PURGING COMPOUND MARKET ANALYSIS

Market Challenges And Opportunities

However, high production cost of purging compounds is a major factor hindering growth of the global purging compound market.

The use of purging compounds aid in improving productivity, saves time and material, reduces screw pulls, lowers scrapes, and reduced wear and tear of machines and this is driving growth of the global purging compound market. Furthermore, purging compounds are superior to conventional purging methods such as regrind resin and flushing with the next resin. These purging compounds facilitate carbon removal and color deposits in the product, which is another key factor fueling demand for purging compounds. Moreover, increasing use of plastics in wide application such as packaging, automotive, and construction industries, among others, which in turn is fueling growth of the purging compounds market. According to Coherent Market Insights’ analysis, global plastic packaging market was valued at US$ 300 billion in 2017 and is estimated to expand at a CAGR of 5.3% in terms of revenue during 2018–2025. Increasing usage of home and personal care products, rising demand for PET Bottles due to the increasing consumption of soft drinks are some of the factors fuelling the growth of the market for plastic packaging, which in turn is fuelling the growth of the market for purging compounds. Furthermore, the market for molded plastics is expected to cross the US$ 200 billion market by end of 2025.