The Electroplating market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electroplating is the process of depositing a thin layer of metal, such as copper, nickel, chromium or gold onto another metal or non-metallic surface by the process of electrolysis. The process involves applying an electric current to transfer metal ions from an electrolyte solution onto the surface of an electrically conductive parts. Electroplating is majorly used for decorative purposes and to enhance properties like wear and corrosion resistance. It finds applications in industries such as automotive, electrical and electronics, aerospace and defense for plating of parts and components.
Market Dynamics:
Some of the key drivers contributing to growth of electroplating market include increasing demand from automotive industry. Rising vehicle production across the globe especially in countries like China, India and Mexico is creating high demand for plated automotive components and parts which require functional and durable metal finishing. According to Organisation Internationale des Constructeurs d’Automobiles, global vehicle production increased from 93.89 million units in 2017 to 95.14 million units in 2018. Furthermore, electroplating impart properties like corrosion and wear resistance which helps to improve durability of automotive components operating under harsh road conditions. This is further expected to drive its adoption in automotive industry.
Additionally, growing electronics industry is also fueling demand for electroplating. Metal finishing through electroplating process helps in forming conductive circuit paths for circuit boards and improves solderability of electronic components. Rising demand for consumer electronics such as smartphones, laptops and tablets is positively impacting electroplating market growth over the forecast period.
SWOT Analysis
Strength: Electroplating has been used widely for industrial applications for over 100 years due to its durability, corrosion resistance and ability to deposit a wide variety of metals. It provides hard, wear-resistant surface and extends lifetime of components. Electroplating is suitable for complex geometries and intricate components. It improves functionality by enhancing characteristics like electromagnetic shielding, solderability and conductivity.
Weakness: The electroplating process requires extensive use of chemicals and heavy metals which are hazardous if released into the environment without proper treatment. Meeting environmental regulations increases production costs. Quality of plating depends heavily on process parameters and operator skills.
Opportunity: Growing end-use industries like automotive, consumer goods, construction are driving the need to plate a wide range of substrates for appearance and protection. Developing eco-friendly plating solutions without heavy metals presents an opportunity to reduce costs and environmental impact. Adoption of innovative plating techniques like micro-arc oxidation and physical vapor deposition expands application scope.
Threats: Stringent environmental regulations around the world limit discharge of toxic chemicals from plating facilities. This raises compliance costs. Volatile raw material prices and geopolitical issues affect supply chain stability and profit margins. Customers are increasingly demanding greener and sustainable surface treatment options.
Key Takeaways
Global Electroplating Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from automotive and electronics industries. Rapid urbanization and industrialization in emerging economies of Asia Pacific is also boosting the market.
Regional analysis
The Asia Pacific dominates the global electroplating market and is projected to be the fastest growing region during the forecast period. This is attributed to expanding manufacturing base in China, India, Japan and South Korea where electroplating is widely used across many end-use industries. North America and Europe hold a substantial share owing to recovery of the automotive sector in these regions.
Key players
Key players operating in the market include Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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