Press release
Rotomoulding Powder Market to see 17% CAGR upto 2024 | BASF, Dow Chemical Company, Reliance Industries, Matrix Polymers, D&M Plastics, Exxon Mobils
Rotomoulding Powder Market
High-density polyethylene rotomoulding powder industry share is projected to record more than 17% CAGR over 2018-2024. A booming FMCG sector across the Asia Pacific region is anticipated to boost the demand for HDPE rotomoulding powder. The use of different films and pipes in agricultural applications has increased considerably in recent years. In addition, the product is increasingly being used in manufacturing UV tarpaulins and protective sheets for high-quality weather protection, which will complement HDPE rotomoulding powder market outlook.
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Global rotomoulding powder market forecast is anticipated to be driven by rapid expansion of the industrial sector. This growth can be attributed to introduction of numerous favorable policies by governments and concerned authorities to boost economic development. Also, robust demand for packaging materials across various end-use industries will fuel the product demand in the coming years.
Rotomoulding powder has a strong application outlook in the automotive sector owing to properties such as superior flame retardancy and UV resistance. The product is poised to experience increased demand in manufacturing automotive components such as air ducts, bumpers, engine covers, seating systems and three-wheeler bodies.
Tanks application segment is estimated to account for close to US$9 billion of the total rotomoulding powder market size by 2024. This can be credited to strong demand for septic storage and water storage tanks particularly in India, China, and South Africa on account of rapid development of residential and commercial infrastructure.
Material handling application is estimated to witness a healthy 18% CAGR during the projected timeline. The global industrial sector has experienced robust growth over the years on account of rapid advances in technology. This has enabled flexibility in warehouse operations, convenient goods mobility and has significantly reduced downtime. Surging demand for platform trucks, load trolleys, forklifts along with different types of conveyers such as roller, screw, and magnetic belt across the booming industrial sector will be the major factor driving the business growth.
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In Asia Pacific countries such as China and India, easy availability of raw materials along with long-term supply contracts with key distributors will certainly drive the regional demand. Asia Pacific rotomoulding powder industry was valued at US$2 billion in 2017 and is expected to witness healthy growth in the years to come.
Consumption of rotomoulding poweder in North America is estimated to exceed 5,000 kilotons up to 2024. This can be mainly linked with the presence of key rotomoulding powder manufacturers and raw material suppliers across the region. In addition, ongoing technological advancements in leisure, construction, and material handling equipment is anticipated to fuel the product demand.
Major key players profiled in the market are BASF, Dow Chemical Company, Reliance Industries, Phychem Technologies, Matrix Polymers, D&M Plastics, Exxon Mobils, Chevron Phillips Chemical Company, GreenAge Industries, Eco – Polymers, Perfect Poly Plast, Lyondell Basell, Petrotech Group, Pinaxis Poly Plast LLP, and Broadway Colours, A. Schulman, Inc.
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