Electroplating, also known as electrodeposition, 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. It has various applications in manufacturing industries for decorative and functional purposes. Electroplating helps improve the aesthetics of products along with providing better corrosion resistance, wear resistance and electrical conductivity. Industries such as automotive, electronics, aerospace and household appliances extensively use electroplated components and parts owing to their durable metallic finish and extended product life.

The global electroplating market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing automotive industry is presenting lucrative prospects for electroplating applications. Vehicle components such as engine parts, wheels, door handles and bumpers undergo electroplating to enhance their appearance as well as prevent corrosion. Increasing vehicle production driven by rising disposable incomes in emerging economies is propelling the demand for electroplating in the automotive aftermarket. The need to ensure durability of automotive parts is further driving electroplating usage. This presents substantial opportunities for electroplating market players to target the automotive industry with innovative plating solutions and therapies.

Porter's Analysis
Threat of new entrants: The electroplating industry requires high capital investment for setting up electroplating facilities. Strict environmental regulations also act as a barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power in the electroplating market due to the presence of many suppliers. However, suppliers with advance technologies and quality services have an advantage.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of the industry.
Threat of new substitutes: Alternatives like anodizing, thermal spraying, and PVD offer threat but electroplating is still an economical alternative for many applications.
Competitive rivalry: The electroplating market is fragmented with the presence of global as well as regional players. Competition is based on pricing, service, and innovation.

SWOT Analysis
Strength: Electroplating provides enhanced properties like corrosion resistance, hardness, wear resistance etc. to the substrate material. It is widely applicable across many industries.
Weakness: Exposure to hazardous chemicals is an operational challenge. Initial setup and maintenance costs are high.
Opportunity: Growing automotive, electronics and aerospace industries represent significant opportunities. Developing eco-friendly plating chemicals also provides opportunities.
Threats: Stringent environmental regulations increase compliance cost. Alternative surface coating techniques can replace electroplating over time.

Key Takeaways
Global Electroplating Market Size is expected to witness high growth over the forecast period supported by the growing demand from end-use industries. The automotive industry accounts for the major share of the electroplating market. Electroplating provides a durable, anti-corrosive and aesthetic finish to automotive components increasing their lifetime. The global electroplating market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0%  over the forecast period 2023 to 2030.

Regional analysis indicates Asia Pacific as the fastest growing region in the electroplating market owing to the presence of emerging economies like China and India. China dominates electroplating consumption globally, driven by the country's huge automobile and electronics manufacturing base.

Key players operating in the electroplating market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation. These players are focusing on developing innovative and eco-friendly electroplating solutions to strengthen their market position.

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