The global Electroplating Market is estimated to be valued at Us$ 19.33 Bn 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.
Electroplating involves coating a thin layer of metal like tin, copper, nickel, chromium or zinc onto the surface of any material. It is used to enhance the visual appeal, functionality and durability of materials. The materials commonly used for electroplating include steel, plastic, gold, silver and other metals. Electroplating finds widespread applications in industries like automotive, electronics, hardware and defense among others.
Market key trends:
One of the key trends fueling the growth of electroplating market is the rising demand from automotive industry where electroplating processes are used to plate chrome on bumpers, trim components, mirrors and wheels. Chrome plating enhances the aesthetic appeal and protective qualities of auto components. Electroplating of chromium also improves the corrosion resistance and wear resistance of critical auto mechanical components extending their life. The growing automotive industry across regions is expected to drive significant demand for electroplating over the forecast period.
Segment Analysis
The global electroplating market is segmented by metal type, end-use industry, and region. Based on metal type, the market is divided into gold, silver, copper, nickel, chromium, zinc, and others. The copper segment dominates the market and is expected to continue its dominance over the forecast period. Copper electroplating has wide industrial applications and demand, such as from the automotive, electronics, and architectural industries where copper's attributes of corrosion resistance and decorative appearance are leveraged.
Key Takeaways
The Global Electroplating Market Demand is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from end-use industries such as automotive, electronics, construction and others.
Regional analysis - Asia Pacific dominates the global electroplating market and is expected to continue its dominance over the forecast period. Countries such as China, India, Japan and South Korea are major markets for electroplating in the region owing to presence of large automobile and electronics manufacturing industries.
Market size - The global electroplating market size for 2023 is US$ 19.33 Bn and projected to reach US$ 27.52 Bn by 2030, growing at a CAGR of 5.0% during the forecast period.
Key players - Key players operating in the electroplating market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kessebhmer 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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