24 September 2018
The global plating on plastics (POP) market is projected to exceed USD 135 Million by 2024 growing at a CAGR of over 6.5 % over the forecast period (from 2016 to 2024). The rising adoption levels of plating in the automotive industry to provide a decorative appearance to vehicles is driving the market growth.
Moreover, growing production capacity along with the launch of new automobiles in the Asia-Pacific region is also likely to boost the overall market growth. The global market is categorized as polymer, finish, applications, and regions.
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.
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The polymer sector includes ABS, PC, PEI, PC/ABS, PBT, PET, LCP, PP, PEEK, and Nylon. Acrylonitrile Butadiene Styrene (ABS) was the major polymer utilized in plastic plating market. It is widely preferred as it provides ease in the plating process. Plus, it is reasonably priced as compared to several other polymers. Polycarbonate-ABS (PC/ ABS) occupied over 10 % of the overall demand in 2015 and is expected to grow at a CAGR of over 7 % from 2016 to 2023. This mix includes between 40 and 60 % of ABS and the rest consisting of PC. Other polymers (PP, LCP, PET, nylon, and PEEK) are expected to experience a slow growth over the next few years.
The finishing sector includes Chrome (copper, nickel, and chromium). The size of the chrome-plated plastics market was over USD 360 million in 2015 and it is expected to consolidate in the near future. Copper plating is done to provide decorative coating and electrical conductivity. Nickel provides wear resistance and enhances corrosion resistance increasing the surface thickness.
The application sector comprises domestic fittings, automotive, and electronics & electrical. The automotive sector dominated the plating on plastics (POP) market in 2015. The domestic plumbing sector occupied over 10 % of the overall demand in 2015. These products are preferred by customers due to the aesthetically pleasing and high scratch resistance of rigid metallic deposits.
Regionally, Europe dominated the global market in 2015. However, the APAC region is expected to register the highest growth rate of over 8 % over the estimated years. Latin America is also likely to experience considerable gains in the near future. The MEA is also projected to drive the regional demands.
The major players of the Plating on Plastics (POP) market include SRG Global Inc.; Bolta Werke GmbH; and Sarrel Group.
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