Plating on plastics (POP) industry is on the verge of a major drift, based on the regulations imposed regarding the use of chrome based plating. Plating on Plastics (POP) industry has generated a decent momentum over the past few years with automotive industry taking a major share credit. Plastics play an important role in vehicle design, topping the vehicle differentiation criteria, an obvious reason for OEMs to contribute heavily towards the POP market share. Moreover, the aesthetic appeal of the vehicles in notably influencing the buying probability of the automobiles, which has further led to enhance the POP industry trends.
According to Global Market Insights, Inc. “Plating on plastics (POP) market is projected to surpass a revenue of USD 649 million by 2023.” Plating on plastics further imparts the vehicles with corrosion and wear resistant properties, which will expand its application area in the automotive sector.
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The expanding polymer industry and its growing use in automobile sector will also generate heavy growth opportunities for the POP market players. Polymers which account for almost 15-20% of the overall car weight, play a vital role in determining the vehicle efficiency, making the manufacturers to deploy high-performance and lightweight polymers in the vehicles. ABS, which is the predominant polymer used in plastic plating, attained a revenue of USD 265 million in 2015. Also, ABS/PC, another prominent polymer in the POP market is estimated to register the highest annual growth rate of 6.8% over the period of 2016-2023.
Asia Pacific is slated to emerge as a prominent region participating in the plating on plastics market growth. Expanding automotive industry in APAC and favorable regional regulations will draw the attention of the manufacturers to extend their regional base in APAC countries. China, Thailand, Malaysia, and Indonesia are likely to lead the regional POP industry share. Asia Pacific plating on plastics market size is estimated to exhibit a CAGR of 7% over the period of 2016-2023.
Europe POP industry, on account of the presence of giant OEMs such as BMW, Volkswagen, Mercedes, Renault, etc., is poised to witness a substantial growth over the coming six years. UK and Germany are projected to be the major revenue pockets for Europe.
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POP industry is poised to see interesting developments over the coming years, with its likely stepping in the specialty chemicals market. The market players are likely to enter into strategic collaborations with the specialty chemicals manufacturers to reduce the raw material cost and enable backward integration process. The market is highly fragmented with Bolta Werke, SRG Global, Sarrel Group, and Xinpoint accounting for the top players. An intense competition is on the cards over the coming years, with chemical and process providers sharing the POP business space.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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