The Global Electroplating Market size was estimated to be worth USD 14.92 billion in 2023, and it is predicted to be worth USD 18.77 billion by the end of 2029 and is predicted to register a CAGR of 4.70% during the forecast period 2024-2029.
Electroplating is a type of metal finishing that has found its application in many applications among various end-user products, such as electrical and electronic, automotive, machinery parts and components, and aerospace and defense. Rapid urbanization and rapid industrialization are likely to play a crucial role in the rise of the worldwide electroplating market in the coming years. Emerging economies are experiencing intense industrialization and construction activity as various manufacturers try to profit by investing in the untapped region. Electroplating helps manufacturers to use inexpensive metals, for example, steel or zinc for almost any product, and then to protect the product, the metallic coating of other metals is employed to protect it from corrosion improve its prospects, and others according to the customer's choice. Electroplating or electroplating is defined as an electrochemical metal finishing process in which metal ions dissolved in a solution are deposited onto a substrate using electricity. This process creates a protective layer on the substrate that provides resistance to corrosion and improves the overall appearance of the product. Under the mechanism, the electric current passes through a solution of dissolved metal ions and the metal object is coated in the mechanism.
During the forecasted period, the worldwide electroplating market is expected to grow at a significant rate. Electroplating is most typically used for ornamental purposes or to keep metal from corroding. The hydrolysis procedure is used to plate one metal plate on top of another. Silver, copper, and chrome are some of the specific varieties of electroplating. Automotive, aerospace, and defense, electrical and electronic, and machine parts are all industries that use electroplating. The electrical and electronics industry's strong need for electroplating, particularly in the fabrication of components for televisions, refrigerators, and air conditioners, is expected to propel the global electroplating market forward. Several manufacturers are modifying their electroplating processes, such as using the dry process instead of the wet process to limit worker exposure and waste. Furthermore, throughout the forecasted period, manufacturers' preference for water-based cleaning chemicals over organic agents is expected to increase the global electroplating market share in the next six years.
Various objects made of ferrous and non-ferrous metals, as well as plastics, are coated with different electroplating metals such as tin, zinc, silver, copper, chrome, gold, palladium, platinum, and aluminum. This is likely to promote the demand for electroplating in the coming years.
Some of the specific types of electroplating are silver, copper, and chrome. Electroplating is often used in verticals like automotive, aerospace and defense, electrical and electronic, and machine parts. A strong call for electroplating from the electrical and electronics industry, especially in the manufacturing of components for televisions, refrigerators, and air conditioners, is predicted to drive the expansion of the global electroplating market. Many manufacturers are changing the electroplating process, for example, adopting the dry process rather than the wet process, as this reduces worker exposure and waste generation. Furthermore, the shift in manufacturer preference towards water-based cleaning agents over organic agents is also predicted to drive the expansion of the global electroplating market during the foreseen period.
However, environmental concerns and the high cost associated with the process are predicted to be the main factors hampering the expansion of the world market.
The growing call for electroplating from aerospace and defense applications to provide a suitable finish to machinery is predicted to drive the expansion of the electroplating market. Finishing generally involves the process of coating metal that adheres to the surface of the material and provides a protective bond. Additionally, the process also provides corrosion resistance, electrical conductivity, heat resistance, and friction wear to defense industry machines. Therefore, the escalating call for electroplating for the above application in the defense industry is likely to be driving the expansion of the market.
Governments in various regions impose certain regulations on the electroplating process due to the emission of harmful chemicals and gases, which are released into the atmosphere. This factor is supposed to hamper this business expansion in anticipated years.
The COVID-19 pandemic has created the utmost fear in human lives and livelihoods all over the planet, with no visible borders. To decline the spread of the virus and avoid the overuse of healthcare systems, governments throughout the world have blocked borders and instituted nationwide quarantines and physical separation measures. Furthermore, the safety and well-being of employees were rightfully prioritized. Since the occurrence of the COVID-19 pandemic, various industries' average market share has plummeted, including metals and electronics, and individual firms have lost up to half of their market value.
This further had an impact on the electroplating business, which has seen a decrease in demand from a variety of industrial applications. Furthermore, the loss of production has been exacerbated by the closure of some locations or the temporary halt of operations. Due to the conditions, procurement professionals have been compelled to play a critical role in reducing supply-chain risks, conserving cash, boosting process productivity, and making decisive decisions that will help the business become successful.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 – 2029 |
Base Year |
2023 |
Forecast Period |
2024 - 2029 |
CAGR |
4.70% |
Segments Covered |
By Metal Type, End Use Industry, and Region. |
Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Superchem Finishers, Metalor Technologies International SA, Heimerle+meule GmbH, Sharrets Plating Co., Inc., Peninsula Metal Finishing, Inc., J&N Metal Products LLC, Bajaj Electroplaters, Roy Metal Finishing, Inc., Pioneer Metal Finishing, Kuntz Electroplating, Inc., Interplex Holdings, Pte. Ltd., Atotech Deutschland GmbH, and Allied Finishing, Inc and Others. |
This research report on the global electroplating market has been segmented and sub-segmented based on metal type, end use industry and region.
Based on the end-use industry, in 2023, the electrical and electronics segment accounted for the largest market share with 36.5% in terms of revenue, followed by automotive.
Asia-Pacific contributed the largest market share in 2023 and is predicted to show remarkable expansion over the foreseen period. Due to the expansion of production facilities in various industrial sectors, especially in the electronics and semiconductor industry, coupled with rapid urbanization, the market call is estimated to increase significantly in the region over the next few years. Analysts expect the worldwide electroplating market in Western Europe and North America to be mature compared to the APAC region. Countries like China, South Korea, and India are likely to be the top contributors to the APAC region. This is likely to attract a number of investors, which will grow the worldwide electroplating market at an exponential rate. On the other hand, Latin America is predicted to grow at a stable CAGR during the conjecture period.
Asia-Pacific is predicted to dominate the electroplating market with the emergence of China as a leading consumer, due to the strong presence of the growing automotive, consumer goods, and electrical and electronics industries. The Asia-Pacific region is predicted to have a significant share of the high-consumption electronics production market account, along with rapid industrialization in major developing countries and the presence of very large manufacturing industries in large countries like China and India, among others. Furthermore, a large automobile manufacturing base in countries such as China, India, and Japan also contribute to the significant call for electroplating in this area. Escalated investment in terms of production expansion will further contribute to market expansion in the Asia-Pacific region during the outlook period. North America and the European region are also supposed to have a notable market share due to well-established infrastructure and the presence of large luxury car manufacturers such as Mercedes, BMW, and Volkswagen in the locale.
Companies playing a prominent role in the global electroplating market include Superchem Finishers, Metalor Technologies International SA, Heimerle+meule GmbH, Sharrets Plating Co., Inc., Peninsula Metal Finishing, Inc., J&N Metal Products LLC, Bajaj Electroplaters, Roy Metal Finishing, Inc., Pioneer Metal Finishing, Kuntz Electroplating, Inc., Interplex Holdings, Pte. Ltd., Atotech Deutschland GmbH, and Allied Finishing, Inc and Others.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region