Plating on Plastics Market: Introduction
In terms of value, the global plating on plastics market is
anticipated to expand at a CAGR of ~7% from 2020 to 2030 and
reach US$ 1.3 Bn by 2030. Europe dominated
the global plating on plastics market in terms of volume in 2019.
It is estimated to be the leading region of the global plating on plastics
market during the forecast period. The automotive industry is projected to
offer lucrative opportunities for the plating on plastics market in the near
future.
Plating on Plastics Market: Major Drivers and
Restraints
The rise in demand for plastic in the automotive industry is expected to
drive the global plating on plastics market during the forecast period.
Plastics offer several structural and weight advantages over traditional metal
automotive parts. They are used as raw materials to manufacture various
structural, interior, exterior, and other automobile components. Furthermore,
plating with metals, such as chrome and nickel provides enhanced esthetic
appearance, corrosion resistance, and overall strength to products. Therefore,
increase in usage of metal plating on various automotive components made of
plastics is estimated to propel the global plating on plastics market during
the forecast period. Lightweight plated plastic parts offer bright and shiny
appearance to products. Nickel plating helps avoid water stains on plumbing
fixtures in kitchens and bathrooms. It also provides hygienic benefits and
better design possibilities. Thus, rise in luxurious and high quality plumbing
fixtures is anticipated to boost the global plating on plastics market in the
near future.
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Several players have taken strategic initiatives, such as acquisitions,
in order to expand their plating on plastics business, owing to high demand for
plating on plastics in various automotive and electronics & electrical
applications. This is also likely to boost the global plating on plastics
market during the forecast period.
In October 2017, Cybershield Inc. completed the acquisition
of Seleco Inc., a manufacturer of electroless copper and nickel plating on
plastic. It includes the acquisition of the ‘Seleco Plating Process.’ The
acquisition is expected to help the company expand its customer base in North
America. Chrome, a key plating material used on plastics, is hazardous to human
health, the ecosystem, and the environment. It is harmful to the respiratory
system of humans. It can cause bronchitis, pneumonia, and other diseases upon
prolonged exposure. The Occupational Safety and Health Administration developed
and instituted a series of regulations regarding the use of hexavalent chromium
at workplaces, due to various health issues related to it. Currently, companies
that use chrome to plate plastics and other materials are required to adhere to
stringent environmental guidelines to protect their workers. Thus,
implementation of stringent environmental regulations on the usage of chrome is
projected to hamper the plating on plastics market during the forecast period.
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Plating on Plastics Market: Prominent Segments
Based on plating type, the chrome segment held major share of the global
plating on plastics market in 2019. This trend is anticipated to
continue during the forecast period, due to the relatively low cost filter
media of chrome. In terms of base material, the ABS segment accounted for
significant share of the global plating on plastics market in 2019. Based
on application, the automotive segment constituted large share of more than 75% of
the global plating on plastics market in 2019. This trend is
estimated to continue throughout the forecast period. On the other hand, the
electrical & electronics segment is projected to expand at a rapid pace
during the forecast period.
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Competition Landscape
Key manufacturers operating in the global plating on plastics market
include Atotech Limited, Xin Point Holdings Ltd., Phillips Plating,
Bolta Werke GmbH, and Grauer & Weil (India) Limited.
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