How Plating on Plastics (POP) Market Growing Rapidly...? Top Manufacturers Dow Chemical, Galva Decoparts, JCU Corporation, MPC plating, and Okuno International. BIA Kunststoff, C. Uyemura
Plating on Plastics (POP) Market has generated a decent momentum over the past few years with automotive industry taking a major share credit. Plastics play an important role in vehicle design, topping the vehicle differentiation criteria, an obvious reason for OEMs to contribute heavily towards the POP market share. Moreover, the aesthetic appeal of the vehicles is notably influencing the buying probability of the automobiles, which has further led to augmented POP industry trends. Plating on plastics further imparts the vehicles with corrosion and wear resistant properties, which will expand its application area in the automotive sector.
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According to a new research report by Global Market Insights, Inc. Plating on Plastic (POP) Market size is set to surpass USD 750 million by 2024.
Growth drivers are
1. Europe: Increase in lightweight component demand for automobile production
2. Asia Pacific: Positive outlook on automobile industry
3. Plastic design and process cost concerns
4. Stringent environmental concerns
In addition to this, the growing emphasis on curtailing the carbon emissions via automobiles will also expand the Plating on Plastics (POP) Market outlook over the coming years. Light-weight vehicles are appraised to perform better in terms of efficiency and lesser carbon emissions, which will increase the adoption of POP by the manufacturers. As per estimates, automotive applications accounted for a considerable proportion of the overall POP industry share in 2017.
Driven by the rising fuel prices, automotive manufacturers have now come to produce fuel efficient vehicles with reduced weight on account of lightweight composites. This has, in consequence, led to a massive transformation in Plating on Plastics (POP) Market outlook from the automotive sector, with the increasing use of plastic plating not only by the OEMs, but also to a decent extent by the aftermarket. As per estimates, plating on plastics (POP) market share from automotive applications is likely to register a CAGR of 6.5% over 2018-2024.
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Plating on Plastics (POP) Market is on the verge of a major drift, based on the regulations imposed regarding the use of chrome based plating. The major industry players such as Dow Electronic Materials, Enthone, etc. are taking measures towards developing alternatives to offer plating solutions optimizing the aesthetic appeal and corrosion resistance of the vehicles. For instance, Dow Electronic Materials has developed ECOPOSIT™ CF-800 chromium-free etch, abiding by the regulatory norms set by REACH.
The expanding polymer industry and its growing use in automobile sector will also generate heavy growth opportunities for the Plating on Plastics (POP) Market players. Polymers which account for almost 15-20% of the overall car weight, play a vital role in determining the vehicle efficiency, making the manufacturers to deploy high-performance and lightweight polymers in the vehicles. The extensive deployment of substrates such as ABS, PET, PEI, and PBT is certain to augment the commercialization potential of POP market.
Asia Pacific is slated to emerge as a prominent region participating in the plating on plastics market growth. Expanding automotive industry in APAC and favorable regional regulations will draw the attention of the manufacturers to extend their regional base in APAC countries. China, Thailand, Malaysia, and Indonesia are likely to emerge as a pivotal growth grounds for the APAC Plating on Plastics (POP) Market. Estimates claim that Asia Pacific plating on plastics market size if likely to be valued at USD 230 million by 2024, driven by the rapidly growing automotive industry, rising disposable incomes, and the extraordinarily high demand for commercial and passenger vehicles among the masses.
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Plating on Plastics (POP) Market is poised to see interesting developments over the coming years, as it forays into the specialty chemicals market. The market players are likely to enter into strategic collaborations with the specialty chemicals manufacturers to reduce the raw material cost and enable backward integration process. The market is highly fragmented with Bolta Werke, SRG Global, Sarrel Group, and Xinpoint accounting for the top players. An intense competition is on the cards over the coming years, with chemical and process providers sharing the POP business space.
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Global Market Insights, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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