ELECTROPLATING MARKET ANALYSIS

Electroplating MarketSize and Trends

The global electroplating market is US$ 18.40 Billion in 2022 and projected to reach US$ 27.3 Billion by the end of 2030, in terms of revenue, growing at CAGR of 5.06% during the forecast period (2023 to 2030).

Market Trends

Ongoing industrialization around the globe

Ongoing industrialization around the globe, especially in the Asia Pacific region, along with increasing disposable income in the developed countries of Asia Pacific is fueling the demand for electroplating across electronics, automotive, and jewelry industry. According to the Coherent Market Insights analysis, Asia Pacific is projected to register a CAGR of 4.6% due to robust demand across end use industries. Therefore, ongoing industrialization is expected to fuel the market growth of electroplating in forecast period.

Rising demand for electroplating from aerospace and defense application for providing proper finishing to the machinery is expected to foster the market growth of electroplating. The finishing usually involves the process of coating metal that sticks to the surface of material and provide a protective bond. Moreover, the process also provides corrosion resistance, electrical conductivity, heat resistance, and friction wear to the machinery in the defense industry. Therefore, rising demand for electroplating for the aforementioned application in the defense industry is propelling the market growth. 

Market Trends

Impact of Coronavirus (Covid-19) Pandemic

The coronavirus outbreak had affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical & materials industry is one of the major industries that is suffering serious disruptions, such as supply chain breaks, technology event cancellations, office shutdowns, as a result of this outbreak. And this affected the global electroplating market negatively.

Figure 1. Global Electroplating Market, Revenue Share (%), By Region, 2022

Regionally, Europe dominated the global electroplating market in 2022, reporting 30% market share in terms of revenue, followed by Asia Pacific and North America, respectively.