Global Market Insights Inc. has announced addition of a new research based report on Global plating on plastics (POP) market. The report predicts this market to witness substantial growth and surpass USD 649 Million by 2023. The demand for POP market appears to have come full circle owing to demand for automobiles with bright chrome. Furthermore, ecological concerns have resulted into a boost in the production of more aerodynamic and lighter automobiles.
The commercial practice for plating on plastic was originated in 1960s in Europe and North America. Automotive Industry was foremost to implement the plating on plastics (POP) at a large level. In 1990s there was change in the consumer taste trend and it continued till the early 21st century resulting into a lower demand for metal-plated plastic products. Due to this, the auto industry was very influenced with demand for automobiles with less charmed with the gleaming metal finish and bright trim on automobile parts. However, there was sudden shift in consumer trend in E.U and U.S. that had influenced the industry to resurge.
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Automotive applications segment is likely to continue its dominance owing to the consumer demand of new automobile variants with light weight and fuel efficient vehicles. Europe, especially UK and Germany market, dominated the regional industry with more than 36% of the total demand in 2015. Asia pacific led by China market, is predicted to register highest gains in the near future. China automotive application is likely to upsurge at 7.9% and hit USD 115 Million during the predicted period.
Global POP market share is intensively competitive in nature. Automobile manufacturers are dependent on POP market participants to follow strict quality control regulations and meet the prescribed OEM specifications. The market comprises process and chemistry providers as well as the plating companies. Sarrel Group, Bolta Werke, Xinpoint and SRG Global are some of the key companies.
The report covers competitive landscape of the market. Stringent regulations and REACH guidelines to eradicate usage of hexavalent chromium contributing to environmental hazards are likely to influence industry growth. An innovation by the Dow Chemical Company to develop chromium-free ECOPOSIT™ etching solution to substitute chromic acid etching used in the pre-treatment of Acrylonitrile Butadiene Styrene (ABS) and PC-ABS in the POP industry is likely to influence the market. PC/ABS chrome plating industry is anticipated to register growth at 7% in next few years.
Source Report: https://www.fractovia.org/news/industry-research-report/plating-on-plastics-pop-market