Asia Pacific rotomoulding powder market will witness CAGR over 17% by revenue in the forecast period 2018 to 2024.
Sellbyville, DE -- (SBWIRE) -- 02/13/2019 -- Rotomoulding Powder Market was estimated over 6 Million Tons in 2017 and estimated to surpass USD 29 billion by 2024. Rotomoulding Powder Market will witness CAGR over 17% up to 2024; according to a new research report by Global Market Insights, Inc.
Asia Pacific rotomoulding powder market accounted over USD 2 billion in 2017. Escalating commercial & residential infrastructure owing to the rising income levels coupled with growing population will proliferate the product demand in various applications. Increasing necessity for containers, water storage tanks, and other plastic products will boost regional rotomoulding powder market share.
North America is projected to surpass 5,000 kilotons in the forecast period 2018 to 2024. Ongoing technological advancement across leisure, material handling, and construction equipment?s is anticipated to generate strong product demand across the region. Strong presence of key manufacturing companies and raw material suppliers will also support regional rotomoulding powder market growth over the projected timeframe.
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A wide variety or containers are available in the market for shipping and material handling, such as shipment containers, barrels and drums, refrigerated boxes and bulk containers, combined bins and military containers. The rotomoulding powder industry has gained massive remuneration owing to a large demand for small and heavy industry material handling containers worldwide. Rotomoulded crates and eskies are considered ideal for transporting vegetables, fruits, liquids and chemicals since most of such products are made from food-grade plastic. As they are long-lasting and do not deteriorate like wood or get corroded like metals, these containers can prove to be a good investment due to their utility in fulfilling innumerable material handling needs, promulgating the rotomoulding powder market. Many businesses opt for rotomoulded containers for transporting goods because their one-piece design offers a higher capacity for load-bearing and guarantees durability.
Global rotomoulding powder market key industry players include Green Age Industries, Broadway Colours, A. Schulman Inc., Pacific Poly Plast, Matrix Polymers, Phychem Technologies Pvt. Ltd., Reliance Industries Limited, Du Pont. Other prominent industry players are D&M Plastics, SABIC, Kiel Industries, The Dow Chemical Company, Exxon Mobil, BASF and Lyondell Basell. Business strategies including mergers and acquisitions along with various joint venture opportunities will further strengthen the global presence. For instance, in July 2018, German company BASF SE acquired Advanc3D Materials GmbH and the French firm Setup Performance to gain competitive edge.
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Potential application outlook across automobile industry owing to flame retardant and UV resistant properties will drive the rotomoulding powder market. Increasing demand for automotive components including bumpers, air ducts, crash guards, three-wheeler bodies, engine covers, seating systems fueling propel product adoption rate. Ease of manufacturing and less polluting by-product will also contribute in overall industry development.
Upsurge in the industrial sector supported by various government policies likely to propel the rotomoulding powder market. Rising necessity for fuel tanks, chemical tanks, material handling products, solid waste management products driving product demand. Key properties including flexibility, seamless construction, double wall products, low cost, foamed products, and easy to vary thickness supporting product application scope.
Surging packaging demand for various consumer products will proliferate the rotomoulding powder market expansion. Easy availability of raw materials, and long-term supply contracts with key distributors will further enhance the business size in the developing countries such as India, China, and Indonesia. Manufacturers are expected to invest in capacity expansion to gain competitive advantage.
High-density polyethylene market is anticipated to witness CAGR over 17% by revenue in the forecast period 2018 to 2024. Increasing films & pipes demand in the agricultural industry, rising usage in manufacturing UV tarpaulins & protective sheets for high quality weather protection, and growing aesthetics importance will propel the rotomoulding powder market growth. Rapid expansion of FMCG industry across Asia Pacific region will further drive demand for high-density polyethylene.
Tanks application is projected to surpass USD 9 billion in the forecast period 2018 to 2024. Surging demand for the septic & water storage tanks particularly in South Africa, China, and India owing to the rapid development in residential & commercial sector will support the industry growth. Ease of handling, low cost and light weight properties will enhance the rotomoulding powder demand for tanks manufacturing.
Material handling application will witness a CAGR over 18% by volume in the forecast period 2018 to 2024. Factors such as convenient goods mobility, flexibility in warehouse operations, reducing excessive downtime fueling rapid technological advancements. Increasing demand for roller conveyer, screw conveyer, magnetic belt conveyer, forklifts, platform truck, and load trolleys across industrial sector will enhance rotomoulding powder market development.
Key rotomoulding powder market players include Green Age Industries, Broadway Colours, Du Pont, Pacific Poly Plast, Matrix Polymers, A. Schulman, Inc. and Phychem Technologies Pvt. Ltd., Reliance Industries Limited. Other prominent market players are D&M Plastics, Kiel Industries, BASF, The Dow Chemical Company, SABIC, Exxon Mobil, and Lyondell Basell. Business strategies including mergers and acquisitions coupled with various joint venture opportunities will further strengthen the global presence with strong foothold. For instance, German company BASF SE will complete its USD 1.88 billion acquisition of Solvay SA's nylon business in 2018.
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