ALBANY, N.Y, Jan. 7, 2021 /PRNewswire/ -- Plating on plastics is gaining traction across a wide range of end-use industries for many purposes. Some of the major advantages of using plating on plastics include wear and corrosion protection, improving surface hardness, supporting electrical conductivity, and improving the esthetics of a component or a part. Owing to all these benefits, the global plating on plastics market is projected to gain prodigious sales opportunities from all across the globe.
Analysts at Transparency Market Research (TMR) are of the opinion that the global plating on plastics market will show growth at a CAGR of 7% throughout the assessment period of 2020–2030. Thus, it is likely to gain the valuation of the US$ 1.3 Bn by the end of forecast period.
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Plating on Plastics Market: Major Takeaways
- In recent few years, the technology of plating on plastics is increasingly used across many industrial sectors including electrical and electronics, building and construction, and automotive. The main motive of adopting this technology is to avoid corrosion, give wear protection, and improve the overall aesthetics of plastic components. Owing to these advantages, the global plating on plastics market is expected to gather promising demand opportunities from various end-use industries during the forthcoming period.
- Many enterprises in the global plating on plastics market are growing investments in research and development activities. Key motive of this move is to offer innovative designs. Apart from this, the companies in this market are growing focus toward utilizing the latest trend of using eco-friendly products by producing environmental-friendly products. This factor is likely to promote the growth of the global plating on plastics market in the years to come.
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Plating on Plastics Market: Leading Segments
- In terms of plating type, the chrome is lucrative segment and holds major value and volume of the plating on plastics market.
- In the context of the application, the automotive segment of the plating on plastics market is expected to show growth at rapid pace in the forthcoming years.
- Based on region, Europe is expected to maintain its dominant position during the tenure of 2020 to 2030.
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Plating on Plastics Market: Growth Boosters
- In recent few years, the companies engaged in the transportation industry are growing focus toward use of plating on plastics owing to many benefits. The technique offers lightweight and attractive design at reasonable prices. Apart from this, plating on plastics are gaining traction among engineers as these products assist engineers avoid stress concentrations and remove traditional plating materials in order to offer smooth appearance. As a result, there is substantial growth in the use of plating on plastics in the automotive sector. This factor is creating prominent demand opportunities in the global plating on plastics market.
- The process of plating on plastics is increasingly utilized in the manufacturing of a wide range of electronics and electrical products. Companies in the production of electrical and electronics products are increasing the use of nickel and nickel-chromium plating. One of the key reasons for this shift is the ability of plating to advance the look of the plastic trim on mobile phones, computers, and numerous electrical and home electronics appliances. This scenario shows that the global plating on plastics market will gain lucrative avenues from the electronics and electrical industries in the forthcoming years.
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Plating on Plastics Market: Well-Established Participants
Some key players in the plating on plastics market are:
- Xin Point Holdings Ltd.
- Grauer & Weil (India) Limited
- Atotech Limited
- Bolta Werke GmbH
- Phillips Plating
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