The Electroplating market is worth $13.052 billion for the year 2019 and is expected to grow at 2.92% CAGR to reach a market volume of US$15.960 billion by 2026.
Electroplating is also known as Electrodeposition or electroplated coating is a process of coating metal using a thin layer of another metal through the process of electrolysis. The process is carried to improve metal's corrosion resistance. The central purpose of electroplating is to change the physical properties of an object. The change in physical properties provides aesthetic appeal, corrosion protection and increased wear resistance to the object. Also, electroplating is carried out for electroplating is to improve the appearance and special surface and engineering & mechanical properties of the metal. The most commonly used metal in the process of electroplating is copper, nickel, gold, silver, chrome, zinc, tin, rhodium and aluminum among others.
The growing demand in the market can be attributed to the increasing demand for metal finished consumer goods. Other factors that are playing an integral role in augmenting the demand in the market include the rising adoption of electroplating solutions across industry verticals such as aerospace, automotive, defense etc. Moreover, the advent of Industry 4.0 has augmented demand in the electroplating market. For instance, ARCI has developed a new friction-reducing composite that could provide an excellent combination of wear and corrosion resistance through the use of electroplating processes. The new composite focuses on delivering solutions to the automotive and defense sectors. Growing demand and technological innovation in the industry are anticipated to propel growth in the electroplating market.
However, growing environmental concerns over waste produced during electroplating processes are estimated to hinder growth in the electroplating market. Moreover, government regulation concerning the emission of harmful gases and chemicals are expected to further hamper growth in the market. For instance, according to the United States environmental protection agency (EPA) guidelines, the department has promulgated the electroplating regulation (40 CFR part 4130 in 1974 and amended it 1977, 1979, 1981 and 1983. Owing to growing environmental concerns and government regulations are forcing companies to look for clean technology alternatives. For instance, through the funding of the US Defense Department's Advanced Research Projects Agency, various alternative are being adopted towards various alternative including PVD, plasma Nitriding, high-velocity oxyfuel(HVOF) and laser cladding by OEMs for rebuilding worn components. Furthermore, growing environmental concerns and resultant impacts on health have remained the primary concerns of end-user industry manufacturers.
Prominent players in the Machine Condition Monitoring market are Atotech Deutschland GmbH, Allied Finishing Inc., Peninsula Metal Finishing Inc., Kuntz Electroplating Inc., Pioneer Metal Finishing, LLC and Roy Metal Finishing Company, Inc. among others.
The Surging Demand and Increasing Use of Electroplating Solutions in the Automotive Industry Segment Will Drive the Market Growth
Growing demand for automotive products such as passenger automobiles, commercial vehicles, pickup vans and sport utility vehicles is expected to drive demand in the electroplating market. There has been an increased application of electroplating solution across the automotive industry. Electroplating is commonly used as an industrial application for the refurbishment of old chrome parts such as bumpers, grills and tire rims to make them look brand new. Moreover, the growing requirement for exceptional corrosion performance of decorative multilayer in automotive decorative plating is expected to boost demand electroplating market. Growing demand in the automobile industry is thereby boosting growth in the electroplating market. Also, the rising adoption of electroplating in the automotive industry for coating purposes with rustproof and non-corrosive materials is further expected to propel demand in the electroplating market.
Trends in Electroplating Market by Region:
Distinguished market players around the world have adopted various business strategies to sustain, grow and develop in the electroplating market by applying varied business solutions across business verticals including automotive, aerospace & defence, and electrical &electronics among others. Leading corporations such as Atotech Deutschland GmbH, Allied Finishing Inc., Peninsula Metal Finishing Inc. etc. have undertaken various business strategies including partnerships, takeovers, mergers and other related commercial agreements to develop and provide innovative and sustainable solutions across varied business verticals worldwide. Through such collaborative agreements and innovative practices, the North American region has resulted in the considerable development of the market on the whole.
The North American region endures a notable market share and is anticipated to grow at a decent CAGR over the forecasted period. The growth in the North American region is majorly driven by rapid urbanisation and the increasing production of consumer electronics. Furthermore, the presence of leading market players in aerospace, defence and automotive industry verticals are expected to further boost demand in the market over the forecasted period.
Whereas, the APAC region is projected to grow at the fastest rate and dominate the market over the forecasted period. The growth in the region can be attributed to the growing use of electroplating solutions across industry verticals such as automotive, electronics, aerospace and medical among others. Moreover, growing consumption and production in countries like Japan and India is expected to further propel demand in the market. For instance, Gallium Arsenide (GaAs) foundry has announced orders for multiple solstice electroplating systems from the leading provider of advanced semiconductor plating and surface preparation system, ClassOne technology.
The novel coronavirus negatively impacted the electroplating market. The pandemic has impacted economies and industries across the world owing to nationwide lockdowns, shortage of raw materials, labour and associated travel bans. The chemical and materials industry has been significantly impacted by major disruptions across business operations. Furthermore, owing to the pandemic, the electroplating market faced a major setback as offices, factories were forced to shut down which brought about breakages in supply-chain and related logistic disruptions.