February 24, 2024
Electroplating Market

Electroplating Market is Estimated to Witness High Growth Owing to Advancements in Nano-Coatings

Electroplating refers to the process of applying a metal coating to a surface using an electric current. It is widely used to provide corrosion resistance, improve wear resistance and provide aesthetic appeal to surfaces. Some common materials electroplated include chromium, nickel, and gold among others. Key advantages include ability to provide uniform thin coatings, suitable for high volume production and coatings can be customized based on intended applications. With growing demand from various end-use industries like automotive, electronics, aerospace and defence, the need for protective and aesthetic coatings has been rising significantly.

The Global Electroplating Market is estimated to be valued at US$ 22.27 Mn 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. The market offers growth opportunities in the form of development of newer materials coatings with enhanced protection against corrosion, wear and tear. Advances in nano-coatings that offer superior hardening and tribological properties are also expected to boost market growth.

The key opportunities in the market include focus on developing electroplating processes compatible with 3D printing to enable multi-material additive manufacturing. Further, adoption of electroless plating techniques that don’t require electricity and provide uniform coatings even in complex geometries can expand market applications.

Technological advancements like development of nano-composite coatings combining nano-materials like silver, copper and carbon nanotubes are gaining traction to achieve enhanced protective and self-cleaning properties. Switchable surfaces that can change wettability and other properties in response to external stimuli also hold promising applications in the future.

Market Drivers

Growing use of electroplating in semiconductor manufacturing and electronics for corrosion protection of PCBs and electronic components is a major market driver. This is further augmented by the miniaturization trends necessitating thinner uniform coatings for electronics. Increase in industrial applications across industries requiring high corrosion and wear resistance is also propelling the market growth. Growing R&D towards eco-friendly electroplating solutions without heavy metals will further support sustainable market growth.

Challenges in the Electroplating Market

The electroplating market is facing many challenges such as rising environmental regulations, availability of substitutes and fluctuating raw material prices. Environmental protection agencies across the world have made stringent norms to reduce heavy metal pollution from electroplating processes. This has increased compliance costs for manufacturers. also, alternative surface coating technologies provide the same functionality as electroplating with minimal environmental impact. This is reducing demand for conventional electroplating. Further, prices of key raw materials used in electroplating like nickel, chromium and zinc fluctuate frequently according to global economic conditions. This introduces uncertainties in project costs.

SWOT Analysis

Strength: Electroplating provides excellent corrosion protection and wear resistance to parts. It can deposit a variety of metals and alloys on any conductive surface with uniform thickness.

Weakness: Electroplating uses heavy metals like chromium, cadmium, lead etc. which are toxic and their disposal is problematic. The process also requires large amount of water and generates hazardous waste.

Opportunity: Growing usage of electroplated parts in automotive, electronics, aerospace and other industries present new opportunities. Also, developing environmental-friendly electroplating techniques without heavy metals can expand market potential.

Threats: Stringent environmental regulations raise compliance costs. Water shortage in some regions is a challenge. Substitute surface coating technologies provide a threat.

The Asia Pacific region dominates the electroplating market in terms of value. China, Japan, India and other developing Asian countries contribute nearly 50% of overall demand due to large manufacturing industries. North America is the second major region driven by the United States where electroplating is widely used in automotive, industrial machinery and other applications.

The Middle East and Africa region is projected to be the fastest growing market for electroplating during the forecast period. This is owing to rapid industrialization and infrastructure development activities across various countries. Increasing foreign investments for manufacturing sectors will boost the consumption of electroplated parts.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it