New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- According to a recently published report on the global rotomolding compound market, it is anticipated to surpass US$3,320.0 million by the end of 2023, with an expected 11.0% increase in demand between 2023 and 2033. The growth is driven by a growing demand for polyethylene in the building, automotive, and transportation sectors. Rotomolding, a plastic molding technique for hollow articles, is experiencing an upswing due to increased usage in water tanks and pipes, contributing to the expansion of the market.
The use of rotomolded plastics is particularly notable in electric vehicles, as governments and construction firms support its application in furniture, outdoor playground equipment, industrial hoppers, tanks, and containers. In response, global players in the rotomolding industry are making substantial investments in research and development to introduce new products and broaden their revenue streams.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 3.32 Bn | |
| Estimated Revenue 2033 | US$ 9.42 Bn | |
| Growth Rate - CAGR | 11.0% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 268 Pages | |
| Market Segmentation | By Material Type, Application and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
| |
Rotomolding Compounds Market Analysis: 2017-2021 vs. 2022-2032 Forecast
The rotomolding industry is undergoing significant changes worldwide. New uses are emerging from both end-user industries and manufacturers & suppliers. Between 2017 and 2022, the market experienced a growth rate of around 7.2%. However, in 2020, strict global lockdowns led to a decline in the market.
Looking ahead, the market is expected to witness a healthier growth, expanding at a CAGR of 11.0% during the forecast period. By 2023 or 2024, it is anticipated to return to its pre-pandemic state. The market for rotomolding compounds is expected to grow more strongly year by year, especially in East Asia and South Asia Pacific, driven by increased demand from end-use industries such as automotive, plastics, packaging, and others.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/rotomolding-compounds-market.asp
Growing Demand for Lightweight Automotive Parts Drives Rotomolding Market
Plastics produced through rotational molding find applications in various automotive components, including heaters, air conditioner ducts, sun visors, armrests, filler tubes, and truck dashboards. The increasing sales of passenger and commercial vehicles, especially electric vehicles (EVs), contribute to the growth of the rotomolding market.
EVs, being lighter and more energy-efficient than traditional vehicles, gain traction globally. In response to the temporary slowdown in the automotive sector in 2021, countries like France, Norway, and the Netherlands offer subsidies to boost electric vehicle adoption.
Rotomolded plastics, widely used in electric vehicles, are expected to see increased demand, particularly in developing countries such as China and India. Major players like Toyota, Ford, and Tesla are making substantial investments in electric vehicle development, further boosting the rotomolding market revenue.
Increase in Adoption of Water Tanks in Water-Scarce Regions
Reliance Industries Limited reports that in India, 95% of rotomolders focus on water tanks, constituting 80.0% of the market share. With over 200 rotomolders in India, the sector experiences a 20.0% annual growth rate, driven by water scarcity and increased construction activities.
Governments in Bahrain, India, the Kingdom of Saudi Arabia, and the UAE invest significantly in the construction sector, driving demand for water storage tanks. In Brazil, water treatment companies expand operations due to poor farming practices, unregulated industrialization, and urban poverty.
High Demand for Polyethylene
Polyethylene dominates the rotomolding market, offering advantages like the ability to create intricate forms, strength, lightness, and suitability for outdoor use. This material provides an economical solution for manufacturing various goods in small and large quantities.
Regional Highlights:
The latest predictions for the rotomolding market indicate that Asia Pacific is expected to have the largest share, growing at a rate of 6.2% from 2023 to 2031. In 2022, this region already held a significant 51.5% share.
The market in Asia Pacific is driven by the lower cost of rotomolding compared to other regions. The increasing population, particularly in China and India, is leading to a higher demand for housing, contributing to the region's market growth.
North America's industry is predicted to grow steadily in the coming years. However, Latin America and the Middle East & Africa may see a decline in market share by 2031, mainly because these regions have fewer rotomolders compared to others.
Competitive Intelligence and Business Strategy
The global market for Rotomolding Compounds is quite spread out. To meet the needs of customers worldwide and explore export opportunities, major players in Tier I and Tier II are focusing on running their production facilities at maximum efficiency, investing about 3-5% of their earnings in research & development for creating new products and sustainable practices to reduce their environmental impact. Meanwhile, Tier III players are prioritizing long-term contracts with end users to maintain consistent production at their facilities.
- Lyondellbasell is taking a step forward in promoting the circular economy by producing high-quality polymers from raw materials derived from plastic waste in Wesseling, Germany. Through the thermal conversion of plastic waste, these raw materials are transformed into ethylene and propylene, which are then processed into polypropylene and polyethylene for plastic production.
- Lyondellbasell has successfully launched its new venture, Ulsan PP Co, Ltd, with an annual polypropylene production capacity of 400 kg. This facility is situated in the southeastern port city of Ulsan, South Korea.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Rotomolding Compounds market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Rotomolding Compounds market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Rotomolding Compounds market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Rotomolding Compounds industry?
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