Knowledge Sourcing Intelligence announces the publication of a new report on the Global Electroplating Market from 2019 to 2026 to their offering.
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 described as the popular process of depositing the material on the workpiece using an electric current. Electroplating is also known as electrodeposition. It includes plating one metal onto others using the hydrolysis. The rise in the demand of the global electroplating market may be attributable to the high demand for metal-finished consumer goods. The rise in the adoption of the electroplating across the industry verticals such as aerospace, defense and automotive industry are further boosting the market growth of Electroplating, in addition, the electroplating is being demanded by different end-use industries
However, the slowdown of the economic growth witnessed across the developed regions including Europe and North America is expected to be during the forecasted period and the strict government regulation and implementation of environment regulation due to the rise in the awareness of the environmental impact from the toxic waste produced during the electroplating process is projected to cause a hindrance to the market growth of Electroplating during the forecasted period. The electroplating process have a severe side-effect on human health and the environment and is one of the major industries contributing to environment pollution is the major challenge that players of the Electroplating market need to focus on.
The outbreak of the Covid-19 pandemic and its subsequent lockdown and severe rules and regulations mandated by the government globally have impacted every industry and have severely disrupted the distribution channel. The Chemicals and Materials Industry is one the major industry that faced serious negative impact to its business operations. The Global Electroplating Market have witness severe setback due to disrupted distribution channel which caused breakages in the supply chain process and the organization were closed down leading to decrease in the demand. Thus, the impact of a pandemic on Global Electroplating Market was negative.
The Global Electroplating Market based on type can be segmented into Gold, Silver, Platinum, Rhodium, Aluminum, Chromium, Nickel, Copper, and Others.
The Global Electroplating Market On the basis of Type of Plating, the market can be segmented into Mass Plating, Rack Plating, Continuous Plating, and Line Plating.
The Global Electroplating Market On the basis of Mode of Application can be segmented into Corrosion Protection, Decoration, Electrical and Electronics, and Others.
The corrosion Protection and Decoration segment hold the major share of the electroplating on the basis of the Mode of Application. Electroplating is a widely and commonly adopted methods for the corrosion protection on the bridges, appliances, and vehicles, etc. The metal coating acts as the sacrificial barrier preventing the corrosion on the underlying substrate. The increasing application of the electroplating in the automotive industry by the manufacture to coat the vehicle body with the non-corrosive materials and rustproof. The surge in the automotive industry is expected to give a boost to the electroplating market during the forecasted period. 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.
While Decorative applications hold a major share due to the rising demand for the decorative products and metal finished products due to surge in the middle-class population and the change in the lifestyle of the consumers along with the rise in the disposal income.
The Global Electroplating Market On the basis of Industry Vertical market can be segmented into Automotive, Electrical and Electronics, Aerospace and Defence, and Others.
The Global Electroplating Market based on region is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions.
Asia Pacific region is expected to dominate the Electroplating market and is expected to witness the fastest growing region during the forecasted period. The rise in automobile production and the surge in growth of the electronics industry is the primary factors that is driving the electroplating market in the region. The demand in the region is increasing for the defense and aerospace application to give proper finishing to the machinery which is expected to further augment the electroplating market during the forecasted period. The surge in the demand for electroplating for machinery in the defense industry is propelling the market growth of electroplating during the forecasted period.
As a part of the report, the major players operating in the Global Electroplating Market, which have been covered are 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.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/electroplating-market
This report segmented the Global Electroplating Market on the basis following terms: