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Press Release: Electroplating Market to Surpass US$ 21.9 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Electroplating Market 2017–2027
Electroplating is a popular process of plating one metal onto others by using hydrolysis. It is most commonly done for decorative the purpose or to avoid corrosion on the surface of the metal. Electroplating can be classified into silver plating, copper plating, and chromium plating. Electroplating offers protection, desirable appearance, and other special surface properties. Electroplating process is widely used across industries such as electronics, airplanes, automobiles, electronics, and jewelry. These types of products mostly have a layer of silver or gold applied for an attractive look.
The global electroplating market is projected to reach US$ 21.9 billion by the end of 2027, in terms of revenue, growing at CAGR of 3.7% during the forecast period (2019 to 2027).
Drivers
Ongoing industrialization around the globe especially in the Asia Pacific region, along with increasing disposable income in the developed countries of Asia Pacific is fueling the demand for electroplating across electronics, automotive, and jewelry industry. According to the Coherent Market Insights analysis, Asia-Pacific is projected to register a CAGR of 4.6% due to robust demand across end-use industries. Therefore, ongoing industrialization is expected to fuel the market growth of electroplating.
Rising demand for electroplating from aerospace and defense application for providing proper finishing to the machinery is expected to foster the market growth of electroplating. The finishing usually involves the process of coating metal that sticks to the surface of material and provide a protective bond. Moreover, the process also provides corrosion resistance, electrical conductivity, heat resistance, and friction wear to the machinery in the defense industry. Therefore, rising demand for electroplating for the aforementioned application in the defense industry is propelling the market growth.
Regionally, Europe dominated the global electroplating market in 2018, reporting 33.0% market share in terms of revenue, followed by Asia-Pacific and North America, respectively.
Figure 1. Global Electroplating Market, Revenue Share (%), By Region, 2018
Market Restraints
Slow of down of economic growth across developed regions, such as North America and Europe, as these markets are mature and are therefore, hence experiencing relatively slow growth. This is expected to remain over the forecast timeframe. Therefore, the slowdown of economic growth in North America and Europe are projected to hinder the growth of the electroplating market over the forecast timeframe.
Growing implementation of strict environmental regulations in developed regions such as North America and Europe by governments on the usage of electroplating as it has adverse side-effects on human health and environment is expected to inhibit the market growth of the electroplating. The electroplating industry is one of a major industry that contributing to polluting environment as its process release toxic materials, heavy metals, and solid wastes through effluents and air emissions which is further anticipated to restrict the market growth of electroplating.
Market Opportunities
Many manufacturers are changing the process of electroplating such as adopting dry process over the wet process as it reduces exposure to workers and reduce waste production. This initiative is expected to propel the market growth of electroplating. Also, shifting preference of manufacturer towards water-based cleaning agents over organic ones is also expected to foster the market growth of electroplating over the forecast timeframe.
Growing focus of manufacturers for developing waste management techniques is expected to accelerate the market growth of electroplating in the years to come. As sludge containing a high level of metals that is highly hazardous waste, and it should be handled with care for metal recovery. Therefore, many manufacturers are adopting waste management techniques in order to manage hazardous waste release into the environment. Aforementioned factors are projected to foster the market growth of the electroplating over the forecast period.
Figure 2. Global Electroplating Market – Opportunity Analysis
Market Trends/Key Takeaways
Rising adoption of plating on plastic owing to technological advancement is expected to foster the market growth of electroplating. Emerging applications of plating on plastics offer an effective solution in a wide range of applications, especially in the automotive and electronics industry. Moreover, there is a high demand for plating on plastic in the automotive industry, due to its lightweight, cost-effectiveness and corrosion resistance. Therefore, the rising adoption of plating on plastic will favor market growth over the forecast timeframe.
Growing adoption of growth strategy among manufacturers such as mergers and acquisitions for expanding their product portfolio is expected to fuel the market growth over the forecast timeframe. 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.
Figure 3. Global Electroplating Market, Revenue Share (%), By End-use Industry, in 2018
On the basis of end use industry, in 2018, electrical & electronics accounted the largest market share of 34.3% in terms of revenue, followed by automotive and aerospace & defense, respectively.
Figure 4. Global Electroplating Market – Value Chain Analysis
Competitive Section
Key players active 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
Few Recent Developments
Strategy:
Electroplating process is the surface engineering which involves deposition of a metal over the surface of another metal. Electroplating provides numerous benefits such as protection of surface from corrosion and enhancing the aesthetics of the products. Moreover, electroplating has witnessed a gain in demand from automobile industry owing to the focus on rapid advancements for augmenting the durability of the components.
Market Dynamics
The global electroplating market has witness a surge in market growth in terms of revenue in recent past years, owing to the surge in demand for good metal finishing for products in manufacturing, electronics, automobiles and aircraft industry. Rising demand for high-performance metals for electroplating has been sustaining the development for electroplating processes in the automotive industry in recent past years.
On the basis of metal type, the global electroplating market is bifurcated in to gold, copper, nickel, silver, zinc, chromium and others. Manufacturers in varipous end-use industry are encouraging the use of Electroplating in order to reduce the cost by avoiding huge spending on expensive materials. This scenario is projected to fuel the market growth in forthcoming years.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 45 market data tables* and 30 figures* on "Global Electroplating Market” – global forecast to 2027
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