Growing Demand to Improve Tear Resistance and Prevent Corrosion to Boost Market Growth
Electroplating or plating on plastic is one of the most extensively deployed manufacturing technique used. Plating on plastic is immensely popular across a host of industrial sectors such as building & construction, electrical & electronics, automotive, etc. to prevent corrosion, offer wear protection, promote electrical conductivity, and enhance the overall aesthetics of plastic components. The adoption of plating on plastic among the manufacturers around the world has witnessed consistent growth over the past few decades and the trend is set to continue during the forecast period.
Some of the most innovative plating on plastic applications that are extensively deployed include offering optimum finish to fashion and electronic products such as laptop covers, shoes, etc. In the current scenario, manufacturers across various industrial sectors are increasingly emphasizing on the adoption of environment-friendly plating on plastic processes amid the evolving regulatory changes and safety factors. At present, manufacturers are increasingly seeking different alternatives to ensure their processes comply with stringent regulatory framework and offer optimum safety to the workforce due to which, considerable attention has been given to plating on plastic over the past few decades. The growing demand for plating on plastic of different types, including Teflon, ABS, polycarbonate, and polypropylene to enhance the structural and functional properties, is expected to drive the global plating on plastics market.
At the back of these factors, the global plating on plastics market is projected to reach US$ 1.3 Bn by the end of 2030.
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Manufacturers Review Plastic Metallization Techniques amid Ongoing Technological Developments
Over the past couple of decades, owing to advancements in technology and continual research and development activities, the global plating on plastics market has evolved. In the current market landscape, the demand for selective plating using laser ablation and two-shot molding has witnessed considerable surge over the past decade and a similar trend is likely to continue during the forecast period– a factor that is expected to propel the growth of the market for plating on plastic. The growing investments in newer technologies is another factor that is anticipated to boost the prospects of the plating on plastics market in the upcoming years.
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At present, players operating in the current plating on plastics market are increasingly focusing on the integration of design and functions, while simultaneously swaying toward the production of eco-friendly products by eliminating fluorinated surfactants, formaldehyde, phosphates, boric acid, etc. The adoption of multi-molded and two-shot parts has witnessed considerable rise in the past few years and as per current trends, offers immense potential in the future due to the growing interest in LED lighting units for automotive interiors.
Growing Adoption in Automotive Sector to Aid Market Growth
The original equipment manufacturers across the automotive sector are increasingly burdened with challenges across the supply chain, particularly regarding parts quality. Several new plating on plastic technologies are being explored across the automotive industry such as acid copper technologies. At present, OE’s are extensively focusing on improving performance, widening the process operating window, minimizing volume of rejected parts, and boosting production capacity. The automotive industry is likely to provide considerable opportunities for players operating in the plating on plastics market, as the demand for lightweight automobiles continues to grow due to which, the adoption of plastic components has witnessed notable growth. This is estimated to boost market growth. Although chromium was a popular choice among manufacturers for several decades, new technologies and materials are being explored amid the mounting environmental concerns.
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Market Growth to Remain Sluggish amid Ongoing COVID-19 Pandemic
The impact of the COVID-19 pandemic on an array of industrial sectors, including automotive, building & construction, and oil & gas can be tracked by the sluggish growth of these industries over the first two quarters of 2020. While operations across these industries continue to take a hit due to lockdown measures, restriction on transportation and trade is projected to have a strong impact on the expansion of the global plating on plastics market mainly in 2020. As the demand from core industrial sectors, including automotive and construction continues to drop amid the ongoing pandemic, the market growth is expected to remain relatively sluggish in 2020.
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