Electroplating Market, By Product Type (Cabinet Organizers/Drawer Organizers, Food Storage, Pantry Organizers, Sink & Under Sink, Dinnerware & Serving Storage, Others), By Material Type (Plastic, Metal, Glass & Crystal, Wood, Others), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : May 2023

Code : CMI3396

Pages :120

Formats :

Excel and PDF

Industry : Advanced Materials

Market Challenges And Opportunities

Market Restraints

Growing implementation of strict environmental regulations

Slow of down of economic growth across developed regions, such as North America and Europe, as these markets are mature, and are therefore experiencing relatively slow growth. This is expected to remain over the forecast timeframe. Therefore, the slowdown of economic growth in North America and Europe are projected to hinder the growth of the electroplating market over the forecast timeframe.

Growing implementation of strict environmental regulations in developed regions such as North America and Europe by governments on the usage of electroplating as it has adverse side-effects on human health and environment is expected to inhibit the market growth of the electroplating. The electroplating industry is one of a major industry that contributing to polluting environment as its process release toxic materials, heavy metals, and solid wastes through effluents and air emissions, which is further anticipated to restrict the market growth of electroplating in forecast period.

Figure 2. Global Electroplating Market – Opportunity Analysis

Market Opportunities

Many manufacturers are changing the process of electroplating such as adopting dry process over the wet process as it reduces exposure to workers and reduce waste production. This initiative is expected to propel the market growth of electroplating. Also, shifting preference of manufacturer towards water-based cleaning agents over organic ones is also expected to foster the market growth of electroplating over the forecast timeframe.

Growing focus of manufacturers for developing waste management techniques is expected to accelerate the market growth of electroplating in the years to come. As sludge containing a high level of metals that is highly hazardous waste, and it should be handled with care for metal recovery. Therefore, many manufacturers are adopting waste management techniques in order to manage hazardous waste release into the environment. Aforementioned factors are projected to foster the market growth of the electroplating over the forecast period.

Figure 3. Global Electroplating Market, Revenue Share (%), By end use Industries in 2022

On the basis of end use industries in 2022, electrical & electronics accounted the largest market share of 35% in terms of revenue, followed by automotive and aerospace & defense, respectively.