The electroplating market has been growing rapidly over the past few years owing to the increasing demand from various end-use industries like automotive, electrical and electronics, industrial machinery, aerospace and defense, and others. Electroplating is a process used for depositing a thin layer of metal on a solid surface through an electrolytic process. It is commonly used for corrosion protection, wear resistance, improved aesthetics, easy handling of components and providing good electrical conductivity. Some key advantages of electroplating include excellent durability and surface hardness, cost-effectiveness of the process, ability to deposit custom-designed alloy layers, and environmental-friendliness. The growing demand for consumer goods, automobiles and advancement in technology have significantly increased the adoption of electroplated surfaces and components in various industries.
The Global Electroplating Market is estimated to be valued at US$ 22.27 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Electroplating Market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation. The major players are focusing on new product development and expansion to strengthen their global presence. For instance, in 2022, Philips Healthcare launched new CT systems with quantum technology to enhance diagnostic confidence.
The growing demand from the automotive industry is a major factor driving the growth of the electroplating market. Electroplating provides excellent corrosion resistance to automobile parts and components exposed to harsh outdoor conditions. It helps improve the lifespan of vehicles.
The market is also witnessing increasing demand from the Asia Pacific region owing to rapid industrialization and growing electrical and electronics industry in the countries like China and India. The flourishing automotive industry in the developing Asian countries is further augmenting the electroplating market expansion in the region.
Market key trends
One of the key trends gaining traction in the Electroplating Market is the growing focus on green and sustainable electroplating practices. Various technologies are being developed and adopted to reduce hazardous waste generation and use eco-friendly chemicals during the electroplating process. For instance, trivalent chromium plating uses chromium in trivalent oxidation state which is less toxic compared to the earlier hexavalent state. It helps plating shops meet stringent environmental norms.
Porter’s Analysis
Threat of new entrants: Low start up capital and well established players make the threat of new entrants low.
Bargaining power of buyers: Individual buyers have low bargaining power compared to bulk buyers like automobile industry.
Bargaining power of suppliers: Suppliers of raw materials and machinery have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Emergence of new surface treatment technologies like physical vapor deposition (PVD) and chemical vapor deposition (CVD) pose threat to electroplating.
Competitive rivalry: Intense competition among existing players to gain market share results in pricing pressure.
Electroplating Market Geography – Value
North America dominates the global electroplating market in terms of value, accounting for more than 30% share. Presence of many end use industries like automotive, electrical & electronics and growth in the aerospace industry drives the market in the region. Asia Pacific is the second largest regional market and is expected to grow at the highest rate during the forecast period. Countries like China, India, Japan and South Korea dominate the APAC electroplating market.
Electroplating Market Geography – Growth
Central and South America is poised to witness the fastest growth in the global electroplating market during 2024-2030. Growing automotive, machinery and consumer goods industries along with increasing foreign investments in manufacturing sectors support the increased adoption of electroplating in the region. Countries like Brazil, Argentina, Colombia are seen as high growth markets for electroplating.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
