by Electroplating is a plating process that uses an electric current to deposit a thin layer of metallic coating onto a substrate surface. It is widely used in various end-use industries such as automotive, electrical & electronics, aerospace & defense, and household appliances owing to its ability to provide decorative or functional finishes. Electroplated coatings enhance the aesthetics and protect base materials from corrosion, wear & tear. With the growing automotive production globally and rising focus on interior and exterior designs of vehicles, the demand for electroplated automotive components such as alloy wheels, engine parts is increasing rapidly. Furthermore, miniature electronic components and circuits used in electronics devices require protection from corrosion and electricity which has fueled the usage of electroplating in the electrical & electronics industry.
The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the global electroplating market size is the development of new plating materials. Various new metal alloys are being developed to achieve specific functional and decorative properties as per end-use requirement. For instance, zinc-nickel alloy is increasingly replacing conventional zinc plating in automotive applications due to its better corrosion resistance. Similarly, tin-zinc alloy electroplating is witnessing increasing adoption in electronics for its properties like matte finish, solderability and corrosion resistance. New environmental-friendly electroplating baths incorporating green chemicals are also being introduced to improve sustainability. Furthermore, advancement of electroplating technologies allow achieving nanoscale thickness and precise control of plated film thickness, thereby expanding their applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as electroplating requires high initial capital investment for equipment and expertise required.
Bargaining power of buyers: The bargaining power of buyers is medium as electroplating services can be sourced from various suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of raw material substitutes and less differentiation in products.
Threat of new substitutes: The threat of new substitutes is high due to availability of advanced surface treatment technologies such as physical vapor deposition and chemical vapor deposition.
Competitive rivalry: The competitive rivalry is intense among the existing players to gain higher market share.
Key Takeaways
The global electroplating market is expected to witness high growth over the forecast period. The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
North America region is estimated to hold the largest share of the electroplating market in 2024 owing to increasing demand from end use industries such as electrical and electronics in the region. Asia Pacific region is projected to grow at the fastest rate during the forecast period with China, India, Japan, and South Korea being the major countries contributing to the growth of electroplating market in the region. Increasing investment in automotive and electrical sectors are driving the growth of electroplating market in Asia Pacific.
Key players: 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. Philips Healthcare is one of the leading players focusing on new product launches and acquisitions to strengthen its presence in the global electroplating market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
