New York, March 23, 2023 (GLOBE NEWSWIRE) -- The global Rotomolding Compounds Market is estimated to surge at 11.2% CAGR and close in on a revenue of US$ 9.42 Billion by 2033. Demand for rotomolding compounds is expected to remain prominent for hollow tanks application, especially for storage and portable water tanks.
North America is anticipated to remain a key consumer and exporter of rotomolding compounds as compared to other regions. Regional growth is mainly contributed by the U.S., owing to strong presence of resin manufacturing companies and distributors/suppliers in the country.
As rotomolding compounds are favorable over other molding technologies owing to consistent wall thickness, high durability, high strength, and stability, and among other characteristics, it expected to create more opportunities for market players in the near future.
- Lyondellbasell has come up with a step to advance the circular economy by making virgin quality polymers from raw material, which will be derived from plastic waste, in Wesseling Germany. By doing thermal conversion of plastic waste, this raw material will be converted into ethylene and propylene, and then will get processed into polypropylene and polyethylene for plastic production.
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Key Takeaways from Market Study
- Storage tanks are expected to remain a key application area of rotomolding compounds.
- North America is expected to account for a prominent share in the global market, estimated to consume around 47% of overall rotomolding compounds.
- Demand for base resins is anticipated to witness substantial growth at 10% CAGR over the decade.
- Polyethylene base resin is expected to remain a key material owing to its significant superior characteristics as compared to other resins.
“Key competitors across the world are working on strategic acquisitions to acquire a competitive advantage, as well as increasing R&D initiatives for providing environment-friendly plastic materials,” says a Persistence Market Research analyst.
The global rotomolding compounds market is expected to grow in the coming years, driven by increasing demand for plastic products in various industries such as automotive, construction, and consumer goods.
Some of the key factors driving the growth of the rotomolding compounds market include:
- Lightweight and durable properties: Rotomolded products are known for their lightweight and durable properties, making them ideal for use in various applications such as fuel tanks, storage containers, and playground equipment.
- Versatility: Rotomolding compounds can be customized to meet specific performance requirements, such as UV resistance, flame retardancy, and color stability.
- Cost-effectiveness: Rotomolding is a cost-effective manufacturing process compared to other plastic molding methods, such as injection molding and blow molding.
- Sustainable materials: The use of sustainable materials in rotomolding compounds, such as bioplastics and recycled plastics, is gaining popularity due to increasing environmental concerns.
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Competitive Landscape
The global market for rotomolding compounds has been identified as a fairly fragmented space, owing to the presence of several small and medium players.
Some of the key market participants included in the report are Exxon Mobil Corporation, Dow Inc. Chevron Phillips Chemical Company LyondellBasell Industries N.V. ASH Industries Interplastic Corporation NOVA Chemicals Corporation Solvay SA KMI Group Inc. Braskem Starrotoplast Excelsior Roto Moulding Ltd Roto Polymers Reliance Industries Limited. Matrix Polymers Moharamplast S.A.E Eco Polymers SCG Chemicals Co., Ltd., FINE POLYCRAFT PVT. LTD., and PHYCHEM TECHNOLOGIES PVT. LTD.
Conclusion
Strong business outlook in hollow plastic products used in several industries such as automotive, playground equipment, water containers, and construction, owing to superior molding efficiency, is boosting sales of rotomolding compounds. These compounds have the ability to deliver a superior stress bearing property, improved mold flow, and high impact resistance as compared to other counterparts.
Globally, key players are focusing on new innovation in rotomolding compound applications to increase their market share and boost their annual turnover. Also, tier II and tier III players are focusing on tie-ups with end users for long-term contracts.
More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a new market research report on the global rotomolding compounds market that contains industry analysis of 2016–2020 and opportunity assessment for 2023–2033.
Rotomolding Compounds Market Segmentation
The rotomolding compounds market can be segmented based on various factors such as material type, application, end-use industry, and region. Here are some possible segmentation options:
- Material type: The rotomolding compounds market can be segmented based on the type of material used in the manufacturing process, such as polyethylene, polypropylene, PVC, nylon, and others.
- Application: The market can also be segmented based on the application of the rotomolded products, such as tanks, containers, toys, automotive components, medical equipment, and others.
- End-use industry: The rotomolding compounds market can be segmented based on the end-use industry, such as automotive, construction, consumer goods, healthcare, and others.
- Region: Geographically, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
For additional insights on how the global rotomolding compounds market will shape up over the next decade, write to media@persistencemarketresearch.com
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