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The electroplating market size is estimated to be valued at US$ 20 billion in 2023 and is expected to surpass US$ 30 billion by 2033. The adoption of electroplating is likely to advance at a CAGR of 4.1% during the forecast period.
Electroplating, which is also known as electrodeposition is a process in which the depositing of material is done on a workpiece using an electric current. It is a process by which a thin layer of metal is deposited on a workpiece known as the substrate. The primary use of electroplating is to change the physical properties of an object. With the expansion of the electronics industry, the demand for electroplating is expected to surge in the coming years.
2018 to 2022 Global Electroplating Market Outlook Compared To 2023 to 2033 Forecast
Rising environmental concerns and stringent regulations in developed regions such as North America and Europe, over the use of electroplating and its adverse impact on health and the environment, have remained the key concerns for manufacturers and end users alike.
The electroplating industry is counted among the major polluting industries as its process discharges toxic materials, solid wastes, and heavy metals through effluents, and air emissions into the environment. For instance, cyanide, lead, and cadmium plating are highly toxic & hazardous in nature, making their disposal very difficult. Subsequently, the clean and environment-friendly electroless nickel plating method is gaining popularity and has become a preferred option nowadays.
Manufacturers are continuously launching new substrate materials for electroplating which are environment-friendly and have good aesthetics. With surging demand for materials such as plating on plastics which improve the aesthetics of products, the electroplating demand is set to grow steadily through 2033.
Rapid industrialization, coupled with high disposable income in developing countries is fuelling the demand for the automotive, electronics, and jewelry industries, which in turn is boosting the electroplating market. The rising demand for electroplating from different end-use industries is propelling the growth of the market. For instance, the electrical & electronics industry uses copper, nickel, silver, and gold-plated components for various end-use applications to improve characteristics such as corrosion resistance, wear resistance, solderability, and electrical conductivity. FMI expects the global electroplating market to grow at a 4.1% CAGR through 2033.
Electroplating: Unlocking New Possibilities in Surface Finishing
The global market for electroplating will exhibit impressive expansion in the South Asia & Pacific region. According to FMI, the demand for ASEAN will be significantly high. According to ASEAN Automotive Federation, nearly 256,158 motor vehicles were sold in November 2020. Despite the considerable decrease in sales in comparison to cars sold over the same period the previous year, the automotive sector continues to represent high scope for electroplating.
With several companies prioritizing the use of plating on plastics, growth opportunities seem impressive. The rate at which electronic products are being sold in the world effectuates a robust growth in demand for electroplating services. Manufacturers of electronic products and electrical devices & components are obligated to use electroplating techniques for coherently coating metal surfaces.
Close Collaboration for Lasting Success: The Importance of Proximity to End-Users in Electroplating
Some of the leading companies are investing in collaboration activities to gain competitive advantage. Collaboration and partnerships with OEMs of respective end-use industry to be key strategies that could help electroplating companies thrive in the market space.
Proximity to the end-users helps in better communication and acquisition of projects. It also helps in expanding the equipment and service coverage as well as the availability of a wide range of services for different applications.
Country-wise Insights
Electroplating Market Sparking Growth in the USA: Exploring the Opportunities and Potential
FMI has projected North America to remain one of the most lucrative markets throughout the course of the forecast period. Within North America, the USA is expected to spearhead growth. Among the significant factors supporting expansion is the presence of numerous growing manufacturing and automotive sectors in the country. The USA is considered one of the biggest automotive markets in the world. According to Select USA, sales of light vehicles reached 17.2 million units in the USA alone in 2018. The country’s mature automotive sector has been among the key end users of electroplating.
Although price moderation will to some degree limit market value changes, real growth will intensify, driven by higher-than-average gains in the large-scale market for transport equipment. Furthermore, increasingly strict restrictions on the climate and workplace welfare will help raise demand for higher-value and cleaner alternatives.
The country has a huge demand for electroplating from high-end passenger cars. Increasing demand for plating on plastic, especially from the automotive industry, and the presence of a large number of prominent plating on plastic manufacturers are leading to high growth of plastic-based electroplating in the country.
Favorable policies, coupled with high per capita spending, have created a conducive environment for the growth of the electroplating industry in the USA. Also, the presence of leading players such as Allied Finishing, Inc. and Pioneer Metal Finishing Inc. is supporting growth in the USA. Strategies undertaken by these companies include product launches and expansion plans, which will continue aiding overall expansion in the USA.
The Battle for Electroplating Supremacy: A Look into the Competitive Landscape
The global electroplating market is highly fragmented, with numerous players vying for market share. The market players are adopting strategies such as mergers and acquisitions, partnerships, and collaborations to expand their presence and increase their market share.
Atotech Deutschland GmbH is a leading player in the electroplating market, providing solutions for decorative and functional plating applications. The company offers a wide range of products, including pretreatment chemicals, electroplating processes, and post-treatment chemicals. The company is also investing heavily in R&D to develop new and innovative products.
Overall, the competitive landscape of the electroplating market is highly fragmented, with numerous players vying for market share. The market players are adopting strategies such as mergers and acquisitions, partnerships, and collaborations to expand their presence and increase their market share.
These insights are based on a report on the
Electroplating market
by Future Market Insights
Source: Email/GFMM
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