The global Plating on Plastics market value is expected to exceed USD 135 million by 2024 growing at an estimated CAGR of over 6.5% from 2016 to 2024. The increasing adoption of plating in the automobile industry to give a decorative appearance to design vehicle has been driving the industry growth.
OEMs are differentiating their products by giving a decorative design coupled with properties applied to provide wear resistance and corrosion prevention which helps the plating on plastics to drive the future growth.
Vehicles are differentiated according to their design by using high attractive plating even though the vehicle performance is similar to the others this gains the POP market to increase in the future needs of the market.
POP has numerous applications in the automobile industry, which includes exterior & interior decoration, radiator grills, reflective surface, door handles, light bezels, mirror housings, license plate frames, wheel covers, gear knobs, and emblems & logos.
In order to increase automobile efficiency and to design flexibility, there is an increase of growth in high & lightweight polymers demand which drives the Plating on Plastics market to grow over the forecast period.
Polymers are used for around 15-20% of car weight in order to offer Original Equipment Manufacturers to make a flexible design in any shape and to make comparable strength products better than steel which helps the industry to grow further.
Due to strict regulations in Europe and North America to reduce CO2 emissions from the vehicle it needs weight reducing products, which uses POP to reduce the weight of the vehicle, which certainly reduces CO2 emission and increases fuel efficiency this will favor the size of plated plastics market.
The use of chromium in automobiles to design decorative appearance and for preventing corrosion is used widely in the present industry owing to the regulations and rules framed by OSHA, EPA, and REACH to reduce usage of chromic acid increase the opportunity presence of polymer plating in future.
The European Union to eliminate the use of chromium trioxide, they implemented certain rules for that, chemistry and plating process suppliers like Oerlikon Balzers, Enthone, and Dow Electronic Chemicals are involved in reducing the use of chromium and to use polymer as a substitute to provide same decorative design and corrosion resistance this drives the plating market size.
ABS (Acrylonitrile butadiene styrene) was the widely used polymer in plastic plating owing to its ease of application, low cost and its easy usage for adhesion and etching with key raw materials.
Chrome electroplating like nickel, copper and chromium are highly used in domestic and OEMs fitting applications. Chrome plating industry is estimated to consolidate over the forecast period with the plastic plating price is largely dependent on technology and raw material cost.
POP market share application is largely dominated by automotive industry with the internal decorative products to front grills that are used in a different variety of cars.
Plating on Plastics is used in domestic plumbing application owing to its tough abrasion resistance. It also used in other applications include FMCG sectors such as compacts for cosmetics & personal care, perfume bottles, dispensers for a soft drink & beverage containers which make the market grow at an average rate over the forecast period.
The demand for POP is dominated by Europe, UK, and Germany. Owing to the presence of various service providers coupled with more high-end OEMs including Mercedes, Volvo, Renault, BMW, and Volkswagen are expected to drive the demand in Europe.
The increase growth rate of automobile production in India, China, Indonesia, and Thailand coupled with a shifting of OEMs facility in Asia Pacific region is expected to drive the market growth in future.
The rise of automobile sales and improving economic conditions in Latin America, dominated by Brazil is estimated to have significant gains to the product growth.
MEA, driven by Saudi Arabia, is anticipated to increase the demand owing to improving growth and economic conditions in automobile sales.
Companies are involved in acquiring chemical manufacturers in order to make backward integration and to reduce raw material cost. Plating plastic capacities are estimated to increase investment by a service provider over the forecast period.
Major plating companies include SRG Global, Xinpoint, Sarrel Group and Bolta Werke. Other industry participants include regional players catering to sanitary fittings and OEMs. Companies such as Applegate, Helco Metal, Chrome Tech, MPC, BEP Surface Technology, Chromal, Trenton are part of the market fragmented to different end-use industries.
Research Support Specialist, USA