Rotomolding Market Share

APAC Market Statistics

The Asia Pacific rotomolding market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The growth of the market can be attributed majorly to the skyrocketing demand for houses owing to the rising process of urbanization and the significant surge in infrastructure development projects. According to the report published by the World Bank, East Asia, and the Pacific are referred to as the world’s most rapidly urbanizing regions with an urbanization rate of 3% per year while in 2018, half of the population of the reign was projected to be living in urban areas. Furthermore, expanding construction industry along with the automotive industry are also estimated to hike the growth of the market during the forecast period. Asia Pacific is known to dominate the global automotive industry since in countries like China, Japan, and India, automotive parts are manufactured and exported across the globe. For instance, in 2021, approximately 5 million commercial vehicles were produced in China alone while in Japan, nearly 1.5 million commercial vehicles were produced in the same year. Therefore, all these factors are expected to enlarge the market size over the forecast period.