by Market Overview:
Electroplating is a process that uses an electric current to reduce dissolved metal cations so that they form a thin coherent metal coating on an electrode. The process produces a range of surface finishing in industries like automotive, electronics and manufacturing. It provides excellent corrosion resistance, wear resistance and reflects a shiny metallic lustre finish to parts.
Market key trends:
One of the key trends in the electroplating market is adoption of innovative coating materials. Manufacturers are focusing on developing new coating materials like nickel and chromium free coatings, gold electroplating and other precious metal coatings. For instance, gold electroplating is gaining traction in electronics and medical devices manufacturing due to its tarnish resistance and biocompatibility. Precious metal coatings provide excellent corrosion resistance and looks aesthetically appealing. Also, manufacturers are developing eco-friendly electroplating solutions to reduce dependency on heavy metals and align with green manufacturing practices. This is expected to boost the demand for electroplating over the forecast period.
Segment Analysis
The global electroplating market is segmented on the basis of metal, type, and end-use industry. Based on metal, the market is divided into gold, silver, copper, nickel, chromium, zinc, and others. Among these, the nickel segment accounts for the largest share as it finds extensive application in the manufacturing of corrosion-resistant components. Based on type, the market is bifurcated into thin-film electroplating and thick-film electroplating. The thin-film electroplating segment currently dominates the market owing to its better aesthetic appeal and less material wastage. In terms of end-use industry, the market is segmented into automotive, electrical & electronics, construction, and others. The automotive segment holds the largest share as electroplated components exhibit excellent corrosion resistance and wear protection properties essential for vehicle bodies and other parts.
Key Takeaways
Global Electroplating Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from the automotive industry for protective and decorative coatings.
Regional analysis: Asia Pacific accounts for the largest share of the global electroplating market and is expected to maintain its dominance over the forecast period. This can be attributed to extensive electroplating usage in the thriving electronics and automotive industries of China and India.
Key players: Key players operating in the electroplating market include Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others.
The market size for electroplating in 2023 is estimated to be US$ 19.33 Bn. Key players are focusing on developing innovative coatings and plating solutions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
