Electroplating Market Research Insights 2022-28
The global electroplating market was valued at USD 12.79 Billion in 2021 and is projected to reach USD 15.98 Billion by 2028, growing at a CAGR of 2.95 % from 2022 to 2028. Electroplating is a coating method in which an electric current is used to decrease dissolved metal cations in order to generate a thin coherent metal coating on an electrode. It's a common metal finishing technique that's utilised in a variety of industries for a variety of purposes. There are several plating techniques available, including barrel plating, rack electroplating, and electroless plating. All of these techniques use electrodeposition procedures in different ways, but they all follow the same basic principles. Electroplating is used in a variety of industries to increase thickness, improve durability, lend surface properties, protect the substrate from corrosion and the harsh environment, and improve appearance. Electroplating provides a protective barrier, electrical conductivity, temperature resistance, improved hardness, and improved appearance. The COVID-19 pandemic has wreaked havoc on human lives and livelihoods all over the planet, with no visible borders. To slow the spread of the virus and avoid overuse of healthcare systems, governments throughout the world have blocked borders and instituted nationwide quarantines and physical separation measures. Furthermore, the safety of employees was rightfully prioritised. Companies are increasingly focusing their attention on the pandemic's economic repercussions and developing measures to circumvent the constraints imposed by the coronavirus's propagation.
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The market's expansion is being fueled by the rising end-use industries. Electroplating is widely utilised in the manufacturing industry for a number of technological and ornamental purposes. R&D in metal finishing is increasing as a result of Industry 4.0, as is demand for durable metals with adaptable manufacturing processes, from automotive to aerospace to jewellery and industrial. Due to the growing demand for outstanding corrosion performance of ornamental multilayer in automobile decorative plating, innovations are being made to increase electroplating quality and expand markets for decorative electroplated nickel or chromium plating.
The global electroplating market segmentation:
1) By Metal Type: Platinum, Nickel, Gold, Chromium, Silver, Copper, Zinc and Others.
2) By Application: Decorative Coating, Electrical applications, Corrosion Protection and Others.
3) By End User: Aerospace and Defence, Electrical and Electronics, Automotive, Jewellery, Home Appliance, Machinery Parts and Others.
Currently, Asia Pacific is the world's top producer of autos and electronics. India, Japan, China, South Korea, Thailand, and Indonesia account for a large portion of worldwide automobile production. During the projected period, this is likely to generate the most demand for electroplating in Asia Pacific. Furthermore, the rise of the aerospace industry in North America is expected to open up further chances for the electroplating business in the near future.
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Some of the major key players in the Electroplating Market are NiCoForm Inc., Metal Surfaces Inc., Kuntz Electroplating Inc, Interplex Holdings Pte. Ltd., Estaadora S.A. de C.V., Commercial Plating Company Inc.
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