Global Electroplating Market is estimated to account for US$ 21.9 Bn by end of 2027, Says Coherent Market Insights (CMI)

Electroplating is a method that creates a metallic surface on a hard non-polarized surface by means of an electrical current. Electroplating is usually done on steel, brass, copper, bronze, zinc, and aluminum. The process uses two separate Electrodes, one set on a positive and other set on a negative electrode, and the plating process is carried out by melting the object to be plated, dipping it into the electrolyte solution which is then used to conduct an electrical current. The current applied causes the liquid metal to be shaped into the desired shape. Electroplating is generally used in the military field to increase the effectiveness of current weapons systems. In automobiles, it is used to reduce friction in moving parts by applying a thin layer of plating material to the moving part. Plating also provides a protective layer of insulating material between the plating and the rest of the components.

The global Electroplating market is estimated to account for US$ 21.9 Bn in terms of value by the end of 2027, witnessing a CAGR of 3.4 % during the forecast period (2020-2027).

Market Drivers:

Rapid industrialization especially across Asia Pacific region is primarily fuelling the growth of the electroplating market. Electroplating is widely used across electronic, automotive, and other manufacturing industries. According to the India Brand Equity Foundation, in October 2020, India's manufacturing sector recorded improvement for the third consecutive month, with businesses growing production to the greatest extent in 13 years in the middle of robust sales growth. Thus rapid industrialization across emerging economies is augmenting the growth of the electroplating market.

The growing use of electroplating from aerospace and defense industry is uplifting the growth of the electroplating market. The electroplating coating sticks to the surface of the material and offers a protective bond. Also, the process also offers various advantages such as heat resistance, electrical conductivity, corrosion resistance, and friction wear to the equipment in the defense industry.

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Market Opportunities:

Increasing adoption of advanced processes such as dry processes is expected to augment the growth of the electroplating market. Dry processes are gaining rapid adoption over the wet process as they reduce exposure to workers and also a reduction in waste. Moreover, manufacturers are shifting their focus towards water-based cleaning agents over organic ones which are again projected to foster the growth of the electroplating market. All these factors are expected to provide potential growth opportunities to the market in the near future.

The growing focus of manufacturers to introduce waste management techniques is expected to provide lucrative market opportunities. As sludge released during this process contains heavy metals which are hazardous in nature and this can cause negative impact to terrestrial as well as aquatic species. So this waste needs to handle with care. Thus, the growing adoption of such waste management techniques by key players will favor the growth of the electroplating market in the near future.

Market Trends:

Increasing adoption of the strategic alliance such as partnership and merger by key players in order to expand the business is one of the emerging trends in the market. For instance, in July 2019, Tanaka Kikinzoku Kogyo K.K. announces that the plating equipment business division of its group company Electroplating Engineers of Japan Ltd. (EEJA) will be merged with Mitomo Semicon Engineering Co., Ltd. to strengthen the business structure, enhance corporate value, and to offer improved services to customers.

The growing use of plating on plastic due to technological advancement is expected to be a trend in the market. Plating on plastic provides an effective solution across various applications such as automotive and electronic industry.

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Competitive Landscape:

May players involved in the global electroplating market are Allied Finishing Inc., Atotech Deutschland GmbH, Interplex Holdings Pte. Ltd., Kuntz Electroplating Market Inc., Peninsula Metal Finishing Inc., Pioneer Metal Finishing, Roy Metal Finishing, Sharretts plating Co. Inc., J & N Metal Products LLC, and Bajaj Electroplaters

Market segmentation:

By Metal Type:

• Gold
• Silver
• Copper
• Nickel
• Chromium
• Zinc
• Others (Cadmium, Tin, etc.)

By End-use Industry:

• Automotive
• Electrical & Electronics
• Aerospace & Defence
• Jewelry
• Machinery Parts & Components
• Others (Silverware, Optics, Home Appliance, Healthcare, etc.)

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.

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Global Electroplating Market is projected to grow at a CAGR of 3.4 % during the forecast period 2020-2027, Says Coherent Market Insights