North America to hold Lion's Share in Rotomolding Compounds Market Though 2031
NEW YORK, Sept. 28, 2021 /PRNewswire/ -- The global rotomolding compounds market is estimated to surge at 11.2% CAGR and close in on a valuation of US$ 7.8 Bn by 2031. 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.
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.
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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.
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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 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, material, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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