Growth of the Electroplating Market
The electroplating market is projected to reach $ 18.6 billion by 2025 and will grow at a CAGR of 3.2% between 2020 and 2025. Electroplating is the process of using an electric current to deposit material as part of a job. This is a method of depositing a thin layer of metal on a workpiece called a substrate. The primary use of electroplating is to change the physical properties of an object. Changes in physical characteristics are made to make an item aesthetically pleasing, to increase wear resistance, to increase its thickness, and to protect it from corrosion.
Market growth can be attributed to increased demand for metal consumer goods. In particular, the increasing adoption of electroplating in various vertical industries such as the automotive, aerospace, and defence industries is another factor that contributes significantly to stimulating market growth.
• By metal type: gold, silver, platinum, nickel, zinc, chrome, copper, etc.
• By application: anti-corrosion, decorative coating, electrical applications, etc.
• By End User: Automotive, Electronics and Electricity, Aerospace and Defence, Jewellery, Mechanical Parts and Components, Home Appliances, etc.
Important point
- A significant contributor to stimulating market growth is the increasing adoption of electroplating, especially in various vertical industries such as the automotive, aerospace, and defence industries.
- Chromium reduces the risk of oxidation and improves the strength of the base metal. It provides high lubricity by reducing friction and extending the life of the machine. Chromium not only prevents machine wear but also improves performance. There is less risk of overheating and less friction, which makes operation smoother.
The global electroplating market shows remarkable expansion in the South Asia Pacific region. According to the IMF, demand in ASEAN is very high. According to the Association of Southeast Asian Nations, about 256,158 cars were sold in November 2020.
Despite a significant drop in sales compared to cars sold around the same time last year, the automotive sector still represents a large margin for electroplating.
Growth opportunities are impressive as some companies prioritize the use of coatings on plastics. The proportion of electronic products sold worldwide creates strong growth in demand for electroplating services.
Manufacturers of electronic products and electrical equipment and components must use electroplating technology to consistently coat metal surfaces.
The global electroplating market reached a value of US $ 14.6 billion in 2016 and grew 3.7% year-on-year in 2015. The report reveals that the non-precious metals segment dominates with a market share of over 65%. It is also expected to grow to a value-critical CAGR during the forecast period (2016-2026).
Within the end-use industry, the electrical and electronic segments will grow at a CAGR of 3.9% within the forecast period. Western Europe has a 27.1% value share of the global electroplating market, and in 2016 it represented the highest market value share of all regions.
The APEJ regional market is expected to record the highest growth in the next few years, following the Latin American electroplating market.
In 20 years, metal finishing has changed from what was once an empirical craft to an effective technique based on logical principles.
In addition, initiatives such as “Make in India” and the launch of production incentive programs for large manufacturing units will enable manufacturing sector growth. As a result, India has become a favorable market for electroplating.
According to IBEF, gross value added (GVA) in this sector increased by 5% between 2016 and 2020, showing attractive potential for electroplating sales growth.
Electroplating is a type of metal finish found to be used in a variety of end-use industries such as automotive, electrical and electronic equipment, aerospace and defense, mechanical parts and components.
Electroplating is an electrochemical process in which metal ions in a solution adhere to a metal substrate by electrolytic deposition.
With electroplating, manufacturers use cheaper metals such as zinc and steel for most of their products to protect them from corrosion, improve their appearance, and achieve many other different properties required for their products. It can be coated with various metal coatings. The purchase price of electroplating rises between 3% and 4%.
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