Selbyville, Delaware, April 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Plating on Plastics Market size was estimated at $565 million in 2020 and is slated to surpass $960 million by 2027, registering a CAGR of 7.9% from 2021 to 2027. The report provides a comprehensive analysis of the market size & estimations, drivers & opportunities, major investment pockets, competitive scenario, wavering market trends, and top winning strategies.
One of the prominent factors for the market growth is the application of plating on plastics to achieve product differentiation through enhanced aesthetic appeal. Moreover, with the implementation of stringent regulations, auto manufacturers are seeking lightweight composites to improve fuel efficiency will augment the plating on plastics product demand.
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POP is used for manufacturing auto components such as bumpers, fuel systems, interior components, and parts. Additionally, POP provides the ability to conduct electricity to non-conductive plastic surfaces driving its demand in the manufacturing of electronics parts and components in the automotive and aerospace industry.
The chromium finish segment was valued at over USD 170 million in 2020 and is anticipated to witness significant growth between 2021 and 2027. Chromium plating offers a smooth surface finish, good aesthetic appeal, and good corrosion resistance thus, driving its demand for fabricating a wide range of mechanical and automotive components. The chromium metal plating offers an effective barrier against harmful gasses and corrosion thus propelling the plating on plastics market growth.
PC/ABS plastics segment was valued at around USD 60 million in 2020 and is expected to register the highest growth during the forecast period. PC/ABS is used in various blends offers higher mechanical strength and excellent ductility. Owing to its superior mechanical and electrical properties the product demand is increasing for various applications in the automotive and electronics industries. Metal plating on PC/ABS imparts higher toughness and impact resistance thus driving the plating on plastics market share in auto component manufacturing.
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In 2020, Asia Pacific was valued at over USD 175 million and is expected to witness a CAGR of over 8.5% during the forecast period. The market growth in the region is primarily attributed to increasing automotive and consumer electronics products in China, India, Japan and South Korea. Furthermore, increasing the production of electric vehicles in China and India will drive the plating on the plastics market in the region. The rapid industrialization, increasing economic growth, and increasing foreign direct investment will create a lucrative growth opportunity during the forecast period.
Some of the prominent players in the plating on plastics industry include Coventya, Atotech, Dixline Corporation, Artcraft Plating & Finishing, Dow Chemical, Cybershield, Inc., Grohe AG, JCU Corporation, and Enthone. Market players are investing R&D activities for developing techniques to improve metal plastic adhesion and innovative process meeting environmental compliance. Companies are also adopting strategies such as capacity expansions, collaborations and mergers & acquisitions.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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