Electroplating is a plating process that uses an electric current to reduce dissolved metal cations so that they form a thin coherent metal coating on an electrode. Electroplating is commonly used to deposit a layer of metal on physical objects, mostly for decorative purposes or to provide corrosion inhibition, wear resistance and electrical conductivity. The rising demand from aerospace, automotive, electronics and other end-use industries is driving the need for electroplated components. Electroplating provides a hard, durable and corrosion-resistant surface to components and parts which increases their longevity. Electroplated parts find widespread applications in decorative and functional applications across industries.
The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Propelled by growing end-use industries the global electroplating market size is witnessing strong growth on account of increasing demand from the automotive industry. The automotive industry is increasingly using electroplated components for aesthetic as well as functional purposes. Electroplating provides automotive parts with properties such as corrosion resistance and protection against wear and tear, thereby increasing their lifespan. Electroplated bright nickel plating and trivalent chromium plating are commonly used in automotive exterior and interior decorative trim components. Electroplated auto parts also find applications in engine components, brake pads, and other functional components that require hardness and durability. The growth of the global automotive industry will continue to drive demand for electroplated parts, providing momentum to the overall electroplating market over the forecast period.
Swot Analysis
Strength: Electroplating provides hardness, corrosion resistance and wear resistance properties to metallic components. It has applications across various end use industries like automotive, electrical & electronics, industrial machinery etc.
Weakness: The electroplating process requires hazardous chemicals like acids, alkalis and cyanide which can be harmful if not handled or disposed of properly. Electroplating wastewater also requires special treatment before disposal.
Opportunity: Growing demand from end use industries like automotive, consumer goods will drive the electroplating market during the forecast period. Development of new electroplating technologies using non hazardous chemicals provides growth opportunities.
Threats: Stringent environmental regulations regarding the use and disposal of hazardous electroplating chemicals is a threat. Rise of substitutes like physical vapor deposition (PVD) coating can hamper the electroplating market growth.
Key Takeaways
The global electroplating market is expected to witness high growth during the forecast period of 2023-2030. The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis – Asia Pacific region dominates the electroplating market currently due to strong presence of end use industries in countries like China and India. The region is expected to maintain its leading position during the forecast period driven by growth in Indian and Southeast Asian markets.
Key players operating in the electroplating market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation. The key players are focusing on new product launches, expansions and collaborations to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it