Regional Analysis
North America was the dominant region in the global purging compound market in 2017, owing to increasing production and demand for plastic resins. According to American Chemistry Council, thermoplastics production in the U.S. in 2015 was 42.8 million metric tons, which increased by 1.5% in 2016 to 43.4 million metric tons. Furthermore, sales and captive use of thermoplastics in 2015 was 43.5 million metric tons, which increased by 1.4% to 44.1 million metric tons in 2016.
Europe is a lucrative market for purging compounds, as demand for good quality plastic products is increasing in the region. According to Plastics Europe, pan-European trade association, 70% of the plastic demand is concentrated in Germany, Italy, France, the U.K., Spain, and Poland. Thus, there is a significant demand for purging compounds in these countries. Furthermore, plastic production in Europe, in 2015, was 58 million tons, which increased to 60 million tons in 2016.
Asia Pacific market is expected to exhibit significant growth over the forecast, due to rising demand for plastics in the region. According to India Brand Equity Foundation (IBEF)—established by the Department of Commerce, Ministry of Commerce and Industry—the domestic plastic consumption is anticipated to reach 20 million metric tons by 2020. Furthermore, growing demand for plastics in various end-use industries such as packaging, construction, and automotive is fuelling growth of purging compounds market. According to Coherent Market Insights’ analysis, Asia Pacific accounted for 41.8% of the plastic packaging market in 2016 and is expected to retain its dominance throughout the forecast period from 2018-2025.
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