Analysis of Potential Impact of COVID-19 on Plating on Plastics Market
Plating on Plastics Market: Introduction
In terms of value, the global plating on plastics market is anticipated to expand at a CAGR of ~7% from 2020 to 2030 and reach US$ 1.3 Bn by 2030. Europe dominated the global plating on plastics market in terms of volume in 2019. It is estimated to be the leading region of the global plating on plastics market during the forecast period. The automotive industry is projected to offer lucrative opportunities for the plating on plastics market in the near future.
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Plating on Plastics Market: Major Drivers and Restraints
The rise in demand for plastic in the automotive industry is expected to drive the global plating on plastics market during the forecast period. Plastics offer several structural and weight advantages over traditional metal automotive parts. They are used as raw materials to manufacture various structural, interior, exterior, and other automobile components. Furthermore, plating with metals, such as chrome and nickel provides enhanced esthetic appearance, corrosion resistance, and overall strength to products. Therefore, increase in usage of metal plating on various automotive components made of plastics is estimated to propel the global plating on plastics market during the forecast period. Lightweight plated plastic parts offer bright and shiny appearance to products. Nickel plating helps avoid water stains on plumbing fixtures in kitchens and bathrooms. It also provides hygienic benefits and better design possibilities. Thus, rise in luxurious and high quality plumbing fixtures is anticipated to boost the global plating on plastics market in the near future.
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Several players have taken strategic initiatives, such as acquisitions, in order to expand their plating on plastics business, owing to high demand for plating on plastics in various automotive and electronics & electrical applications. This is also likely to boost the global plating on plastics market during the forecast period.
In October 2017, Cybershield Inc. completed the acquisition of Seleco Inc., a manufacturer of electroless copper and nickel plating on plastic. It includes the acquisition of the ‘Seleco Plating Process.’ The acquisition is expected to help the company expand its customer base in North America. Chrome, a key plating material used on plastics, is hazardous to human health, the ecosystem, and the environment. It is harmful to the respiratory system of humans. It can cause bronchitis, pneumonia, and other diseases upon prolonged exposure. The Occupational Safety and Health Administration developed and instituted a series of regulations regarding the use of hexavalent chromium at workplaces, due to various health issues related to it. Currently, companies that use chrome to plate plastics and other materials are required to adhere to stringent environmental guidelines to protect their workers. Thus, implementation of stringent environmental regulations on the usage of chrome is projected to hamper the plating on plastics market during the forecast period.
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Plating on Plastics Market: Prominent Segments
Based on plating type, the chrome segment held major share of the global plating on plastics market in 2019. This trend is anticipated to continue during the forecast period, due to the relatively low cost filter media of chrome. In terms of base material, the ABS segment accounted for significant share of the global plating on plastics market in 2019. Based on application, the automotive segment constituted large share of more than 75% of the global plating on plastics market in 2019. This trend is estimated to continue throughout the forecast period. On the other hand, the electrical & electronics segment is projected to expand at a rapid pace during the forecast period.
Competition Landscape
Key manufacturers operating in the global plating on plastics market include Atotech Limited, Xin Point Holdings Ltd., Phillips Plating, Bolta Werke GmbH, and Grauer & Weil (India) Limited.
