The global electroplating market is expected to grow at a compound annual growth rate of 2.92% over the forecast period to reach a market size of US$15.960 billion in 2026 from US$13.052 billion in 2019. Electroplating is also known as Electrodeposition, is a process in which 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. The change in the physical properties is done to give aesthetic appeal, increase wear resistance, increase the thickness, and give corrosion protection to the object. The growth of the global electroplating market may be attributed to the burgeoning demand for metal-finished consumer goods. Some other factors significantly contributing to spurring the market growth include the rising adoption of electroplating across various industry verticals such as the automotive industry and aerospace and defense among others. For instance, in the automotive industry, electroplating is used to refurbish old chrome parts such as bumpers, grills, and tire rims to make them look new.
The rising demand for electroplating from different end-use industries is propelling the growth of the market. The advent of Industry 4.0 has increased the Research and Development within metal finishing. The demand for durable metals with an adaptable manufacturing process is on the rise. Innovations are being made to improve the quality of electroplating and to further expand the markets for a decorative electroplated nickel or chromium plating owing to the rising requirement of the exceptional corrosion performance of decorative multilayer in automotive decorative plating. With the surging demand for materials such as plating on plastics, which improve the aesthetics of a product, the electroplating demand is set to grow steadily in the years to come. However, the electroplating industry is amongst the major polluting industries across the globe, as its process discharges toxic materials, solid wastes, heavy metals through effluents, and air emissions in the environment. To conquer such environmental concerns, manufacturers are continuously launching new substrate materials for electroplating which are environment friendly and have good aesthetic appeal.
The key players in the market are adopting various strategies such as mergers and acquisitions, collaborations, expansion, etc. to maintain their position in the market and to meet the increasing demand for electroplating. For instance, Atotech Deutschland GmbH, a leading specialty chemicals technology, and advanced electroplating solutions company, recently inaugurated its Atotech Development Center (ADC) in Manesar, India to expand its business operations.
The Global Electroplating Market is segmented based on Type, Type of Plating, Mode of Application, Industry Vertical, and Geography.
Electroplating is one of the most common methods used for corrosion protection, on bridges, vehicles, and appliances among others, as the metal coating acts as a sacrificial barrier that helps prevent the corrosion on the underlying substrate. The growing adoption of electroplating in the automotive industry by the manufacturers for coating the body of the vehicle with rustproof and non-corrosive materials along with a significant surge in the automotive industry at the global level is anticipated to boost the market growth.
For instance, According to the International Organization of Motor Vehicle Manufacturers, automotive production across the globe reached 95,634,593 units per year in 2018, from 77,583,519 units in 2010. Furthermore, the electroplating market for decorative applications is also projected to hold a significant market share owing to the growing demand for metal finished products and decorative products due to the rising disposable income, growing middle-class population, and changing lifestyle of the people.
The electrical and electronics industry is expected to hold a decent share in the global market as electroplating is considered as one of the most important processes for the manufacturing of electronic components to enhance electrical conductivity, improve corrosion resistance, and increase solderability of the component. The growing electronics industry in the major emerging economies such as India, China, and Brazil is anticipated to boost production and drive market growth during the forecast period.
The formulation of government regulations regarding the emission of harmful gases and chemicals and the growing environmental concern over toxic wastes produced during the electroplating process and increasing initiatives towards developing alternative clean technology are expected to hinder the growth of the market. Increasing environmental concerns and stringent regulations in developed countries such as North America and Europe, regarding the use of electroplating and its adverse impact on health and the environment, have remained primary concerns for manufacturers and end-users in the industry.
Impact of COVID – 19
The COVID-19 pandemic has been affecting economies and industries in various countries due to nationwide lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is one of the major industries facing serious turbulence in its business operations. The global electroplating market faced a major setback due to factories and offices being shut down, breakages in the supply chain processes, etc.
Prominent/major key market players in the Global Electroplating Market include Atotech Deutschland GmbH, Allied Finishing Inc., Peninsula Metal Finishing Inc., Kuntz Electroplating Inc., Pioneer Metal Finishing, LLC, Birmingham Plating Co Ltd., Metal Surfaces Inc., Roy Metal Finishing Company, Inc. The players in the Global Electroplating Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market.
Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Global Electroplating Market.
|The market size value in 2019||US$13.052 billion|
|The market size value in 2026||US$15.960 billion|
|Growth Rate||CAGR of 2.92% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type of Metal, Type of Plating, Application, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, MEA, Asia Pacific|
|Companies covered||Atotech Deutschland GmbH, Allied Finishing Inc., Peninsula Metal Finishing Inc., Kuntz Electroplating Inc., Pioneer Metal Finishing, Birmingham Plating Co Ltd., Metal Surfaces Inc, Roy Metal Finishing, Inc.|
|Customization scope||Free report customization with purchase|
The electroplating market can be segmented based on the type of metal, type of plating, application, industry vertical, and geography.
Frequently Asked Questions (FAQs)
Q1. What will be the electroplating market Size by 2026?
A1. The global electroplating market is expected to reach a market size of US$15.960 billion in 2026.
Q2. What is the size of global electroplating market?
A2. Electroplating market was valued at US$13.052 billion in 2019.
Q3. What are the growth prospects for the electroplating market?
A3. The global electroplating market is expected to grow at a CAGR of 2.92% over the forecast period.
Q4. Which region holds the maximum market share of the electroplating market?
A4. The Asia Pacific region is projected to hold a major share in the electroplating market.
Q5. What factors are anticipated to drive the electroplating market growth?
A5. The growth of the global electroplating market may be attributed to the burgeoning demand for metal-finished consumer goods.