Albany, NY -- (SBWIRE) -- 02/12/2020 -- The global plating on plastics market was valued at US$ 630.7 Mn in 2018 and is anticipated to expand at a CAGR of 7.3% from 2019 to 2027, according to a new research report titled 'Plating on Plastics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,' published by Transparency Market Research (TMR) .The global plating on plastics market is driven by rise in the usage of plating on plastics in various end-user industries, such as bedding & furniture and building & construction, across the world.
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Rise in demand for plating on plastics in automotive industry to fuel market
Plastic components are popular in several industries due to their light weight and corrosion-free nature. They can be molded into any shape. Plating provides high-quality metal finish to the plastic surface. Plating on plastics offers increase in hardness, heat resistance, conduction of electricity, and increased thickness of plastic surfaces. Plated plastic parts are utilized in automotive, electrical & electronics (E&E), and building & construction industries. Ease of etching, low cost, quick adhesion, and wide applicability of ABS plastics are driving the demand for plating on plastics. Growth of the global automotive industry is anticipated to boost the global plating on plastics market in the next few years. Chrome plating is hazardous to the human health and the environment. Hexavalent chrome, the most popular form of chrome, is carcinogenic. Hence, several governments and regulatory bodies, including the European Union, are regulating the usage of chrome in different industries. These regulations and laws are expected to hamper the global plating on plastics market during the forecast period.
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Nickel is expected to be rapidly expanding plating type segment
Nickel is expected to be the rapidly expanding plating type segment of the global plating on plastics market in the next few years. Certain common nickel plating include bright nickel plating, semi bright nickel plating, satin nickel plating, and microporous nickel plating. Demand for plating on plastics with ABS/PC as a base material is expected to rise, in terms of both value and volume, during the forecast period, owing to its excellent heat resistance. Automotive is the leading application segment of the global plating on plastics market. In order to meet the emission limits set by different pollution regulatory bodies, plated plastic products are emerging as a primary choice of automotive manufacturers. Demand for chrome plating on ABS and ABS/PC materials is expected to rise in the automotive industry, for the aesthetic purpose, in the near future.
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Rapid rise in demand for ABS base material in automotive industry in developing economies of Asia Pacific propelling the demand for plating on plastics in the region
Plating on plastics is employed in the production of lightweight vehicles. The automotive industry in Asia Pacific is expanding at a rapid pace. This is propelling the demand for plating on plastics in the region. Furthermore, the electrical & electronics industry in Asia Pacific and Latin America is expanding at a rapid pace. Plating on plastics is used in coatings of electric wires, as it can bear voltage fluctuations. This is augmenting the demand for plating on plastics.
Asia Pacific to be a rapidly expanding market for plating on plastics
Europe constituted the leading share of the global market for plating on plastics, in terms of value, in 2018. Presence of leading OEMs in the region is projected to boost the plating on plastics market in Europe during the forecast period. The automotive segment of the market in the region is expected to register the maximum CAGR during the forecast period. Germany and the U.K. are anticipated to be attractive markets for plating on plastics in Europe during the forecast period. The European Union and the European Chemicals Agency have passed the REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) regulation in order to address production, usage of chemical substances, and their potential effects on the human health and the environment. According to this regulation, hexavalent chrome is banned in Europe. Thus, market share of the chrome segment of the market in the region is expected to decline in the next few years. Asia Pacific is expected to be the rapidly expanding market for plating on plastics, in terms of volume, during the forecast period. The automotive segment accounted for a major share of the global plating on plastics market in 2018. Favorable government regulations are driving the automotive industry in the region. This, in turn, is anticipated to drive the plating on plastics market in Asia Pacific during the forecast period. China held a major share of the market in the region, in terms of revenue and volume, in 2018. It was followed by Japan. The plating on plastics market in India is expected to expand at a considerable pace during the forecast period, due to rise in population and increase in the demand for building and construction activities in the country.
High degree of competition among market players
High degree of competition exists among players operating in the global plating on plastics market. The market is moderately fragmented. It is dominated by large-sized players. Key players account for a major share of the global market. Prominent players profiled in the report are Bolta Werke GmbH, Atotech, DowDuPont Inc., Cybershield Inc., Sharretts Plating Company Inc., Galva Decoparts Pvt. Ltd., and Grauer & Weil (India).