The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Global Rotomolding Resins Market: Introduction
Rotational molding is a high-temperature, low-pressure process used for the formation of hollow parts. The process works through the application of heat to biaxial-rotated molds. Rotomolding resins are powder form resins that are involved in the manufacturing of products through the rotomolding process. Rotomolding resins are primarily used for the manufacturing of large size tanks for many applications. Examples of some of the resins involved in the manufacturing through the use of rotational molding process are polyethylene, polycarbonate, polyamide, polyvinyl chloride, polyesters, polypropylene and others. Of these, polyethylene is a majorly used resin and accounts for almost 80%-90% of all materials used in the rotational moulding industry.
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Moreover, products manufactured using rotational molding include industrial chemical tanks, agricultural tanks, industrial waste containers, potable water storage tanks, marine products, recreational equipment and many more. The rotational molding method provides more benefits compared to injection molding. One of the key benefits of rotational molding is the fact that rotational molding has the ability to produce specific and detailed designs effortlessly. Therefore, many pieces are molded as a single part by eliminating seams, thereby creating a product with superior durability.
Global Rotomolding Resins Market: Dynamics
The global rotomolding resins market is primarily driven by the low cost of manufacturing using the rotomolding process. Rotomolding molds are not very expensive as they are simple and have relatively low operating pressures, allowing molds to be prepared from low cost materials. The growing chemical industry coupled with the growing packaging industry, globally, is the primary growth driver for the market.
Increasing opportunities in packaging, construction, furniture and automobile industries will also drive the global rotomolding resins market significantly. Additionally, the aerospace sector is a good example of an industry where rotational molding is used regularly as this sector experiences high demand for custom-made products that must be manufactured with a certain amount of precision, which can only be achieved using rotomolding, thereby uplifting the demand for rotomolding resins during the forecast period.
However, there are a few limitations related to rotational molding. In this process, some shapes and features are quite difficult to incorporate and thus anything which is more than a simple shape might slow down production time, thereby rising production costs. This can be marked as restraint for the market.
Global Rotomolding Resins Market: Segmentation
The global rotomolding resins market can be segmented on the basis of resin type, applications and region.
On the basis of resin type, the global rotomolding resins market can be segmented into:
- Polyvinyl Chloride
On the basis of applications, the global rotomolding resins market can be segmented into:
- Industrial Packaging
- Consumer Goods
- Agriculture & Chemical Storage
Global Rotomolding Resins Market: Regional Outlook
The global Rotomolding Resins market is in its growing stage. The Asia pacific market is anticipated to be the leading market for rotomolding resins in terms of both value and volume owing to the presence of a large number of end-use industries in this region, such as food & beverage, healthcare & pharmaceutical and packaging.
The growth of these end-use industries in this region will directly contribute to the growth of rotomolding resins market. North America is expected to hold the second position in the global market of rotomolding resins and is expected to be followed by Europe. Asia Pacific, North America and Europe are the three key markets for rotomolding resins owing to the presence of a huge number of manufacturers in these regions. Latin America and MEA is expected to hold marginal share in the global rotomolding resins market during the forecast period.
Global Rotomolding Resins Market: Market Participants
Some of the manufacturers involved in the manufacturing of rotomolding resins are mentioned below:
- Chevron Phillips Chemical Company
- Interplastic Corporation
- Lone Star Chemical
- LyondellBasell Industries Holdings B.V.
- NOVA Chemicals Corporation.
- The Dow Chemical Company
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