials are certain to have an impact on the price trends of purging compound industry. As per Global Market Insights, Inc. purging compound market size would apparently double by 2024 – having held a valuation of USD 300 million in 2016, purging compound industry share is forecast to cross a revenue of USD 600 million by 2024.
Author Name : Saipriya Iyer