Rotomolding Market: Introduction
Transparency Market Research delivers key insights on the global rotomolding market. In terms of revenue, the global rotomolding market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global rotomolding market.
The global rotomolding market is broadly affected by several factors, including rise in usage of rotomolding in the building & construction sector. Thus, increase in applications of rotomolding in different sectors is propelling the global rotomolding market.
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Rotomolding Market: Dynamics
The global population is estimated to increase from 6.4 billion in 2005 to 8.2 billion by 2030. Increasing population and rapid urbanization in developing countries have put a lot of pressure on natural resources. The global population is not only growing, but it is rapidly migrating from rural areas to urban areas. This is creating water issues. Proper water conservation with water storage tanks is required for the sustainable development of mankind.
According to the information published by Reliance Industries Limited (RIL), a leading manufacturer of polyethylene and polypropylene resin, around 95% of rotomolders in India depend on the water tanks segment, which constitutes 80% of the share in the rotomolding industry in India.
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More than 200 rotomolders operate across India. These consume 70 kilo tons of different grades of polymers per annum. A rise in awareness and access to the global market has prompted India-based rotomolders to manufacture custom-made/industrial products such as fuel tanks, chemical tanks, material handling products, and solid waste management products. As per the RIL report, annual growth rate of the rotomolding industry in India stands at around 20%. This is likely to continue due to a scarcity of water and increase in building and construction activities in the country.
Governments of countries such as Bahrain, India, Kingdom of Saudi Arabia, and the UAE are planning to build homes to cater to the housing needs of the increasing population. Rise in housing construction activities and water scarcity in these countries are boosting the demand for water storage tanks for residential applications. This, in turn, is anticipated to boost the demand for rotomolding.
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Rotomolding Market: Prominent Regions
Asia Pacific dominated the global rotomolding market, accounting for 51.3% share in 2019. The expansion of the rotomolding market in the region can be ascribed to low price of rotomolding compared to that in other regions. Rise in population in Asia Pacific is fueling the demand for housing facilities, especially in China and India. This, in turn, is driving the demand for rotomolded water tanks in the region.
Market share held by North America is estimated to increase by 0.2% by 2030, owing to rise in regulations on the manufacture of rotomolded plastics in the region. Market share held by Latin America and Middle East & Africa is anticipated to decline by 2030, due to the presence of less number of rotomolders in these regions as compared to that in other regions.
Rotomolding Market: Key Players
The global rotomolding market was highly fragmented in 2019. Tier-1 companies accounted for 25% to 35% share of the rotomolding market in 2019. Tier-1 companies comprise major players such as Elkhart Plastics, Inc., Dutchland Plastics, Roto Dynamics Inc., and PartnerPlast Group. These players have considerable presence across the globe. Tier-2 companies operating in the rotomolding market in includes Rotoplast SAS, Carris Pipes & Tubes Private Limited, Fixopan, Sherman Roto Tank, and several small-scale regional players.
The sustainability aspects have dramatically changes the raw material sourcing strategies for many businesses in the Rotomolding market. Players have become more responsible toward reducing or managing the waste, are adopting material informatics equipped with artificial intelligence (AI), and adopting energy-efficient production processes in order to maximize returns on invested capital.
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