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Rotomolding Compounds Market Analysis and Review by Material Type (Base Resin, Co-monomer, Coloring Compounds & Others)
According to newly published data, Rotomolding Compounds sales would likely surpass US$ 3,320.0 Mn globally by the end of 2023. The demand for Rotomolding Compounds is predicted to increase by about 11.0% between 2023 and 2033.
Rotomolding Compounds Market Value (2022A)
US$ 2,987.7 Mn
Rotomolding Compounds Market Estimation (2023E)
US$ 3,320.0 Mn
Rotomolding Compounds Market Forecast (2033F)
US$ 9,427.0 Mn
Value CAGR (2023-2033)
Collective Value Share: Top 3 Countries (2022A)
Globally the rotomolding industry is going through an advanced transformation. New application areas are emerging which are coming from the side of end use industries as well as from the side of the manufacturers & suppliers. The market has witnessed a growth rate of about 7.2% between 2017 and 2022. In the year 2020, the market witnessed a downfall due to the strict lockdowns imposed across the globe.
During the forecast, the period market is expected to witness healthier growth & expand at a CAGR of 11.0%. By 2023 or 2024, the market is anticipated to return to its pre-pandemic condition. The market for rotomolding compounds is anticipated to grow more robustly year over year, particularly in East Asia and South Asia Pacific, as a result of rising demand from end-use industries including the automotive, plastics, packaging, and other sectors.
The global travel and tourism industry is likely to grow owing to growing disposable incomes and interest in adventurous activities. Water sports and activities often utilize plastic articles such as kayaks, boats, and water rides, which are manufactured by using rotomolding compounds. Growing sports and outdoor activities have also positively impacted the growth of the market. Durability and water and heat resistance are majorly required in these applications, which results in demand for rotomolding compounds.
Customers' preferences for customized lightweight plastic goods and ornamental things are driving up demand for these products. These items are used to improve the aesthetics of homes, workplaces, food parks, and other places. Rotomolded products can be tailored to meet individual needs and add a fresh perspective to interior design and home decor.
The rotomolding process offers better efficiency than conventional methods. Lucrative growth opportunities come from the furniture segment where instead of traditional raw materials, lightweight plastic materials are used. They are cost-effective and offer excellent physical qualities.
Recycling Polyethylene and polypropylene are two challenging materials. Due to the complexity of their recycling process, they must incur significant operating expenses. They are often disposed of in enormous landfill regions, where they take decades to disintegrate and thereby pollute the soil. The disposal sites are about to become fully utilized. The breakdown of these chemicals frequently results in the production of hazardous gases. These gases' emissions contribute to a changing environment, especially global warming.
Additionally, the manufacturing process for Rotomolding Compounds releases hazardous fumes and poisonous chemicals, including some that are neurotoxic or carcinogenic. These substances have the potential to harm developing children and fetuses as well as disrupt hormones. They can also leak substances that are estrogenic.
Due to the rise in these negative impacts, manufacturers may be required by laws to decrease the use of these types of resin in the near future, which could impede the market growth for Rotomolding Compounds.
What is the Consumption Outlook of Rotomolding Compounds in the U.S.?
The United States market holds almost 40% of the total value share in the global market for the year 2022. Over the projection period, the country is also expected to have significant market expansion. The increased demand for plastic products in the U.S. as a result of increased use in several applications is driving the growth of the Rotomolding compounds market in North America.
Technology developments in leisure, material handling, and construction equipment in North America are the main factors driving product demand.
Why Does China Account for a significant share of the Rotomolding Compounds market?
The Chinese Rotomolding Compounds market is expected to grow by 11.5% during the forecast period. China is expected to remain the world's largest market for Rotomolding Compounds usage. This is due to the resin makers' significant presence & their offerings at reasonable prices.
The fact that there are numerous producers in the country also contributes to the product's substantial supply. The country is also anticipated to continue to play a significant role as a key exporter of Rotomolding Compounds worldwide.
China has a strong automotive industry, which contributes to China’s economy. Rotomolding compounds are consumed in the production of the hollow parts of commercial and passenger vehicles. Thermal and impact-resistant advantages are key responsible factors for the usage of rotomolding compounds in a vehicle instead of traditional carbon-emitting materials.
Lightweight vehicles are being advised to reduce their carbon footprint. As the demand for lightweight vehicles is increasing across the globe, automotive companies are adopting new techniques to manufacture such vehicles by using polymers & plastics rather than using alloys & metals that were used in conventional designs. As the automotive industry grows, it will have an impact on the rotomolding compounds market.
Which application is anticipated to lead the market during the projected period?
The demand for storage tanks and containers is increasing due to the world's population growth and increased per-person water use, particularly in developing nations. As the population expands, so does the need for tanks and containers to store water for both potable and non-potable uses. Due to their great capacity, superior durability, and lightweight, storage tanks have the majority of the market share. Tanks and containers are frequently employed in a variety of businesses, including the storage of chemicals and the installation of substantial water storage tanks in residential structures.
Portable tanks, water tanks, septic tanks, and large- and small-sized tanks are all types of storage tanks. They are utilized in many segments according to their chemical and physical characteristics. The market for tanks and containers is being driven by the increase in industrial use for material storage and transportation.
Additionally, it is projected that the issue of freshwater scarcity in various areas would increase demand for these tanks, which will ultimately lead to an increase in demand for Rotomolding Compounds. The storage tank segment is projected to hold around 64% of the total market value share for the year 2022.
What is the growth outlook of Polyethylene base resin in the global market?
Polyethylene is a well-known thermoplastic resin with a crystalline structure that can be used for a variety of applications in Molding technologies, particularly Rotomolding Compounds, due to its superior properties such as durability, lightweight, ease of availability, and low cost in comparison to other resins.
Additionally, polyethylene has several qualities that make it a popular choice for rotomolding technology. These qualities include its ability to mould even at high temperatures, its excellent low-temperature physical properties, such as impact strength, and its ability to be easily ground to the required mesh size.
The global market for Rotomolding Compounds is fairly fragmented. To meet the demand of end users throughout the world and take advantage of export opportunities, Tier I and Tier II market participants are concentrating on operating their production facilities at 100% efficiency. Additionally, these important players invest roughly 3-5% of their income in research & development for the invention of new products as well as sustainable development to lower their carbon footprint. Additionally, Tier III players are concentrating on signing long-term contracts with end users to maintain production at their facilities.
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By Material Type
The global Rotomolding Compounds market is estimated to be valued at over US$ 2,987.7 Mn as of 2022.
Growing demand for plastic products & storage tanks is expected to bolster the demand during the projected period.
Consumption of Rotomolding Compounds is projected to increase at an 11.0% CAGR between 2023 and 2033.
The market in India is set to expand at an 11.9% CAGR during the coming forecasted period.