PUBLISHER: Acute Market Reports | PRODUCT CODE: 1388463
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1388463
Plating on plastics (PoP) is a technique where metal layers are deposited on plastic substrates. Predominantly, this practice enhances aesthetics, while also improving wear resistance, reducing friction, and providing electromagnetic interference shielding. Popular in industries like automotive and electronics, the plating on plastics market has witnessed substantial growth over the years.Plating on plastics marketis expected to continue at a steady CAGR of 9.8% during the forecast period from 2023 to 2031, driven byescalating demand in consumer electronics and home appliances.
The automotive industry is perpetually evolving, with companies seeking design innovations and manufacturing excellence. As of 2022, many vehicle manufacturers incorporated metallic finishes on plastic components, both for interior and exterior applications, marrying functionality with aesthetics. Such inclusions range from dashboard trims to exterior logos. Reports from major automotive markets, such as Germany and Japan, showed an uptick in PoP usage, showcasing its ever-growing popularity.
Consumer electronics, another rapidly evolving domain, has seen brands striving for design differentiators to appeal to customers. In 2022, several smartphone, laptop, and home appliance manufacturers adopted PoP to provide a premium feel to their products without adding significant weight. For instance, a notable rise in metallic finishes in mid-tier smartphones, using PoP techniques, was evident in the Asian markets.
Plating on plastics not only elevates the aesthetics but also augments durability and strength. PoP introduces anti-corrosion properties, UV resistance, and improved wear resistance to plastic components. In sectors where durability is pivotal, such as aerospace or heavy machinery, the adoption of PoP was visible in 2022. Data from industry forums and trade shows highlighted a growing interest in this technique for parts requiring long lifespans.
While PoP has myriad advantages, it isn't free from scrutiny. Key concerns emanated from the environmental impacts of certain plating materials, notably hexavalent chromium. In 2022, regions like Europe implemented stringent regulations on its use, driven by its carcinogenic properties and environmental hazards. Such regulations often necessitate the search for alternative materials, driving up costs and sometimes impacting performance.
In terms of revenue in 2022, chrome plating dominated the PoP market. Its lustrous finish, durability, and resistance to corrosion made it a preferred choice across multiple industries, especially automotive and consumer electronics. However, nickel plating also carved a significant market share, given its superior resistance to wear and oxidation. Looking forward, from 2023 to 2031, while chrome is expected to maintain its dominance in revenue terms, "Others" category, which includes eco-friendlier alternatives, is anticipated to exhibit the highest CAGR, driven by environmental concerns and innovations in plating materials.
ABS (Acrylonitrile Butadiene Styrene) was the frontrunner in revenue generation in the PoP market for 2022. Its ease of plating, coupled with excellent mechanical properties, made it ideal for a wide range of applications. However, ABS/PC (a blend of ABS and polycarbonate) and PC (polycarbonate) also found substantial use, especially in sectors demanding higher impact resistance. As for future projections, PEI (Polyetherimide) and PBT (Polybutylene Terephthalate) are expected to witness the highest CAGR from 2023 to 2031, courtesy of their emerging applications and superior properties.
In 2022, the Asia-Pacific region, given its massive manufacturing base, was the dominant revenue contributor in the PoP market. China, with its expansive automotive and electronics manufacturing capabilities, was a significant player. Europe trailed closely, thanks to its luxury automotive segment and innovation-driven industries. However, from 2023 to 2031, Africa, though a smaller market, is expected to witness the highest CAGR, propelled by burgeoning manufacturing sectors and foreign investments.
The PoP market in 2022 was characterized by intense competition, with companies like Grauer & Weil (India) Limited, Sarrel, Bolta Werke GmbH, Atotech Limited, Xin Point Holdings Ltd., SRG Global, Galva DecopartsPvt. Ltd., Cybershield Inc., Sharretts Plating Company Inc., Phillips Plating, and Quality Plated Products Ltd. leading the charge. These firms, with their extensive portfolios and technological prowess, maintained substantial market shares. Innovation was at the market's core, with companies constantly researching eco-friendlier and efficient plating solutions. Furthermore, partnerships, especially with OEMs in automotive and electronics sectors, became crucial. From 2023 to 2031, the market is expected to witness a further consolidation, with top players likely to invest heavily in R&D and expand their global footprints through strategic alliances.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofPlating on Plastics market are as follows:
Micro and macro environment factors that are currently influencing the Plating on Plastics market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
FIG. 10Market Positioning of Key Plating on Plastics Market Players, 2022
FIG. 11Global Plating on Plastics Market - Tier Analysis - Percentage of Revenues by Tier Level, 2022 Versus 2031