The electroplating market has witnessed significant growth over the past few years owing to its widespread applications in various end-use industries such as automotive, electrical and electronics, industrial machinery manufacturing and aerospace and defense among others. Electroplating helps increase the ductility, wear and corrosion resistance of metals. It is used in manufacturing products like batteries, electrical contacts, hardware and decorative materials. It protects bases metals from corrosion and adds aesthetic value.
The Global electroplating market is estimated to be valued at US$ 22.27 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2030.
Key Takeaways
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. These players are focusing on adopting strategies such as mergers, acquisitions and new product launches to increase their market share.
The growing demand from the automotive industry is one of the major factors driving the growth of the Electroplating Market. Electroplating helps improve the aesthetics and lifespan of automobile parts by providing corrosion resistance. It also enhances the machinability and wear-resistance of engine components.
The market is also witnessing tremendous opportunities across regions due to rising industrialization and urbanization. Many global players are investing heavily in developing economies like Asia Pacific and Latin America for capitalizing on the increasing manufacturing activities in these regions. This is positively impacting the expansion of the electroplating market globally.
Market drivers
One of the key drivers for the electroplating market is the increased demand from the automotive sector. The automotive industry has been growing rapidly over the past few decades. Electroplating improves the aesthetic appeal and durability of various auto components such as wheels, door handles, bumpers etc. Plating metals like chrome and zinc increases the lifespan of parts by preventing corrosion. With the increasing automobile production worldwide, demand for electroplating from this end-use sector is expected to propel significantly over the forecast period.
The current geopolitical situation is impacting the growth of the Electroplating Market. Due to rising tensions between various countries, global trade agreements are facing disruptions which can hamper the cross-border trade of electroplating equipment, chemicals, and other ancillary products. Rising nationalism can also affect the flow of skilled labor and investment across borders. Manufacturers are facing issues related to raw material sourcing and supply chain management in such uncertain times. They need to diversify their supplier networks and develop alternative sourcing strategies to mitigate risks. Companies must also focus on talent retention and developing local supplier ecosystems to reduce dependency on imports. Having a flexible business continuity plan and strengthening research efforts to find substitutes for critical imports can help companies navigate geopolitical challenges better in the long run. Overall, political instability in key manufacturing hubs poses challenges, while cooperation between nations can boost market growth through increased trade opportunities.
Geographically, the Electroplating Market in terms of value is concentrated mainly in Asia Pacific and North America currently. The high concentration in these regions is attributed to the large presence of manufacturing industries like automotive, electronics, aerospace & defense that use electroplating processes widely. Within Asia Pacific, China is the largest electroplating market due to its position as a manufacturing powerhouse. Other major electroplating hubs within Asia Pacific include Taiwan, South Korea, India and Japan. In North America, the United States accounts for most of the regional market share due to strong manufacturing sector outputs.
The Middle East & Africa region is projected to witness the fastest growth in the Electroplating Market during the forecast period till 2030. This is driven by factors like rapid industrialization, rising incomes, infrastructure development activities and expansion of end-use industries in countries across the Middle East, North Africa and sub-Saharan Africa. Local production of electroplating equipment and materials is also expected to increase to fulfill growing regional demand, boosting market revenues. Consequently, the Electroplating Market in the MEA region is poised to offer lucrative opportunities for players during the next decade.
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The Electroplating Market 2021 research report gives emerging industry data, global segments and regional outlook.
This report covers up all details such as size, share, value, growth, restraints, and opportunities for the year 2020 to 2027.
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The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the electroplating market include Allied Finishing Inc., Interplex Industries Inc., J & N Metal Products LLC, Kuntz Electroplating Inc., Peninsula Metal Finishing Inc., Pioneer Metal Finishing (PMF), Roy Metal Finishing and Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Electroplating Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/electroplating-market/download-sampleMarket DynamicsThe increasing demand for electronic devices coupled with growing telecommunication industry is primarily driving the market growth.
