Allied Market Research published a report, titled, “Electroplating Market by Type (Gold, Silver, Copper, Platinum, Palladium, Rhodium, and Others.) by End-use (Automotive, Electrical and Electronics, Aerospace and Defense, Jewelry, Machinery Parts and Components, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global electroplating market was valued at $18.3 billion in 2022 and is projected to reach $27.2 billion by 2032, growing at a CAGR of 4.0% from 2023 to 2032.
The application of electrolytic cells which involves deposition of a thin layer of metal onto an electrically conductive surface is reffered to as electroplating. In electroplating practice, the anode is the positive electrode and cathode is the negative electrode. Electroplating enhances object surface qualities such as appearance, abrasion and corrosion resistance, reflectivity, lubricity, and electrical conductivity.
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Prime determinants of growth
The global electroplating market is experiencing growth due to several factors such as increasing demand for electroplating from the automotive industry and an increase in demand for consumer electronics as electroplating is required for the uniform coating of metal surfaces in the production of electrical devices, components, and electronic products. However, the environmental issues related to the electroplating process hinder market growth to some extent. Moreover, increasing demand for sustainable electroplating solutions offers remunerative opportunities for the expansion of the Electroplating market
Impact of Russia-Ukraine War on the Electroplating Market
- The conflict disrupted supply chains for various industries, including the electroplating market. Ukraine, as a significant global producer of metals such as zinc, nickel, and steel, which are essential for electroplating processes, experienced disruptions in the production and transportation of these metals. This led to supply shortages and price fluctuations in the electroplating market.
- Geopolitical tensions and uncertainties surrounding the conflict resulted in price volatility for raw materials used in electroplating. Investors and businesses became cautious, leading to fluctuations in metal prices. This volatility posed challenges for electroplating companies in managing their production costs and pricing their products competitively.
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The copper segment is expected to grow faster throughout the forecast period
Based on the type, the gold segment held the highest market share in 2022, accounting for around two-fifths of the global electroplating market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that gold electroplating finds extensive use in various industries. In electronics, it is utilized to coat connectors, circuit boards, and semiconductors for improved conductivity and reliability. In the jewelry industry, it enhances the appearance and durability of accessories. Moreover, gold-plated items are popular in the luxury market, offering an affordable alternative to solid gold products. However, the copper segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032. This can be attributed to the fact that copper electroplating is utilized for enhancing conductivity, preventing corrosion, and improving the object’s appearance in various applications, such as electronics, automotive components, and decorative items.
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The electrical and electronics segment is expected to lead the trial by 2032
Based on the end-use industry, the electrical and electronics segment held the highest market share in 2022, accounting for nearly one-third of the global electroplating market revenue and is likely to retain its dominance throughout the forecast period. This segment is also projected to manifest the highest CAGR of 4.5% from 2023 to 2032. This can be attributed to the fact electroplating plays a vital role in the electrical and electronics industry. It is commonly used to enhance the performance and durability of electrical components, such as connectors, switches, and printed circuit boards (PCBs). By applying a thin layer of metal through electroplating, these components gain improved conductivity, corrosion resistance, and solderability. Moreover, electroplating enables the production of precision parts with tight tolerances, ensuring consistent and reliable electrical connections.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global electroplating market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. In North America, the electroplating market is driven by several key factors that contribute to its growth and significance in various industries. Electroplating is a widely used surface finishing process that involves depositing a thin layer of metal onto a substrate to enhance its properties, such as corrosion resistance, conductivity, and appearance. The thriving manufacturing sector in the region is a major driver of the electroplating industry. North America has a robust manufacturing base across various sectors, including automotive, aerospace, electronics, and consumer goods. Electroplating is an integral part of manufacturing processes in these industries, where it is used to improve the quality and performance of components and products. The Asia-Pacific region is projected to manifest the highest CAGR of 4.5% from 2023 to 2032
Leading Market Players: –
- CHERNG YI HSING PLASTIC PLATING FACTORY CO.LTD
- ALLIED FINISHING, INC.
- ATOTECH
- SHEEN ELECTROPLATERS PVT. LTD.
- PRECISION PLATING CO.
- SUMMIT CORPORATION OF AMERICA
- KLEIN PLATING WORKS, INC
- SUPERCHEM FINISHERS
- SHARRETTS PLATING COMPANY
- JING-MEI INDUSTRIAL LIMITED
The report provides a detailed analysis of these key players in the global electroplating market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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