- Market Dynamics:
The purging compound market is primarily driven by the increasing demand from the plastics processing industry. Plastics industry has been witnessing significant growth over the past few years owing to rising applications in automotive, packaging, construction and consumer goods industries. Purging compounds help improve the productivity and efficiency of plastics processing equipment by facilitating smooth transition between material changes, thereby increasing production output. Additionally, strict quality control regulations regarding purity levels in end-use parts is further fueling the adoption of purging compounds among manufacturers. Development of bio-based purging compounds to replace conventional solvent-based variants is expected to present lucrative growth opportunities for purging compound vendors over the forecast period.
SWOT Analysis - Strength: Purging compound has high plasticizing ability, good flow properties, and can be easily removed from the system. It helps remove leftover materials from injection molding or extrusion machines quickly and efficiently. Purging compounds are available in pellet, powder, and liquid form for different purging needs. They leave minimal residue and contamination behind.
- Weakness: Frequent purging increases production costs. Certain purging compounds contain hazardous chemicals that require safe handling and disposal. Improper purging can also damage injection molds over time.
- Opportunity: Growing injection molding industry worldwide due to rising demand from packaging and automotive industries offers huge market opportunity. Development of bio-based purging compounds using renewable resources can open new growth avenues.
- Threats: Availability of alternative purging methods like mechanical cleaning poses competition. stringent environmental regulations on usage of certain purging agents limits their applications.
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