Electroplating Is Estimated To Witness High Growth Owing To Increasing Demand From Automotive Industry
The Electroplating Market is estimated to be valued at Us$ 19.33 Bn 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 a workpiece with a thin layer of metal. It is used for various applications such as decorating, providing corrosion resistance, improving appearance and hardness. The process involves transferring of metal ions from an electrode or anode to the crystalline structure of the workpiece acting as cathode in an electroplating bath or solution. Automotive is a major end-use industry accounting for about 30% of global electroplating consumption as the process is extensively used in coating car parts, wheels, bumpers and automobile components.
Market Dynamics:
The growth of the electroplating market is majorly driven by increasing demand from the automotive industry. Electroplating provides durable, shiny and scratch-resistant finish to automotive components and helps in corrosion protection which increases the lifespan of vehicles. According to Organisation Internationale des Constructeurs d'Automobiles, over 90 million vehicles were produced globally in 2019. Rising automobile production is expected to drive the electroplating consumption in automotive applications. Additionally, electroplating also finds use in construction, electronics, aerospace and other industrial sectors for decorative and functional purposes which is propelling the overall market growth. However, stringent environmental regulations regarding wastewater discharge from electroplating facilities poses a challenge for market players. Players are focusing on developing eco-friendly electroplating technologies and recycling processes to minimize the environmental impact.
SWOT Analysis
Strength: Electroplating offers corrosion resistance and wear resistance which increases the lifespan of materials. It provides decorative finishing and improves aesthetics. Electroplating allows depositing different metal alloys as per the requirement which enhances functional properties.
Weakness: Electroplating process requires usage of hazardous chemicals which can pollute the environment if not disposed of properly.Initial set up and maintenance of electroplating equipment require high capital investment.
Opportunity: Growing automotive industry globally is expected to drive the demand for electroplated components in vehicles. Increasing application of electroplating in industrial machinery and consumer electronics will offer new opportunities.
Threats: Stringent environmental regulations regarding the disposal of electroplating effluents can restrain the market growth. Volatility in prices of precious metals used in electroplating can increase production costs.
Key Takeaways
The Global Electroplating Market Demand is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand for decorative and functional metal finishing from various end use industries.
Regional analysis
The Asia Pacific region is expected to dominate the global electroplating market over the forecast period. Rapid industrialization and growth of automotive, industrial machinery and consumer electronics sectors are driving the electroplating consumption in the region. Countries like China, India, Japan and South Korea account for more than 50% of global demand. North America and Europe are other major markets for electroplating due to presence of large automotive hubs.
Key players
Key players operating in the electroplating market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kessebhmer 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
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