4 major trends impelling ABS market for automotive plating on plastics application through 2024
For instance, in December 2020, KTM AG, the largest motorcycle manufacturer in Europe, and conglomerate Ayala Corp., announced plans for doubling the production capacity of their Philippines-based motorcycle production unit over the next three years. The move forms part of the group’s strategy for scaling up its manufacturing initiatives as the economy recovers from the impact of the SARS-CoV-2 pandemic.
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Such advancements are set to boost the demand for automotive plating services over the anticipated span. On this note, the ABS market for automotive plating on plastics application is estimated to surpass USD 2 billion by 2024, cites the latest research by Global Market Insights Inc.
This upsurge is driven by the increasing demand for ABS automotive plating kits due to their robustness and thermal stability. ABS is extensively used across a range of automotive applications. These comprise the manufacturing of automotive components such as wheels, emblems, bumpers, mirror covers, grills, fuel covers, and car door handles.
Few pivotal trends driving ABS market growth for automotive plating on plastics are as follows:
Increasing demand for emblems in Germany
The Germany ABS industry for automotive plating on plastics application from emblems is likely to record 6.5% gains through 2024. This is due to the presence of manufacturing plants of key companies comprising Porsche, Audi, Ford, and Mercedes in the country.
The high standard of living has led to an increase in the purchase of high-end vehicles that have eye catchy and attractive emblems, which define the importance of the company.
Surging ABS deployment for bumpers across Canada
The bumpers segment across the Canada ABS market for automotive plating on plastics application is projected to exceed a valuation of USD 2 million through 2024. This is due to the increasing demand for heavy vehicles owing to an escalation in trade activities between Canada and the U.S.
Bumpers provide high impact strength and are utilized for the protection of vehicles which is poised to augment ABS market size for automotive plating on plastics application size through the analysis period.
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Rising ABS requirement for the production of car door handles in China
The car door handles segment in the China ABS industry for automotive plating on plastics is expected to surpass USD 40 million through 2024. Strict regulatory norms associated with the levels of pollution have emphasized car manufacturers to reduce kerb weight.
ABS is a lightweight polymer that can be utilized for diminishing kerb weight by making use of automotive plating services for the construction of car door handles.
ABS industry for automotive plating on plastics application to witness appreciable growth from mirror covers
The ABS market for automotive plating on plastics application from mirror covers is anticipated to witness remarkable gains of 6.5% through 2024. This is due to the increasing awareness amongst people regarding rules of road safety. ABS is used in the manufacturing of mirror covers and can be plated for giving a shiny finish to the final product.
However, healthcare issues, stringent government rules, and plastic contamination have led to a momentous escalation in the deployment of biopolymers. This may hinder market growth to a certain extent.
In a nutshell, the increasing demand for low weight components and automotive plating for plastic parts due to a rise in the usage of electric vehicles will positively influence ABS industry for automotive plating on plastics application share through the forecasted period.
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