The electroplating market size is expected to grow from US$ 72,910.22 million in 2022 to US$ 99,807.73 million by 2030; it is estimated to register a CAGR of 4.0% from 2022 to 2030.
MARKET ANALYSIS
Electroplating, or galvanic electrodeposition, is an electrochemical metal finishing process. In this process, metal ions dissolved in the solution are deposited on a substrate with the help of electricity. The process helps create a protective coating over the substrate, which offers resistance to corrosion and enhances the overall appearance of the product. Under the mechanism, the electric current passes through a solution of the dissolved metal ions and the metal object to be plated. The process is used to plate or coat several ferrous and nonferrous metal objects and plastics by using metals such as copper, tin, zinc, gold, palladium, platinum, silver, chromium, and aluminum. The production of automotive and electronics components requires an electroplating technique, which is further driving the global electroplating market.
GROWTH DRIVERS AND CHALLENGES
Expansion of the electronics and automotive industries and high demand from various end users bolster the electroplating market growth. Electroplating has prevented manufacturers from spending high amounts on expensive metals to provide efficient and aesthetics-wise products. With the advent of electroplating, most of the manufacturers rely on comparatively lower cost metals and later perform electroplating on the product with other metals to give better protection from corrosion. Also, the advent of innovative electroplating technologies such as nanotechnology and dry plating methods has meant that the efforts of industry players to reduce their environmental footprint and improve waste management are being materialized. The major demand for electroplating is seen in the electrical and electronics industries. Rising demand for wires and semiconductors across the world due to the rise in adoption of IoT propels the global electroplating market growth. Increasing penetration of television, refrigerators, smartphones, washing machines, laptops, and other consumer electronics products favors the growth of the global electroplating market. Rising preference to lead a comfortable lifestyle and increasing disposable income boost the global automotive industry, which is directly helping the electroplating market to reach new heights. Furthermore, rising demand for electroplating from aerospace and defense applications for providing proper finishing to the machinery is anticipated to foster the market growth of electroplating. The finishing mainly involves the process of coating metal that sticks to the surface of the material and provides a protective bond. Moreover, the process provides corrosion resistance, electrical conductivity, heat resistance, and friction wear to the machinery in the defense industry. Therefore, rising demand for electroplating in the defense industry propels the market growth. However, several governments and authorities are imposing certain regulations on the electroplating industry to curb the emission of harmful chemicals along with gases that are released into the atmosphere throughout the electroplating process. This is likely to become a key restraint for the global electroplating market. With the advantages of various types of electroplating comes the adverse aftermath of high pollution caused by these processes. The electroplating industry is constantly engaging with hazardous materials, which are harmful to humans and the environment.
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Electroplating Market: Strategic Insights
Market Size Value in US$ 72,910.22 million in 2022 Market Size Value by US$ 99,807.73 million by 2030 Growth rate CAGR of 4.0% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Electroplating Market: Strategic Insights
| Market Size Value in | US$ 72,910.22 million in 2022 |
| Market Size Value by | US$ 99,807.73 million by 2030 |
| Growth rate | CAGR of 4.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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REPORT SEGMENTATION AND SCOPE
The "Global Electroplating Market Forecast to 2030" is a specialized and in-depth study with a significant focus on market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation on the basis of metal, type, end use industry, and geography. The global electroplating market has witnessed significant growth over the past few years and is expected to continue this trend during the forecast period. The report provides key statistics on the use of electroplating worldwide, along with their demand in major regions and countries. It also provides a qualitative assessment of various factors affecting the market performance in major regions and countries. The report also includes a comprehensive analysis of the leading market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the significant revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global electroplating market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
The global electroplating market analysis is segmented on the basis of metal, type, and end use industry. In terms of metal, the market is segmented into gold, silver, copper, nickel, and others. Based on type, the market is segregated into barrel plating, rack plating, continuous plating, and line plating. By end-use industry, the market is segmented into automotive, electrical & electronics, aerospace & defense, medical, and others.
Based on metal, the nickel segment held a significant global electroplating market share in 2022. Nickel plating is a hard-wearing, decorative finish that can be applied to various materials. It produces a brilliant, lustrous finish that ages over time to produce a slightly yellow color. By type, the barrel plating segment held the largest market share in 2022. Barrel plating is a method used to flatten large groups of small parts. In this process, the components are placed inside a barrel filled with an electrolyte solution. The electroplating process proceeds while the barrel is rotated, stirring the parts in such a way that they receive even finishes consistently. Based on end use industry, the electrical and electronics segment led the market with a significant market share in 2022. The electrical & electronics industry is considerably reliant on electroplating service providers as it helps increase product lifespan and makes it more resilient.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REGIONAL ANALYSIS
The global electroplating market report provides a detailed overview of the electroplating market size with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. APAC accounted for a significant global electroplating market share and was valued at ~US$ 44 billion in 2022. China is a major contributor to the market growth in this region. North America is also expected to witness notable growth, reaching ~US$ 13 billion by 2030. Furthermore, in Europe, there has been a widespread use of electroplating. The electroplating market forecast in Europe is expected to report a CAGR of ~4% from 2022 to 2030.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnerships, acquisitions, and new product launches are a few prominent strategies adopted by the players operating in the global electroplating market.
In November 2023, Alleima AB, a global manufacturer of high-value-added products in advanced stainless steels and special alloys, announced its plans to expand its operations in Switzerland to meet the growing demand for plated components.
In 2020, Schlötter announced cooperation with Italtecno srl. to expand its portfolio of galvanic specialty chemicals and to offer sales and service for processes for aluminium surface treatment in the future.
IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
Lockdowns, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries across the world. The crisis disturbed supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. These disruptions restricted the availability of raw materials. It caused delays in production and increased costs, negatively impacting the electroplating market.
The global marketplace is recovering from the losses as governments of different countries have announced relaxation in the restrictions. Manufacturing activities are rebounding as countries gradually recover from the pandemic and vaccination efforts continue. Manufacturers are permitted to operate at full capacity to overcome the supply gap. Thus, the global electroplating market is anticipated to grow strongly during the forecast period.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Allenchrome Electroplating Ltd; Atotech; Dr.-Ing. Max Schlötter GmbH & Co. KG; Jing Mei Industrial Limited.; Klein Plating Works Inc; Precision Plating Company; Sharretts Plating Co., Inc.; Summit Corporation of America; Toho Zinc Co., Ltd; and Cherng Yi Hsing Plastic Plating Factory Co., Ltd are a few of the major players operating in the global electroplating market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Metal, Type, End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
In 2022, Asia Pacific accounted for the largest share of the global electroplating market. The electroplating market in Asia Pacific comprises several developing economies such as China, India, Japan, South Korea, and Australia. These emerging countries are witnessing an upsurge due to growth in urbanization, increasing manufacturing industries coupled with growing industrialization, and the impact of social media, which offers ample opportunities for key market players in the electroplating market.
In 2022, the electrical and electronics segment held the largest market share. The electrical and electronics industry is considerably reliant on electroplating service providers as it helps increase product lifespan and makes it more resilient. The electrical & electronics industry uses precious and non-precious plated components for various end-use applications to improve characteristics such as solder-ability, wear resistance, corrosion resistance, and the electrical conductivity of components and parts of electronic products.
In 2022, the nickel segment held the largest market share. Nickel plating is a hard-wearing, decorative finish that can be applied to various materials. Nickel plating produces a brilliant lustrous finish that ages over time to produce a slightly yellow color. Nickel electroplating is used for a number of functional and aesthetic purposes. Nickel plating can help protect against corrosion, improve wear resistance, and increase the thickness of the surface.
The major players operating in the electroplating market are Allenchrome Electroplating Ltd; Atotech; Dr.-Ing. Max Schlötter GmbH & Co. KG; Jing Mei Industrial Limited.; Klein Plating Works Inc; Precision Plating Company; Sharretts Plating Co., Inc.; Summit Corporation of America; Toho Zinc Co., Ltd; and Cherng Yi Hsing Plastic Plating Factory Co., Ltd.
In 2022, the barrel plating segment held the largest market share. Barrel plating is a method used to flatten large groups of small parts. In this process, the components are placed inside a barrel filled with an electrolyte solution. The electroplating process proceeds while the barrel is rotated, stirring the parts in such a way that they receive even finishes consistently. Barrel plating is best used for small, durable parts, but offers a cheap, efficient, and flexible solution.
Ongoing industrialization across the globe, along with the increasing disposable income of consumers in the developed countries, is fueling the demand for electroplating across the electronics, automotive, and jewelry industry. With the rise in demand for high-performance automobile components having excellent resistance to corrosion to enhance the appearance of exterior automobile parts, including emblems, door handles, hood ornaments, and wheel rims, is driving the demand for electroplating. These factors are driving the electroplating market growth.
The List of Companies - Electroplating Market
- Allenchrome Electroplating Ltd
- Atotech
- Dr.-Ing. Max Schlötter GmbH & Co. KG
- Jing Mei Industrial Limited.
- Klein Plating Works Inc
- Precision Plating Company
- Sharretts Plating Co., Inc.
- Summit Corporation of America
- Toho Zinc Co., Ltd
- Cherng Yi Hsing Plastic Plating Factory Co.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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