The Electroplating Market is estimated to be valued at US$ 19.33 Bn or 19.33 billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electroplating is a surface coating process that deposits a thin layer of metal such as chromium, nickel or zinc on an article through an electrochemical reaction. It is commonly used in industries such as automotive, electrical and electronics to provide aesthetics, conductivity, corrosion resistance and wear resistance benefits to metal parts. Electroplating finds key applications in automotive components, industrial machinery, consumer goods, architectural components among others. Developments in surface coating technologies are driving innovations in electroplating.
Market Dynamics:
First, rising demand from automotive industry is fueling market growth. The automotive industry utilizes electroplating processes to plate various auto components such as wheels, engines, radiator grills, trims and others. Growing automotive production worldwide due to rising vehicle ownership is propelling demand. Second, technological advancements are also driving the market. Industry players are increasingly focusing on developing new electroplating processes to achieve enhanced properties such as hardness, wear resistance and corrosion protection. New processes such as microarc oxidation are enabling production of lightweight, durable and high strength coated components for emerging applications.
Segment Analysis
Electroplating Market is dominated by industrial electroplating sub segment which accounts for more than 50% of the total market share. Industrial electroplating is widely used for decorative and functional plating on automobile components, machinery parts, hardware etc. It imparts properties like corrosion resistance, wear resistance and improves appearance which increases lifespan of components.
PEST Analysis
Political: Stringent regulations regarding use of heavy metals like chrome and nickel in electroplating are driving demand for alternatives like gold, tin etc.
Economic: Growth of end use industries like automotive, electronics is positively impacting electroplating market. Developing nations are witnessing highest growth in these industries.
Social: Increasing disposable incomes and living standards are driving demand for consumer goods with aesthetic metal finishes provided by electroplating.
Technological: Developments in electroplating processes to reduce wastage and increase throughput are supporting market growth. Use of digital technologies for process monitoring and quality control is also gaining traction.
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 automotive industry. Growing automotive production across regions especially in Asia Pacific is a major driver.
Regional analysis indicates that Asia Pacific accounts for over 40% market share and is the fastest growing region for electroplating market. This is attributed to presence of large automobile manufacturing bases and supporting electronics industries cluster in countries like China, India, Japan, South Korea.
Key players operating in the 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
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