Global Electroplating Market Is Estimated To Be Valued At US$ 19.33 Bn
The global Electroplating Market is estimated to be valued at US$ 19.33 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electroplating is a process that uses an electric current to coat an item (usually metal) with a thin layer of another metal. Electroplating can be used for decoration, corrosion protection or increasing durability. It has applications in automotive, appliances, jewelry, and electronics industries.
Market key trends:
One of the key trends in the electroplating market is the rising demand for anti-corrosion applications. Electroplating helps improve the corrosion resistance of metal parts by depositing a thin layer of metal like chromium, zinc or tin on the surface. This is highly useful for automobile components, household appliances and hardware parts that are exposed to harsh outdoor environments. The increasing use of electroplated metal parts across different industries will drive the growth of this market over the forecast period.
Market key trends:
The electroplating market is witnessing significant growth owing to increasing demand from end-use industries such as automotive, electronics, and construction. Electroplating helps improve the appearance, wear & corrosion resistance, and functional properties of items. It is widely used to coat components and parts used in various industries. Growing manufacturing output and increasing consumption of electroplated items across the world are driving the electroplating market. Furthermore, ongoing technological advancements in electroplating such as those improving efficiency and achieving desired surface finish will support the market expansion over the forecast period.
SWOT Analysis:
Strength: Electroplating provides excellent surface finishing and improves functional properties of items. It increases durability and corrosion resistance of components.
Weakness: High investment and set up costs. Complex electroplating processes require skilled labor.
Opportunity: Growing automotive production and sales coupled with increasing use of electroplated auto parts present an opportunity. Emerging applications in aircraft components offer scope for market growth.
Threats: Stringent environmental regulations pertaining to the use of hazardous chemicals in electroplating pose threats. Growing adoption of alternative surface treatment technologies can also threaten the electroplating market.
Key Takeaways:
Global Electroplating Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from automotive and electronics industries.
Regional analysis: Asia Pacific dominated the electroplating market in 2023, accounting for around 35% of the global share. China is the leading market for electroplating in the region followed by Japan. This can be attributed to presence of large manufacturing bases for automotive and electronics sectors in these countries.
Key players: Key players operating in the Electroplating Market include Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others.
Read More- https://makuv.com/automated-electroplating-to-drive-growth-of-the-electroplating-market/
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