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"The demand for Electroplating was estimated at USD ~ 16.2 billion in 2019. It is projected to witness a CAGR of 3.7% during the forecast period (2020-2028)"
The electroplating market is majorly driven by rapid industrialization and increased urbanization in the years to come. The emergence of disruptive developments in electroplating techniques, such as nanotechnology and dry plating processes, has meant that efforts are being made by industry players to ebb their environmental footprint and boost waste management. In addition to the recent rise in emphasis on sustainability and waste management, service improvement and cost reduction are key priorities of providers in the electroplating market. Developing economies such as China and India are experiencing heavy construction and industrialization activities, as various manufacturers are trying to make a profit by investing in the untouched region. Hugh demand from various manufacturers such as automotive, aerospace & defence, electrical & electronics will also boost the electroplating market.
Enhancing lifestyle along with the durability of electroplating will further drive the market growth. Surging demand for increased-performance plating components, for optimum protection against excessive and wear heat, corrosion, with the lowermost possible deposition thickness, has underpinned the production.
The global electroplating market on the basis of the end-use segment is bifurcated into electrical & electronics, defence & aerospace, automotive, jewellery, machine parts & components, and others (silverware, optics, etc.). The geography segment is analysed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
By Type, Nickel is expected to witness the highest growth in the Electroplating Market across the globe. It is expected to hold XX% of the total market.
Nickel dominates the electroplating market in 2019 owing to an unrivalled and exceptional combination of corrosion & wear resistance and additional advantages of brightness, appeal and lustre. In addition, electroless nickel coatings have increased popularity as the major solution to protect critical components & parts, such as fuel systems, turbochargers, and transmission parts, from corrosion in severe conditions. Nickel's excellent adhesion ability for subsequent layers is the primary factor which has driven its popularity among both end-users and market players. Wide application of nickel is another factor driving the segment growth. As a result of above-mentioned factors, the segment will show substantial growth during the forecast period.
By End-Use, Electrical & Electronics are estimated to witness high sales in Electroplating Market
For various end-use applications, the electrical & electronics industry uses both precious and unprecious plated components to improve the product's characteristics such as electrical conductivity, wear resistance, corrosion resistance, and solderability. Electrical & electronics industry relies heavily on service providers for electroplating, as it helps surge the lifetime of the product and makes it more durable. Due to the growth in demand from various minor end-users around the world as various service providers offer services internationally, a large number of fresh electroplating manufacturers have arisen in regions of East Asia and South Asia.
Automotive development drives demand for corrosion protection, improved automotive parts aesthetics and zinc and zinc-nickel alloy plating. In the automotive industry, plating is quite common for prevention of brightening and corrosion of metal & non-metal components. Additionally, the demand for gold-plated parts is fuelled by the aesthetic appeal of the luxury car market, along with wear and corrosion resistance.
Asia Pacific region to show the fastest growth in the overall electroplating market in terms of revenue share.
High manufacturing activities from the electrical & electronics and automotive industries in nations such as China, India, Japan and ASEAN have predicted an improved electroplating demand level. Demand in India will grow relatively stronger, with increasing production facilities across different industrial sectors in the country. The market is expected to register a CAGR of XX% during the forecast period. On the global electroplating market, North America and Europe are anticipated to hold strong prominence owing to developed industries such as automotive, electrical & electronics, and others.
Allied Finishing, Inc., Metalor Technologies International SA, Atotech Deutschland GmbH, Pioneer Metal Finishing, Inc., Interplex Holdings Pte. Ltd, Roy Metal Finishing, Inc., Bajaj Electroplaters, Sharretts Plating Co. Inc., J & N Metal Products LLC, Kuntz Electroplating, Inc., Peninsula Metal Finishing, Inc., Heimerle + Meule GmbH, and Superchem Finishers are few of the key players in the global electroplating market.
Segmentation of Global Electroplating Market:
Electroplating Market by Metal Type:
- Other (Cadmium, Tin, etc.)
Electroplating Market by End-use:
- Electrical & electronics
- Defence and Aerospace
- Machine Parts & Components
- Others (Silverware, Optics, etc.)
Electroplating Market by Region:
- North America
- South America
- Middle East & Africa