Global Plating on Plastics Market is slated to witness massive growth through 2032, owing to the rising demand from Europe for lightweight components and the increasing vehicle production. In 2020, vehicle production in Germany was approximately 5.12 million units and is slated to increase exponentially in the near future, considering the rising focus on aesthetic parameters when designing the vehicles.
The industry growth is anticipated to be challenged by plastic design and processing costs, as it relies on three major components: the mold cost, the material cost, and the equipment operation cost. However, the rising emphasis toward improving the aesthetics of plastic goods is expected to create lucrative opportunities for market players in the coming years.
The key industry players in the global plating on plastics market are constantly integrating strategic moves such as mergers and acquisitions, partnerships, and product launches to strengthen their market foothold.
Overall, the global plating on plastics market is bifurcated in terms of finish, plastics, applications, and regions.
In terms of finish, the chromium finish market size surpassed USD 180 million in 2022. Chromium finish is an ideal component for irregular and complex geometries, such as bores and holes, thus escalating its demand in plating on the plastics industry.
Based on plastics, the polycarbonate (PC) segment is projected to grow significantly across the plating on plastics market, exceeding USD 40 million by 2032. Polycarbonate's tremendous strength makes it resistant to breaking. In addition, it is lightweight hence a great substitute for glass. The material's wide usage owing to its eco-friendly production and recycling capacity is further likely to support the segmental growth in the coming years.
Considering the application, the automotive segment is poised to expand substantially. The key automobile manufacturers are increasingly adopting POP as lightweight vehicles are being developed for more efficiency and lesser carbon emissions, further propelling segmental growth in the coming years. The segment is likely to draw more than USD 980 million revenue by 2032 end.
In terms of region, the Asia Pacific plating on plastics market is expected to grow steadily over the projected period. The growth can be credited to the constantly emerging electronics and electrical industry coupled with development in the home appliances industry due to the rising demand across the region.
Meanwhile, the Middle East and Africa plating on plastics market would garner significant proceeds during 2023-2032 attributed to the increasing construction expenditure and rising government investment on infrastructure development.