Pune, India, June 14, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America plating on plastics market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 200 million by 2026.
A pronounced rise in fuel prices has stimulated the demand for lightweight parts in the automotive sector and subsequently fostered North America plating on plastics (POP) market share. Over the years, plating on plastics has gained impetus on light bezels, grilles and emblems which play an invaluable role in minimizing the vehicle weight, thereby improving vehicles’ mileage.
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Growing traction for plastic in automotive and electronics sector will instill confidence among leading companies, with copper and nickel witnessing significant uptick. Top trends which are expected to have an influence on the industry growth are elucidated below:
Copper finish to be the mainstay
With copper finish POP having telling features, including electrical conductivity, protecting and strengthening, end-markets will potentially further their business strategies. At the time when appearance of the product has become a major selling point, copper finish has become immensely popular among the stakeholders.
Noticeable copper reserves in the U.S. has usurped growth in the region. Simply put, the U.S. is alleged to have seventh largest copper reserves in the globe, helping reduce overheads and boost raw material procurement for POP service. North America plating on plastics market size from copper finish stood at more than US$35 million in 2019, the upward trajectory is expected to remain bullish through 2026.
Heightened demand from automotive sector
Automotive sector is likely to be the major recipient of POP as demand for grilling, plate trimming and its penetration in interior components and logos has become more apparent in the last few years.
An increased inclination to plate light weight plastics to boost luxurious appearance is in line with the trend for bright and shiny automotive components. Automotive application segment is projected to expand at a robust CAGR of more than 6.5% through 2026.
Polycarbonate plastic to gain traction
In the midst of increased demand from electronic industry, polycarbonate (PC) is being highly sought-after for heat resistance, electrical insulation and flame retardancy. Besides, robust technological innovation and an upsurge in tech savvy population in the U.S. and Canada have spurred the business outlook. North America plating on plastics market from PC plastic is likely to grow at a healthy CAGR of over 6.5% through 2026.
Penetration of ABS to rise
Trend for ABS plastics applications has spiked up in the wake of good adhesion between coating and substrate. Given that ABS is a natural fit for raw material adhesion and etching and has high impact resistance, automotive industry has exhibited profound interest towards the plastic. Plating on ABS plastic segment value is expected to be pegged at over US$140 million by 2026.
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Lucrative growth opportunities in the U.S. and Canada
Thriving consumer electronics market in the U.S. and favorable government initiatives, such as “Open Investment Policy” and “Reshoring initiatives” have solidified the position of the U.S. in the landscape. To put this in perspective, robust tax initiatives have reinforced faith in plating on plastics among auto manufacturers. The U.S. plating on plastics market size is likely to exceed US$ 130 million by 2026.
As automakers show liking for electronics products to provide decorative and aesthetic properties, POP is highly likely to boost its footprint in the region. The U.S. consumer electronics goods market size is expected to be valued at over US$ 390 billion by 2026.
Leading companies are striving to boost their revenue stream in Canada as demand from domestic fittings application has surged in the last few years. Government initiatives such as “Infrastructure Canada” have fostered the sustainability factor in the region. Canada plating on plastics market from domestic fittings application is likely to grow at over 5% CAGR through 2026.
Palpable use of copper finish and the popularity of ABS will potentially boost the business sentiments in the POP ecosystem. It is pertinent to mention that leading companies are likely to count on the growing footprint of plating on plastics in automotive and domestic fittings applications.
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
