In 2023, the U.S. Environmental Protection Agency (EPA) directed Inhance Technologies LLC, a company specializing in plastics and chemicals, to halt the production of per- and polyfluoroalkyl substances (PFAS).
WILMINGTON, Del., Aug. 5, 2024 /PRNewswire/ — Limitations on PFAS production are a positive sign for the demand for rotomolded fuel tanks made of acetal. The global rotomolding market was valued at US$ 5.0 Bn in 2022. It is estimated to grow at a CAGR of 5.9% from 2023 to 2031 and reach US$ 5.9 Bn by the end of 2031, according to Transparency Market Research (TMR), a leading global market research company.
Rotomolding Market Key Insights
- Surge in focus on rubber and plastic recycling augmenting demand for rotational molding
- Growth in preference for biocomposites boosting the adoption of rotomolding
- Rotational molded acetal fuel tanks gaining traction due to stringent environmental regulations
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- Environmental Concerns Regarding Plastic and Rubber Pollution Propelling Market Progress
Today, plastics and rubbers are widely used in different applications, including toys, clothing, shoes, and household appliances. However, most plastics and rubbers are not completely recycled after the end of their service life.
Increase in environmental concerns has led to various efforts undertaken to develop tire recycling methods. These efforts are expected to spur the rotomolding market growth in the near future.
Rotational molding involves melting and reshaping plastic or rubber materials to create new products. It can be employed to produce thermoplastic elastomers using regenerated and non-regenerated off-the-road ground tire rubber.
Biocomposites are gaining popularity in the plastic market as environmentally friendly alternatives. Rotational molding can be utilized to produce microalgae biomass-based composites. Environmental issues associated with the use of plastic composites have led to a high demand for biocomposites, which is driving the rotomolding market dynamics.
- High Demand for Rotational Molded Acetal Fuel Tanks
Rotomolded fuel tanks made of acetal are a highly viable alternative to fluorinated fuel tanks. Acetal, an organic compound commonly used as an alternative to metals, has been employed in injection-molded fuel tanks. Vendors in the plastic sector have developed new rotomolding grades that incorporate additive packages that raise heat performance.
Rotational molded acetal fuel tanks provide single-layer barrier protection that meets EPA requirements. With companies in industrial and manufacturing sectors focused on adhering to stringent environmental regulations, the rotomolding market demand is expected to remain strong in the near future.
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Rotomolding Market Regional Insights
- Growth in EV adoption offering lucrative opportunities for vendors in Asia Pacific
Asia Pacific accounted for the largest market share in 2022. The region is projected to maintain its dominance during the forecast period. Rotomolded plastics are significantly used to manufacture electric vehicles (EVs). China is experiencing rapid growth in the production and adoption of EVs and lightweight automobiles. This, in turn, is fueling the rotomolding market revenue in Asia Pacific.
According to the International Energy Agency (IEA), nearly 1.9 million electric cars were sold in China from January 2024 to March 2024, recording an almost 35% increase compared to sales in the first quarter of 2023. Moreover, in March 2024, New Energy Vehicle (NEV) sales in the country exceeded a share of 40% in overall car sales for the first time, as per the China Passenger Car Association
Leading Players in Rotomolding Industry
Charloma Inc., Rotoplast SAS, PartnerPlast Group, Carris Pipes & Tubes Private Limited, Dutchland Plastics, Fixopan, Roto Dynamics Inc., Sherman Roto Tank, Rototek Limited, and Elkhart Plastics, Inc. are key companies operating in this industry.
Key Strategies by Rotomolding Market Players
- Major focus on brand consolidation
- Investment in the expansion of manufacturing capabilities to cater to the growth in demand in developing economies
Major rotomolding vendors are consolidating their various brands to provide a broader range of products and align commercial and residential product lines into one integrated platform. These strategies are likely to help companies serve customer needs more efficiently.
Vendors are also expanding their manufacturing capabilities to increase their rotomolding market share. This can be ascribed to the rise in the adoption of plastic rotomolding biaxial machines in several plastic applications.
Rotational molded solutions providers are seeking to broaden their presence in developing markets of China and India. They are expanding their capabilities of specialized products, especially for agricultural, industrial, and commercial industries in these countries.
Rotomolding Market Report Scope:
|
Report Coverage |
Details |
|
Forecast Period |
2023-2031 |
|
Base Year |
2018-2021 |
|
Size in 2023 |
US$ 5.0 Bn |
|
Forecast (Value) in 2034 |
US$ 5.9 Bn |
|
Growth Rate (CAGR) |
5.9 % |
|
No. of Pages |
399 Pages |
|
Segments covered |
By Material, By Form, By End-use, By Region |
Market Segmentation
Material
- Polyethylene
- Cross-linked Polyethylene
- Low-density Polyethylene
- Linear Low-density Polyethylene
- High-density Polyethylene
- Others
- Others
- Polycarbonate
- Nylon
- PVC
- Polypropylene
- Others
Form
- Compound
- Resin
End-use
- Building & Construction
- Water Tanks
- Pipes
- Others
- Automotive & Transportation
- Automotive Parts
- Transportation
- Packaging
- Ice Boxes
- Containers
- Chemical Tanks
- Agriculture
- Sports & Leisure
- Toys & Playgrounds
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