Electroplating is a metal finishing to enhance the appearance of the metal surface and widely used across a wide range of industries. Electroplating is also known as electro-deposition and this process involves the deposition of materials by using electric current which results in a thin layer of metal being deposited on the surface of the work piece. The process is mainly adopted to change the physical properties of objects. Electroplating enhances the wear resistance, improve aesthetic appeal, and protect against corrosion and also increase the thickness of the product. Automotive, electrical & electronics, aerospace & defense, jewelry, and machinery parts & components are some of the major end use industries of electroplating.
The global electroplating market was estimated to account for US$ 18.40 Billion in terms of revenue in 2022 and is predicted to grow at a CAGR of 5.06% during the forecast period (2023 to 2030).
Drivers
The growing demand for electroplating from the electronics and automotive industry:
The growing demand for electroplating from the electronics and automotive industry is expected to propel the market growth of electroplating. The electronics industry uses nickel, silver copper, and gold plated compound for various end use applications for enhancing properties such as wear resistance, solderability, corrosion resistance, and electrical conductivity. In the automotive industry, electroplating is used for offering rust protection and brightening metal & non-metal components in order to give an aesthetic look to automobiles. Therefore, the rising demand for electroplating from the electronics and automotive industry is augmenting the market growth of electroplating.
Market Opportunities
The growing adoption of safer alternative and waste management techniques is expected to propel the market growth of electroplating over the forecast timeframe. The electroplating industry is one of the most highly polluting industries that release the hazardous substance. To deal with such a problem, the manufacturer is adopting green chemicals, waste minimization, and cleaner technology. For example, trivalent chromium plating is a safer and more eco-friendly alternative to hexavalent chromium plating technique that is gaining popularity among many manufacturers. Therefore, the rising adoption of eco-friendly technology is expected to propel the market growth over the forecast period.
Market Restraints
The rising popularity of electro-less nickel plating is expected to hamper the market growth of electroplating over the forecast period. Electro-less nickel plating is an environment-friendly auto-catalytic advanced technique, which widely adopted as a preferred alternative over electroplating for improved hardness, corrosion resistance, and friction resistance across many industrial applications. Moreover, the electro-less nickel plating dose does not require any type of equipment and batteries. This factor is expected to hinder the market growth of electroplating over the forecast timeframe.
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Key Takeaways
Among metal type, nickel dominated the global electroplating market in 2022 with a 29.6 % of market share in terms of revenue, followed by copper and gold, respectively.
Market Trends
Rising adoption of eco-friendly electroplating technology promoting sustainability is expected to propel the market growth of electroplating over the forecast period. For instance, in January 2022, Germany-based specialty chemicals company, Atotech, has acquired plating on plastics technology developed by the France-based company Pegastech. Atotech also stated that, unlike some plating processes, the acquired technology does not use hexavalent chromium or palladium compounds for the pretreatment of polymers prior to electroplating. The acquisition will support Atotech's long-term goal of promoting sustainable surface finishing technologies.
The growing focus of manufacture to invest in promoting eco-friendly technology is expected to foster the market growth of electroplating. For instance, in July 2022, Trion Coatings LLC, Metal finisher who owns an environmentally friendly chrome plating process in partnered with the University of Notre Dame faculty members and a startup company based at the University’s IDEA Center, has sold a minority equity position in Trion’s parent company to Nucor Corp. As part of its investment, Nucor will work with Trion Coatings to commercialize the technology by building the first commercial facility for the plating process at Nucor Fastener.
Competitive Section
Key players active in the market are Allied Finishing Inc., Atotech Deutschland GmbH, Interplex Holdings Pte. Ltd., Kuntz Electroplating Market Inc., Peninsula Metal Finishing Inc., Pioneer Metal Finishing, Roy Metal Finishing, Sharretts plating Co. Inc., J & N Metal Products LLC, and Bajaj Electroplaters
