The global rotomolding compounds market is estimated to surge at 11.2% CAGR and close in on a valuation of US$ 7.8 Bn by 2031. Demand for rotomolding compounds is expected to remain prominent for hollow tanks application, especially for storage and portable water tanks. North America is anticipated to remain a key consumer and exporter of rotomolding compounds as compared to other regions. Regional growth is mainly contributed by the U.S., owing to strong presence of resin manufacturing companies and distributors/suppliers in the country.
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As rotomolding compounds are favorable over other molding technologies owing to consistent wall thickness, high durability, high strength, and stability, and among other characteristics, it expected to create more opportunities for market players in the near future.
- Lyondellbasell has come up with a step to advance the circular economy by making virgin quality polymers from raw material, which will be derived from plastic waste, in Wesseling Germany. By doing thermal conversion of plastic waste, this raw material will be converted into ethylene and propylene, and then will get processed into polypropylene and polyethylene for plastic production.
Key Takeaways from Market Study
- Storage tanks are expected to remain a key application area of rotomolding compounds.
- North America is expected to account for a prominent share in the global market, estimated to consume around 47% of overall rotomolding compounds.
- Demand for base resins is anticipated to witness substantial growth at 10% CAGR over the decade.
- Polyethylene base resin is expected to remain a key material owing to its significant superior characteristics as compared to other resins.
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Market Landscape Identified to Be Fairly Competitive
The worldwide forklift trucks market is identified to be highly competitive with the influx of tier-1, tier-2, and small-scale vendors operating on regional and global levels.
Some of the key players included in the report are Toyota Material Handling, Kion Group AG, Crown Equipment Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Liuzhou liugong forklift co. LTD, Hangcha Group Co., Ltd., and Anhui HeLi Co., Ltd., BYD, Manitou Group, Kalmar (Cargotec Finland Ojy), Doosan Corporation (Industrial Vehicle), Mitsubishi Nichiyu Forklift Co., Ltd, UniCarriers Forklift, Caterpillar (Cat Lift Trucks), Komatsu Ltd., Hyundai Material Handling, Lonking Machinery Co., Ltd., Konecranes, Sumitomo Heavy Industries, Ltd., V. Mariotti S.r.l., CLARK Material Handling Co., Ltd., JAC Heavy-Duty Construction Machine Co., Ltd., MiMA forklift, AUSA, EP Equipment, Godrej & Boyce (Godrej Material Handling), and Shantui Construction Machinery Co., Ltd.
Conclusion
Over the projection period, planned investments in the establishment of new industrial facilities, including warehouse and storage areas, will call for healthy deployment of forklift trucks.
Additionally, with the burgeoning e-Commerce industry and its infrastructure development programs of storage and distribution centers, the need for forklift trucks for intralogistics processes will heighten. In terms of operation, conventional fuel-driven forklift trucks will be gradually replaced by battery-operated ones, facilitating zero emissions and enhanced efficiency of vehicle locomotion.
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