Global Plating on Plastics (POP) market size is expected to register a CAGR of 6.5% over the period of 2016-2023, primarily driven by its huge demand in the automotive industry. Asia Pacific will be a major ground to boost POP industry trends over the coming years, owing to the rapid expansion of the automotive industry and favorable government initiatives in this region. Moreover, increasing demand for light-weight polymers across various industries will also favor the market share. For instance, automotive industry highly focuses on reducing the weight of the vehicles to ensure lower carbon emissions in the atmosphere. Strict government norms to curb environmental pollution will also result in heavy demand for POP across the automotive sector.
Plating on plastics find wide applications in electronics & electrical, automotive, and domestic fittings sectors. Automotive sector led the global demand for POP in 2015, and is expected to grow significantly over the next few years. The growth can be attributed to the growing popularity of POP in the automotive sector as a result of its weight reducing feature causing low fuel consumption.
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Europe POP market, which accounted for over 36% of the overall demand in 2015, is expected to witness a substantial growth over the coming years due to presence of established automobile manufacturers such as Volkswagen, BMV, Volvo, Mercedes, and Renault. Germany and UK are expected to be major regional revenue pockets.
Asia Pacific POP market size is expected to grow at a rate of 7 % over the coming seven years, owing to rise in vehicle production. China is predicted to make significant regional revenue contributions. LATAM market is expected to witness a considerable growth over the coming years due to economic development. Brazil is expected to contribute significantly towards the regional growth. MEA market is expected to grow noticeably over 2016-2023 due to rise in purchasing capacity of the consumers. Saudi Arabia is expected to make high contributions towards the regional share.
Market players will try to increase their revenue through mergers & acquisitions, and product portfolio expansions. Key industry participants include Bolta Werke GmbH, Sarrel Group, Xin Point Industry, and SRG Global.