Global Purging Compound Market: Snapshot
Purging compounds are gaining increased significance for maintaining the operational efficiency of modern thermoplastic processors. These cleaning compounds, containing a base resin along with other additives, have a variety of applications in polymer processing and are found to be suitable for a variety of screw and barrel assemblies, extruder die sets, and tooling. The application of purging compounds has been found to be useful in removing the carbon buildup in assemblies, reducing machine down-time, and improving the processing efficiency. In addition, their uses have been found to be instrumental in decreasing scrap rates caused by color and polymer changes. These all factors play a crucial role in enhancing process efficiencies and optimizing the entire manufacturing processes associated with thermoplastics.
Compared to traditional processes consisting of the use of regrind or virgin resin, purging compounds facilitate the removal of carbon and color deposits in the final products. This leads to fewer rejects and eliminates material waste to a large extent. In addition, the use compounds also prevents screw-pulls. Furthermore, this helps to keep injection molding machines in good condition, thereby decreasing machine overhaul time. The choice of an effective purging compound depends on the specific type of raw materials to be purged off. Polyolefins, high temperature resins, and engineered resins are some of the key polymers that need to be purged off. The demand for improving production efficiencies and reducing cost is a key factor boosting the adoption of purging compounds in the plastics industry.
Purging compounds are chemical cleaning compounds that contain certain resins and additives in their formulation. They are widely used with various polyolefins such as thermoplastic olefin (TPO), polypropylene (PP), and polyethylene (PE); high temperature resins such as polysulfones (PSU) and polyether ether ketone (PEEK); and engineered resins such as high impact poly styrene (HIPS) and polyamide (PA). Purging compounds are extensively employed to clean extruder lines and molder machines. Furthermore, these compounds are used to clean palletizing units in various chemical operations. They are also employed to clean carbon deposit and to bring about color and material changes. Purging compounds help clear machines in quicker time. They are also more efficient compared to traditional cleaning methods such as purging with regrind. Benefits of using purging compounds include less scrap, reduced downtime, low production cost, and less material waste.
The global purging compound market can be segregated in terms of product and process. In terms of product, the market can be categorized into mechanical purging, chemical purging or foaming purging, and liquid purging. Mechanical purging compounds generally contain high-viscosity polymers and are used to eliminate scrap materials from screws, dies, and barrels. They do not require any residence time and neither aid in chemical reactions. Chemical purging compounds contain ammonia and other foaming agents that need residence time of 15 minutes to 30 minutes. These compounds facilitate chemical reactions and eliminate residue by reducing viscosity and molecular weight of the scrap material. They are used typically in low pressure areas. Chemical purging is the leading product segment of the purging compounds market, followed by mechanical and liquid purging. Growth of the chemical purging segment can be ascribed to its features such as high moldability rate. Based on process, the market can be split into extrusion, blow molding, and injection molding. Demand for purging compounds in the injection molding process is expected to rise significantly during the forecast period. Injection molding process is one of most popular processes for producing plastic parts. It involves many machine tools and configurations that need continuous scrap removal and carbon cleaning. Adoption of injection molding in the extrusion process is anticipated to increase, as it offers certain benefits such as fast contaminant removal.
Rapid growth in the chemical industry coupled with increasing demand for cost effective scrap removal solutions from equipment to control corrosion and carbon deposition are driving the purging compound market. Furthermore, increase in mergers and acquisitions to enhance product offerings is another factor positively influencing the market. For instance, Chem-Trend L.P, a leading manufacturer of purging compounds, acquired Moulds Plus International’s business ‘Ultra Purge’ in 2016 to broaden its thermoplastic processing portfolio. Volatility in raw material prices due to variations in crude oil prices may hamper market growth. There exists intense competition in the purging compound market. Manufacturers are focusing towards improvement and development of innovative product as per consumer requirement. All these factors are responsible for market’s growth
In terms of region, the purging compound market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, North America is the leading region, followed by Europe and Asia Pacific. High number of plastic processing plants coupled with rising demand for purging compounds, typically in engineering thermoplastics, is propelling the purging compound market in North America. The purging compound market in Asia Pacific is expected to expand significantly due to the rapid industrialization, which can lead to expansion of various industries such as petrochemicals, chemicals, and automotive. Latin America and Middle East & Africa are the lucrative regions of the purging compounds market due to the revival in their economy and rising investment by various manufacturers. Increase in research & development and brand promotion are likely to create new avenues for manufacturers of purging compounds.
Key players operating in the global purging compound market are Chem-Trend L.P, Dyna-Purge, Asahi Kasei Corporation, and VELOX GmbH.
This upcoming business intelligence report is intended to be a one-stop market research solution to guide organizations in taking timely and effective decisions for their business growth. The ongoing study is the culmination of our deep expertise on data science methods, combined with an unparalleled understanding of the external environment and analysis of the industries. Each of the reports by TMR aims at offering a detailed scrutiny of the value chain of our current and prospective customers, takes them from identifying value propositions, and subsequently assist their business executives to implement right strategies to create customer value. We believe that creating and sustaining the customer value is the key pivot on which business executives can create profits for their organizations and increase the market shares, continuously and with sustainability.
Each of our touchpoints through which we engage with the organization/enterprise during the primary research enables us to understand the internal environment it operates in and the ways in which the external environment influences its growth.
Always Evolving with Competition
Excellence is built into the DNA of TMR, and all our teams work collaboratively and committedly toward achieving that in whatever they do. From the very first interaction our teams of research analysts have with any interested market participant to the final preparation processes in each of our reports reflects a rigorous understanding of the dynamic industry environment that businesses operate in.
We relentlessly work to be a differentiator in whatever we do in the current era of hypercompetitive global environment. The result of our unceasing focus on excellence is reflected clearly in the insights and guidance we offer to our customers in order to empower them to create brand equity. Our simple yet very powerful underpinning for navigating the competition is to always keep evolving with changing business environments. Our close-kinit team of research analysts not only believe in this simple philosophy but also implement the same.
Constantly Innovating Our Research Methodologies and Models
We do not limit with any specific market research tool or one standard approach for obtaining or analyzing data. Undoubtedly, our report making process is ever-evolving to meet the customer needs and demands supported broadly by a vast knowledge of data science methods that we combine with business acumen our teams have built upon for several years. Evidently, our primary and secondary research data about customers and consumers have shown that we can go to any lengths to obtain them. This is followed by applying next-gen automation tools integrated with human judgement to clear the clutter, ascertain the most relevant and recent qualitative and quantitative insights, and package them in digestible chunks in our reports for our customers.
We Take Pride in No-One-Size-Fits-All Approach
Over the past several years, we have been conducting market intelligence studies across all industries for all types of organizations — big and small, profit and not-for-profit, and Fortune 500 and Unicorns, as we believe that a sound decision making must be based on no-one-size-fits-all approach. Without doubt, each of the organizations regardless of the industry they are in are affected differently by changes in political, economic, socio-culture, legal, ecological, and legal environments. The research models and the value chain analysis process that our analysts employ for conducting the study uphold this approach.
We look at myriad components of internal and external business environment affecting the growth strategies of organizations. Some of the broader aspects that we focus on are:
- Our team of Analysts and Support Teams always strive to see the bigger picture in life cycle stages of any industry
- The Teams focus on obtaining valuable insights into different models of competitive advantage while making an internal environment analysis
- They keep on modifying the value chain analysis processes of organizations to understand on how customer value is created
Some areas of assessing market dynamics that are used in the research models and methodologies adopted by our analysts can be summarized as:
- Corporate and business strategies underlying new brand positioning strategies
- Mapping for strategic planning for business units
- Various metrics for business portfolio analysis, including BCG matrix
- Value chain analysis
These will help create and sustain competitive advantage for our prospects and current customers.
Key focus areas and agenda that underpin and catalyze our primary and secondary research initiatives and endeavors are:
- What are some of the core competencies and distinctive competencies of new entrants and established players in the industry we are analyzing?
- What are some of the branding opportunities that are emerging at a rapid pace?
- What are the major competitive forces and elements of external environment shaping the industry life cycle stages of most organizations?
- Why some competitive strategies are popular than others among leaders in a certain market?
- What customer-based brand equity strategies companies have leveraged in a certain industry or set of related industries in a sector?
- What are some of the key pricing strategies that companies in an industry are implementing for marketing their products internationally?
- Identifying whether market-push or market-pull strategies are more relevant to a certain product or a service?
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.