February 14, 2020
According to the research report titled ‘Asia Pacific Rotomoulding Powder Market Size By Material (Polyethylene, [Linear Low-Density Polyethylene, High-density polyethylene, Medium-Density Polyethylene, Low-Density Polyethylene], Polypropylene, Others ), By Application (Tanks, Containers, Automotive, Construction, Material Handling, Leisure, Toys), Industry Analysis Report, Country Outlook (China, India, Japan, South Korea, Malaysia, Indonesia, Vietnam), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’ available with Market Study Report LLC, the Asia-Pacific rotomoulding powder market is expected to witness substantial growth by the year 2024.
According to the report, rising adoption of storage containers and tanks in commercial, industrial, agriculture, and construction sectors is a major factor driving the Asia-Pacific rotomoulding powder industry growth. The product offers easy replacement and handling as well as lightweight properties. This factor along with rapid industrialization and urbanization are further aiding the market expansion. Moreover, plastic material in automotive sector offers low packaging, reduced weight, and high strength capabilities and thus, increasing application of plastic in automobile sector is also stimulating the industry outlook.
There has been an upsurge in using rotomoulding powder in toys, leisure, and material handling applications. This factor along with flourishing automotive industry in countries such as Japan, China, and India will foster the demand for rotomoulding powder across Asia-Pacific region. However, rising concerns regarding emission of hazardous toxins, gases, and chemicals in environment during production may hinder the market growth.
As per material type, the report states that high-density polyethylene segment is expected to grow with a CAGR of 18% during the period of 2018-2024. The material offers low cost, chemical resistance, moisture resistance, and high rigidity properties. Surging foreign investments in Asia-Pacific has enhanced the adoption of advanced technologies in cold chain, packaging, and warehousing industries. This factor coupled with rapid expansion of packaging industry are fueling the segmental growth.
Based on the application spectrum, tanks application segment of rotomoulding powder market in Asia-Pacific is expected to cross USD 3 billion by the year 2024. Rising concerns regarding water scarcity in Philippines, Vietnam, and India has resulted in growing demand for low-cost, durable, and lightweight storage tanks. Moreover, rising demand for hygienic and economical water storage services in rural areas coupled with favorable government regulations which promote rainwater harvesting are facilitating the business scenario.
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Considering the geographical landscape, the report cites that the rotomoulding powder market in India is poised to acquire commendable gains in the forthcoming years. Growing demand for light-weight recreational vehicle equipment and parts in order to reduce fuel consumption are favoring the market outlook. Moreover, high concentration of key industry players in the region and technological advancements are augmenting the demand for rotomoulding powder across India.
The prominent companies operating in Asia-Pacific rotomoulding powder market are Phychem technologies Pvt. Ltd., SCG Chemicals Co. Ltd., Asahi Kasei, The Dow Chemical Co., Arkema, LyondellBasell, Reliance Industries Ltd., Pinaxis Polyplast LLP, Green Age Industries, Jinyoung (Xiamen) New Materials Technology Co. Ltd., Qingdao Sunsoar Tech. Co. Ltd., and A. Schulman Inc. among others.
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