Electroplating Market - Forecast (2022 - 2027)

The electroplating Market is forecast to reach $18.6 billion by 2027, growing at a CAGR of 3.2% from 2022 to 2027. Electroplating is a process that uses an electrical current to deposit material on a workpiece. It is a method by which a thin layer of metal is deposited on a workpiece known as the substrate. The primary use of electroplating is to modify an object's physical properties. The change in the physical properties is done in order to provide the object with aesthetic appeal, increase wear resistance, increase thickness and provide protection against corrosion. Market growth can be attributed to the burgeoning demand for consumer goods made of metal. The increasing adoption of electroplating across different vertical industries, such as the automotive and aerospace industries and defense, among others, are other factors that contribute significantly to stimulating market growth.

Electroplating Market Report Coverage

The report: “Electroplating Market - Forecast (2022-2027)”, covers an in-depth analysis of the following segments of the Electroplating Market.

• By Metal Type: Gold, Silver, Platinum, Nickel, Zinc, Chromium, Copper, Others
• By Application: Corrosion Protection, Decorative Coating, Electrical Application, Others
• By End-User: Automotive, Electronic and Electrical, Aerospace and Defense, Jewellery, Machinery Parts and Components, Home Appliances, Others
• By Geography: North America, South America, Europe, APAC, RoW

Key Takeaways

• Factors contributing significantly to stimulating market growth are the increasing adoption of electroplating across various vertical industries, such as the automotive and aerospace industries and defense, among others.
• Chrome reduces rust risk and improves the strength of the base material. By reducing friction to prolong the life of a machine, it offers elevated lubricity. Not only does chrome prevent wear on the machine, it also delivers extra performance. With a decreased risk of overheating, less friction implies smoother operation.
• Electroplating allows manufacturers to use cheap metals such as steel or zinc for the majority of the product in machine parts and components, and then apply different metals on the outside to account for the appearance, protection and other properties required for the product of the machine. Without breaking the torque tolerance, electroplating can strengthen machinery parts and components.
• The Asia-Pacific region is projected to hold a large market share in high consumer electronics production, coupled with rapid industrialization in major developing economies and the presence of a substantially large manufacturing sector in major countries such as China and India, among others.

Electroplating Market Segment Analysis - By Metal Type

During the forecast period Chromium is expected to grow at a highest CAGR of 5.98%. Chrome plating, though it looks pleasing to the eye, is more than just an aesthetic improvement. Chrome plating improves the hardness, durability and corrosion resistance of a surface, while also creating a shiny and smooth surface that is easier to clean. The best protection against corrosion and wear on a machine is a chrome-plated finish. A chromium metal finish extends the life of parts in spite of high-friction conditions. Chrome plating provides protection in environments where other base materials are conducive to corrosion. For equipment exposed to caustic elements, chrome plating is ideal. Chrome reduces the risk of rust and improves the base material's strength. It provides elevated lubricity by reducing friction to prolong the life of a machine. Not only does chrome prevent wear on the machine, it provides additional performance as well. Less friction implies a smoother operation with a decreased risk of overheating.

Electroplating Market Segment Analysis - By End-User

The Machinery Parts and Components is projected to grow during the forecast period at the highest CAGR of 4.33%. Due to advantages related to corrosion prevention, highlighting appearance and creating special features for the surface, such as increasing electrical conductivity, durability and surface hardness, electroplating is done in machinery parts and components. It improves the wear resistance of machine parts and, due to good friction and heat resistance properties, improves their operation. This prevents damage to heat and increases the longevity of components. Electroplating enables manufacturers to use cheap metals such as steel or zinc in machinery parts and components for the majority of the product and then apply various metals on the outside to account for the appearance, protection and other properties required for the machinery product. Electroplating can strengthen machinery parts and components without breaking torque tolerance.

Electroplating Market Segment Analysis - By Geography

APAC is expected to hold a large share of the Electroplating market and is expected to grow at a CAGR of 3.95%. The Asia-Pacific region is projected to hold a large market share in high consumer electronics production, coupled with rapid industrialization in major developing economies and the presence of a substantially large manufacturing sector in major countries such as China and India, among others. In addition, large automobile manufacturing facilities in countries such as China, India , and Japan are also contributing to the region 's significant demand for electroplating. Increasing investment in expanding production will further contribute to market growth in the Asia-Pacific region over the forecast period.

Electroplating Market Drivers

Growing Demand for Electroplating Applications in Automotive Industry

The automotive industry is one of the largest consumers of electroplating technology that utilizes all the zinc to gold electroplating process available. Plastic electroplating is also used in modern automobiles for chrome-plating the lightweight parts. Palladium plating is used in the manufacture of catalytic converters because of its ability to absorb excess hydrogen. In the automotive industry, manufacturers are always looking for ways to protect their goods from the relentless forces of corrosion. In addition to the rapid growth of the automotive industry, the galvanising technique is widely used in various automotive components. Several automotive companies are investing in vehicle body electroplating units with corrosion and rust resistant material layers. In addition, advanced electroplating techniques are provided by several companies. For instance, Techmetals offers solutions such as Electroless Nickel (EN), that can optimize resistance to corrosion and wear passing over 1,000 hours of salt spray testing and they also provide anodizing for parts found on brake calipers and body frames.

Rising Demand for Consumer Electronics Product

The increasing popularity of electronics products drives the growth of the electroplating market due to ongoing product innovation coupled with technology adoption and demand for electrical devices. The production of electrical devices, components and electronic products requires the use of electroplating to coat metal surfaces in a coherent manner. For different end-use applications, the electrical & electronics industry uses precious as well as non-precious plated components to improve characteristics such as corrosion resistance, wear resistance, solder-ability, and electrical conductivity of the product. Moreover several companies have been investing heavily for the production of electronic products. India aims to produce $24 billion worth of mobile phones by 2022 and an overall $190 billion worth of mobile phones by 2027.

Electroplating Market Challenges

Environmental Concerns Related to Electroplating Technique

Although the electroplating market is growing rapidly, environmental concerns related to this technique are hampering the growth of the market during the forecast period. Electroplating operations, including heavy metals and cyanide, can produce emissions of toxic air pollutants. Furthermore, toxic air pollutants and volatile organic compounds (VOC) are released by degreasing and cleaning solutions. Cyanide is a key component of plating solutions that affect the nervous system, heart, and lungs. In order to curb the emission of harmful chemicals and gases that are released into the atmosphere throughout the electroplating process, the governments of several countries are imposing certain electroplating industry regulations. This is likely to be a major obstacle for the global electroplating market.

Electroplating Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Electroplating Market. The electroplating Market is expected to be dominated by major companies such as Umicore, Diehl, Camellia, Aalberts Surface Treatment, Atotec, Interplex Industries, Kuntz Electroplating Inc., Interplex Industries Inc., Peninsula Metal Finishing Inc., Roy Metal Finishing, J & N Metal Products LLC, Allied Finishing Inc., Pioneer Metal Finishing (PMF) and many more.

Acquisitions/Technology Launches

• In July 2019, Kikinzoku Tanaka Kogyo K.K. K.K. Announces that Mitomo Semicon Engineering Co. , Ltd. will be merged with the plating equipment business division of its group company Electroplating Engineers of Japan Ltd. (EEJA) to strengthen the business structure, enhance corporate value and offer customers improved services.
• In 2017, The new Atotech Development Center scheduled to start operations in India, providing high-quality, sustainable and faster product and process development. The company aims to continue its growth in the Asia Pacific region, which accounts for two-thirds of its global sales.

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