Electroplating is a process that uses an electric current to reduce dissolved metal cations so that they form a thin coherent metal coating on an electrode. It is commonly used in a wide variety of industries such as automotive, electrical & electronics, industrial machinery etc. Electroplating is used to deposit different types of metal layers like copper, zinc, nickel and chromium coatings which enhance corrosion resistance, wear resistance and electrical conductance of products. The miniaturization trend in electronics industry has increased the use of electroplating for depositing very thin conductive metal layers on printed circuit boards and semiconductors.

The global electroplating market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increased miniaturization in electronics is the key driver fueling the growth of global electroplating market size. The constant rise in demand for portable consumer electronics like smartphones, tablets etc. has encouraged electronics manufacturers to develop smaller and more compact devices. Electroplating helps in depositing extremely thin conductive metal coatings on semiconductors and printed circuit boards which are important for miniaturization. Another driver contributing to the market growth is the growing use of electroplating for corrosion protection in automotive and industrial machinery parts which requires durable metal coatings that can withstand wear and tear over long usage periods. With rising automobile production globally, the demand for electroplated components from automotive OEMs and aftermarkets is steadily increasing.

SWOT Analysis

Strength: Electroplating has three main strengths. First, it is a very cost-effective surface finishing process for improving corrosion resistance, wear resistance and appearance of numerous materials. Second, electroplated coatings can be applied to complex parts with very intricate geometries and details. Third, the technology enables creation of multi-layer coatings with precisely controlled thickness and properties.

Weakness: Two main weaknesses of electroplating are that it requires use of toxins like cyanide and heavy metals. Improper handling and disposal of electroplating waste can harm the environment. Second, the process only works for electrically conductive materials limiting substrate options.

Opportunity: There are two key opportunities for electroplating market. Growing demand for electronic products is helping boost need for electroplating in printed circuit boards and connectors manufacturing. Rising automotive production also enables new opportunities as under-the-hood parts increasingly require electroplated coatings for performance and durability.

Threats: Regulations around the world are tightening regarding use of toxic chemicals in surface treatment technologies. This poses a threat as the industry will need to transition to environment-friendly alternatives. Second, other coating technologies like physical vapor deposition are becoming competitive and gaining market share in applications like jewelry plating.

Key Takeaways

The global electroplating market is expected to witness high growth over the forecast period of 2023 to 2030. The global electroplating market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

Regional analysis suggests Asia Pacific region currently dominates the market and is expected to remain the fastest growing as well as largest regional market through 2030. China, Japan, South Korea, and India are major countries expected to drive the regional growth.

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 market is observing consolidation as large players are acquiring smaller regional players to gain higher market shares. Product innovation and expansion into emerging markets are key strategies being adopted by market players.

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