Electroplating Market

Electroplating Market Size (2024-2029):

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.

Market Overview:

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.

Market Trends:

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.

Market Drivers

The global electroplating market is predicted to record a considerable expansion rate during the foreseen period. Electroplating is most commonly employed for decorative purposes or to prevent the corrosion of a metal. It is a process of plating one metal plate on another using the hydrolysis technique. 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.

Market Restraints:

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.

Market Opportunities:

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.

Market Challenges:

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.

Market Key Developments:

• Uyemura launches new electrolytic nickel technology. Each year, FABTECH provides opportunities to meet suppliers, see the latest finishing products and technologies, learn from industry experts, and network with others.
• LPKF launches a desktop electroplating system. LPKF Laser & Electronics introduced the MiniContac RS, a desktop plating system.

ELECTROPLATING MARKET REPORT COVERAGE:

Market Segmentation:

Electroplating Market - By Metal Type:

• Gold
• Silver
• Copper
• Nickel
• Chromium
• Zinc
• Others

Electroplating Market - By End Use Industry:

• Automotive
• Electrical & Electronics
• Aerospace & Defense
• Jewelry
• Machinery Parts & Components
• Others

Based on the end-use industry, in 2021, the electrical and electronics segment accounted for the largest market share with 34.5% in terms of revenue, followed by automotive.

Market Regional Analysis:

The Electroplating Market includes the segmentation of Regions with their respective Countries.

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific contributed the largest market share in 2021 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 contributes 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.

Impact of COVID-19 on the Global Electroplating Market:

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.

Market Key Players:

The global Electroplating Market is associated with major players including

1. Superchem Finishers
2. Metalor Technologies International SA
3. Heimerle+meule GmbH
4. Sharrets Plating Co., Inc
5. Peninsula Metal Finishing, Inc
6. J&N Metal Products LLC
7. Bajaj Electroplaters
8. Roy Metal Finishing, Inc
9. Pioneer Metal Finishing
10. Kuntz Electroplating, Inc
11. Interplex Holdings, Pte. Ltd
12. Atotech Deutschland GmbH
13. Allied Finishing, Inc