Materials used in manufacturing lightweight automobiles and electronic & electrical parts are likely to increase demand in the industry.
WILMINGTON, Del., Oct. 26, 2023 /PRNewswire/ -- Plating on plastics market valuation of US$ 685.1 million was forecast for plating on plastics in 2022. The market is predicted to expand at a 10% CAGR between 2023 and 2031. Plating on the plastics market is expected to reach US$ 1.5 billion by 2031.
Medical and healthcare applications use plate plastics in a variety of ways, including medical devices and equipment. A significant portion of the POP market is driven by the requirement for sterile, corrosion-resistant, and durable components. Researchers and developers are constantly working on plating technologies, like adhesion techniques, surfacing materials, and surface preparation. Processes and finishes are becoming more efficient through these advancements.
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As electric vehicles become more prevalent and technology advances, the market becomes more competitive. Plastics are commonly plated with copper to manufacture antennas, connectors, circuit boards, and other functional components. As miniaturization and the need for high-performance electronic devices continue to grow, the market is also expected to grow.
Plating on Plastics Market Report Scope:
Report Coverage | Details |
Forecast Period | 2023-2031 |
Base Year | 2020-2022 |
Size in 2022 | US$ 685.1 Mn |
Forecast (Value) in 2031 | US$ 1.5 Bn |
Growth Rate (CAGR) | 10.0 % |
No. of Pages | 263 Pages |
Segments covered | By Plating Type, By Base Material, By Application |
Key Findings of Market Report
- With the growth of automotive sales, the demand for plating in the plastics market is expected to increase.
- ABS has a low cost, minimal thermal expansion, and good adhesion to metals. These factors are likely to drive ABS demand in the coming years.
- Based on the plating type, chrome plating will likely increase the demand for plating on plastic.
- Increasing government regulations and the demand for eco-friendly materials will boost plating on the plastic market.
- Rising consumer goods in various regions are expected to drive demand for plating on plastic market.
Plating on Plastics Market Drivers
- With the growth of the electronics and automotive industries, the demand for plating on plastics is expected to rise. The growth of lightweight metal alternatives and the increased adoption of plastic alternatives are driving the market for plastic plating on plastics. Over the past few years, electronic products have become increasingly popular among the population.
- Lightweight commercial vehicles also offer environmental benefits, including the reduction of CO2 emissions. Using lightweight commercial vehicles is becoming more popular as consumers are aware of their environmental benefits and performance efficiency.
- The automotive industry is a significant driver for the plating on the plastics market. Plated plastic components are increasingly used to reduce the weight of vehicles, which can improve fuel efficiency and reduce emissions. Plating on plastics is used for various interior and exterior parts, including grilles, emblems, trim, and more.
- Plastics are enhanced with plating to enhance their aesthetic appeal. Manufacturing of consumer electronics, appliances, and jewelry, which are visually appealing and customizable, increases market demand. Traditional metal parts can be more expensive than plated plastic components.
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Global Market for Plating on Plastics Regional Outlook
- According to the forecast, North America will hold a sizable share of the global plating on plastics market. Growing electronics usage and expanding electronic industries are expected to drive demand. A change in lifestyles across the United States and Canada, coupled with the development of novel products, is expected to boost the consumer goods industry in the region.
- Europe is expected to dominate the plating on plastics market. Environmental effects and the need to eliminate plastic waste are crucial factors. The recycling of plastic can be improved by plating it in order to make it more recyclable and durable. Plastics that have been plated are used in numerous automotive applications, including interiors and exteriors. Automotive manufacturers in Europe are very interested in plastics with metal finishes.
- Single-use plastics have been reduced and sustainable practices are promoted by the European Union. In response to these regulations, plated plastics may become more popular as sustainable alternatives. Environmentally friendly and sustainable products are becoming increasingly popular among European consumers. The environmental credentials of plate plastics can potentially drive demand for the product.
Key Players in the Plating on Plastics Industry
Plating on plastics, vendors are passionate about environmental stewardship and sustainability to expand their customer base. They are developing distribution networks and strong customer connections to serve various industries and locations.
New products are being developed by plating on plastics companies to broaden their market reach. Thus, they achieve the desired metal characteristics on plastic components, allowing them to meet the industry's requirements in terms of performance, lifespan, and visual appeal.
Key Players in Plating on Plastics Include
- Grauer & Weil (India) Limited
- Sarrel
- Bolta Werke GmbH
- Atotech Limited
- Xin Point Holdings Ltd.
- SRG Global
- Galva Decoparts Pvt. Ltd.
- Cybershield Inc.
- Sharretts Plating Company Inc.
- Phillips Plating
- Quality Plated Products Ltd.
Key Developments in the Global Plating on Plastics
- In January 2023, MacDermid Enthone promoted an innovative POP pre-treatment that focuses on sustainability and CR (VI)-free technology to help customers achieve evolving product needs in an environmentally responsible manner.
- In September 2023, the Winning Group purchased Bolta Works. A strategic investor sold BOLTA-WERKE's business operations to the Winning Group by the insolvency administrator Volker Böhm of Schultze & Braun.
Market Segmentation for Plating on Plastics Market
By Plating Type
- Chrome
- Nickel
- Others
By Base Material
- ABS
- PC
- ABS/PC
- PEI
- PET
- PBT
- Nylon
- Others
By Application
- Automotive
- Building & Construction
- Electrical & Electronics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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