Electroplating Market is Estimated to Witness High Growth Owing to Increasing Demand from Automotive Industry
Electroplating refers to processes that use electric current to reduce dissolved metal cations or form a metal coating on an electrode. Electroplating is commonly used to deposit a layer of metal on plastics or other non-conductive materials. Some common uses of electroplating include decorative finishes, corrosion protection, wear resistance and solderability enhancement.
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:
Increasing demand from the automotive industry remains the major driver bolstering the growth of the global electroplating market over the forecast period. Electroplating is widely used in automotive manufacturing to deposit protective coatings on metals in order to enhance the longevity and appearance of various automotive components such as engine blocks, gears and other metal parts. Growing automotive production globally will continue fueling the demand for electroplating in the upcoming years. Moreover, miniaturization of electronic devices is pushing electroplating applications in packaging and interconnection solutions. Electroplating provides a cost-effective method for depositing thin metallic films precisely for applications in the electronics industry.
SWOT Analysis
Strength: Electroplating has various industrial applications. It increases the corrosion resistance and durability of metal parts. It helps extend the life of products. It also improves the aesthetic appeal and functionality of surfaces.
Weakness: Environmental concerns related to chemical wastage during electroplating processes. Setting up an electroplating facility requires large capital investments in equipment and maintaining environmental standards.
Opportunity: Growing demand from automotive, electronics and industrial machinery sectors. Emerging applications in the medical devices industry. Advancements in plating technologies and materials are expanding uses.
Threats: Stringent environmental regulations around the world increase compliance costs. Availability of alternative surface coating techniques can replace electroplating in some applications. Trade barriers and geopolitical risks affect procurement.
Key Takeaways
Global Electroplating Market Size is expected to witness high growth. 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 related content comprises the Asia Pacific region dominates the global market currently. Widening industrial base in China, India, Japan and Southeast Asian countries drives vast electroplating needs.
Key players related content comprises 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.
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