1. What is the projected Compound Annual Growth Rate (CAGR) of the Purging Compound Market?
The projected CAGR is approximately 5.4%.
Purging Compound Market by Type (Mechanical purging, Chemical purging, Liquid purging), by Process (Extrusion, Injection molding, Blow molding), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Italy, Spain, The Netherlands), by Asia Pacific (China, India, Japan, South Korea, Thailand, Australia), by Latin America (Brazil, Argentina), by Middle East and Africa (MEA) (South Africa, Saudi Arabia, UAE) Forecast 2025-2033
The global purging compound market is expected to experience significant growth over the forecast period from 2023 to 2033. The market is projected to reach a value of USD 1,222.2 million by 2033, growing at a CAGR of 5.4% during the forecast period. The growth of the purging compound market is primarily driven by increasing demand from the plastics and rubber industry. Purging compounds are used to clean the inside of machines used in the plastics and rubber industry, removing any residue or contaminants that may affect the quality of the final product.
In terms of regional analysis, North America is expected to hold the largest share of the purging compound market during the forecast period. The presence of a large number of plastics and rubber processing companies in the region is a key factor contributing to the growth of the market in North America. Europe is another major market for purging compounds, with demand driven by stringent regulations regarding the quality of plastic products. The Asia Pacific region is expected to experience the fastest growth in the purging compound market, due to the increasing demand from the automotive and consumer electronics industries. Key companies operating in the purging compound market include Calsak Corporation, Plastic Solutions, Inc., Neutrex, Inc., Perfect Colourants & Plastics Pvt. Ltd., Asahi Kasei Corporation, Chem-Trend L.P., 3M, Clariant, Kuraray Co., Ltd., and Daicel Corporation.
The global purging compound market is projected to reach USD 2,150 million by 2025, exhibiting a CAGR of 4.5% during the forecast period.
The purging compound market is fragmented, with numerous regional players catering to specific markets. Market leaders primarily focus on innovation and developing new technologies to enhance efficiency and reduce costs.
Concentration Areas:
Characteristics of Innovation:
Impact of Regulations:
Stringent environmental regulations are driving the adoption of eco-friendly purging compounds.
Product Substitutes:
Natural clays and talc serve as alternatives to purging compounds, but they offer limited efficiency.
End-User Concentration:
The packaging industry is a major end-user, followed by the automotive, electrical, and construction sectors.
Level of M&A:
The market has witnessed a moderate level of mergers and acquisitions, with companies seeking to expand their geographical reach and product portfolios.
Type:
Process:
North America:
Europe:
Asia-Pacific:
Driving Forces:
Challenges and Restraints:
Emerging Trends:
Aspects | Details |
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Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 5.4% from 2019-2033 |
Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 5.4%.
Key companies in the market include Calsak Corporation, Plastic Solutions, Inc., Neutrex, Inc., Perfect Colourants & Plastics Pvt. Ltd., Asahi Kasei Corporation, Chem‑Trend L.P., 3M, Clariant, Kuraray Co., Ltd., Daicel Corporation.
The market segments include Type, Process.
The market size is estimated to be USD 788.5 million as of 2022.
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In March 2023, Asahi Kasei announced its plans to merge Asahi Kasei Asaclean Americas purging compound unit and Asahi Kasei Plastics North America resin compounding unit. There would be value creation & synergies between AKAC and APNA to leverage strength of both the companies.
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The market size is provided in terms of value, measured in million.
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