Electroplating Market Size (2023 - 2030)

The global electroplating market was worth USD 14 billion in 2022 and is expected to reach USD 17 billion by 2030 with a CAGR of 3.02% from 2023 - 2030. 

Electroplating is a process of plating one metal onto another metal using the hydrolysis technique. The procedure provides properties like desirable, protection, appearance, and special surface properties. The main aim of electroplating is to change the physical properties of the object. Electroplating plays a vital role in the automotive sector. 

COVID-19 Impact on Electroplating Market

The sudden emergence of novel coronavirus (COVID-19) has affected millions of human lives and other businesses sectors. Due to the pandemic period, other sectors like electronics and metals have seen a fall, and the industries have seen half of the loss. The pandemic has created a negative effect on the electroplating market globally. The electroplating market has observed a reduction in demand from different industrial applications. Due to nationwide lockdown and transportation bans, economies and industries were shutdowns temporarily, and the global electroplating market has faced a major drawback due to industries and offices were shut down along with breaks in supply chain processes. 

MARKET DRIVERS

The rising acceptance of electroplating over different industries like aerospace and automotive and defense escalate the market growth. Also, the adoption of plating on plastic boosts the market demand. Factors like increasing concentration of manufacturers in developing waste management procedures to manage dangerous waste being released into the environment. Continuous industrialization propels the electroplating market growth globally. The rising approval of advanced processes like dry processes fuels the electroplating market growth. Moreover, manufacturers are more concentrating on water-based cleaning agents across the organic ones fostering the electroplating market growth globally. The growing demand for consumer goods made of metal, and rapid industrialization stimulate the electroplating market growth. 

MARKET RESTRAINTS

• High Cost

However, factors restraining the electroplating market are the cost associated with the procedure is expensive and the environmental issues. Executing stringent environmental guidelines in countries like North America and Europe using electroplating use concerned with side-effects on human health and environment. The above-mentioned factor diminishes the electroplating market growth. The slowdown of economic growth in countries like North America and Europe is anticipated to limit the electroplating market growth over the timeline period. 

ELECTROPLATING MARKET REPORT COVERAGE

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Segmentation Analysis

The research report on the global Electroplating Market is segmented and sub-segmented based on metal type, application, and end-user. 

Electroplating Market - By Metal Type

• Gold
• Silver
• Platinum
• Rhodium
• Aluminum
• Chromium
• Nickel
• Copper
• Others

The nickel-metal segment continues to account for the highest share in the electroplating market across the timeline period. The nickel-metal segment provides corrosion resistance and also provides a tough blockade to basic metals. 

Electroplating Market - By Application

• Corrosion Protection
• Decoration
• Electrical and Electronics
• Others

The corrosion protection segment holds the largest share in the electroplating market. The electroplating market for the decorative segment is likely to hold considerable market share owing to the rising demand for metal finished products and decorative products because of high discretionary income, lifestyle changes, and rising middle-class population. 

Electroplating Market - By End-User

• Automotive
• Electrical & Electronics
• Aerospace & Defence
• Jewelry
• Machinery Parts & Components
• Other

By End-User, electronics, and electrical segment accounts for 35.0% of the share in terms of revenue. The quick digitization and urbanization fuel the growing demand for electrical and electronics segments throughout the timeline period. The aerospace and defense segment is the second leading segment. 

Regional Analysis

North America is said to have the largest share in the electroplating market and remains one of the most profitable markets across the historical period. The United States is considered the highest automotive market globally. As per USA Select, sales of light vehicles reached 17.2 million units in the U.S. in 2018. Huge demand for electroplating from high-end passenger cars and increasing demand for plating on plastic particularly from the automotive industry. These factors help in boosting the electroplating market forward. The existence of leading major players like Allied Finishing, Inc. and Pioneer Metal Finishing Inc. helps the U.S market grow. The initiatives are taken by the companies involve product launches and plans to extend assist the overall expansion in the U.S. 

The electroplating market in Europe accounts for the largest share of 34% in terms of revenue. The electroplating market in Germany is expected to rise continuously over various end-user industries. Germany is dominating the market in the region. The demand for lightweight, aerodynamic, and electric hikes the electroplating consumption across the country. The U.K is said to grow with the highest share in the electroplating market. The rising research and development measures in the clean energy, integrated transport sectors are anticipated to propel industrial production creating chances for electroplating applications. 

However, the electroplating market in the Asia-Pacific region is said to hold the highest share owing to high consumer electronics production, along with quick industrialization across emerging countries and the existence of essentially the highest manufacturing domain across the countries like China, India, and more. For example, Atotech Deutschland GmbH recently launched its Atotech Development Center (ADC), in Manesar, India to extend its business operations. As per the ASEAN Automotive Federation, around 256,158 vehicles were sold in November 2022. In November 2022, as per Japan Electronics and Information Technology Industry Association (JEITA), Japan's electronic industry production grew to USD 8326.43 million. The production of cars in India is rising with a quick growth rate. 

Latin America is the second quickest growing region after Asia-Pacific with the highest pace. Brazil is projected to stimulate production and boosts market growth. The growth in sales of new vehicles and increase in the number of on-road vehicles escalates the market growth.

Middle-East & African electroplating market is anticipated to witness a considerable growth rate over the upcoming years. UAE, Israel, Africa, and the Rest of MEA make up the electroplating market growth. Saudi Arabia dominates the electroplating market with the quickest CAGR rate during the forecast period. The country is now focusing on launching a new automotive hub in the Middle East. Bombardier, Bell, Cessna, and Rockwell Collins are some of the major players that have entered the Saudi Arabian aerospace sector. 

Electroplating Market Key Players

Allied Finishing Inc., Atotech Deutschland GmbH, Interplex Holdings Pte. Ltd., Kuntz Electroplating Market Inc., Peninsula Metal Finishing Inc., Pioneer Metal Finishing, Roy Metal Finishing, Sharretts plating Co. Inc., J & N Metal Products LLC, and Bajaj Electroplaters are some major players involved in the electroplating market.