Plating on Plastics Market is expected to register a CAGR of 4.8% and reach USD 654.79 Million during the forecast period.
Plating on plastics is a process that enhances the functional properties of plastic. Acrylonitrile-butadiene-styrene (ABS) is majorly used for metal plating owing to its superior processing ability, dimensional stability, toughness, affordability, durability, and chemical resistance. Plating on plastics is ideal for use in the automotive and electronics industries.
Stringent Environment Protection Agency (EPA) regulations on chrome finishing auto parts and electronics products have redistricted the global market growth. Chromium is listed as a carcinogen element that is hazardous for human health and the environment. It is considered a harmful compound among the 189 hazardous air pollutants (HAPs) and listed under section 112 of the EPA Act. Hence, chrome electroplated materials are recognized as important emitters of chromium compound to the atmosphere.
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- Copper, nickel, and chromium are significantly used for plating different plastics. Copper and nickel plating is used to add corrosion resistance property and increase the strength of the plastic component. Chromium plastic coatings help to increase surface hardness and enhance their appearance.
- The global production of refined nickel in 2017 surpassed 2 million tons, the nickel market is growing at a CAGR of 4.2%. The copper oxide estimated production volume in 2019 is 575,000 metric tons.
- Polypropylene and polyurethane are known as high-performance automotive plastics. Polypropylene is used in a wide range of applications including automobile chemical tanks, bumpers, gas cans, cable insulation, and carpet fibers. Polyurethane has exceptional properties such as flexibility, toughness, and resistance to temperature. It is used in flexible foam seating, elastomeric wheels, foam insulation panels, and tires and automobile cushions.
- Around 80% of plastics used for metal plating are acrylonitrile-butadiene-styrene (ABS) owing to its thermal and chemical stability, high strength and toughness.
- The sales of automobiles declined in 2018 reaching 95,055,937 from 95,660,606 in 2017, due to the increasing demand for used vehicles in Europe and the US. The aftermarket demand for interior and exterior automobile parts such as bumpers, grilles, and wheel rims are projected to drive the growth of the global plating on plastics market during the forecast period.
- The increasing demand for electronic products is estimated to drive the demand for plating on plastics during the review period. Asia-Pacific is the leading producer of electronic products recorded a revenue of USD 3,312.39 billion and Europe accounted for USD 622.45 billion in 2016.
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- North America: The US is the largest market for second-hand cars and thus the demand for plating on plastics in the production of aftermarket plastic components is estimated to fuel the regional market growth during the forecast period.
- Europe: The growth of the European market is driven by growth in infrastructure activities, which is expected to boost the demand for sanitary fittings in the region.
- Asia-Pacific: Increasing application of plating on plastics insulation in the automotive industry is expected to drive the products’ demand in the regional market.
- Latin America: The region is the largest exporters of automobiles and electronic products. The growing consumption of plating on plastics in automobile components and home appliances is driving the regional market growth.
- Middle East & Africa: In the Middle East & Africa, the rise in infrastructure projects is driving the demand for plating on plastics in sanitary fittings such as bathroom accessories and kitchen accessories.