Compression Molding is a very common process, unlike Rotomolding. Examples of compression molded parts are o-rings, gaskets, seals, or hose fittings.
The main advantage for Compression Molding is that you can use massively different wall thicknesses. For injection molding, which is the baseline we look at, you typically want a 2 millimeter wall. With compression molding, you can have an inch down to basically nothing and the process will adapt to that.