The Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The electroplating market involves the process of depositing a thin layer of metal such as copper, zinc, chromium, nickel, gold, and silver onto a substrate material such as plastic or metal by using an electrical current. Electroplating provides a protective, attractive, and durable finish to the products. It is widely used in the automotive, electrical and electronics, aerospace and defense, and other industries to improve corrosion resistance, wear resistance, and aesthetics of components and parts.
Market key trends:
Increased use of electroplated metals in the automotive industry is a key trend fueling the growth of the electroplating market. Electroplating is considered critical for the automotive industry as it helps enhance the durability and lifespan of auto components. Metals such as chromium, zinc, and nickel are commonly electroplated on auto components and parts for improved corrosion resistance. Factors such as growing automotive production worldwide and the need to manufacture durable and reliable vehicles are expected to drive demand for electroplated metals from the automotive industry over the forecast period.
Threat of new entrants: The threat of new entrants is low as large amount of capital is required to start new electroplating plants. In addition, established players have greater economies of scale and brand recognition.
Bargaining power of buyers: The bargaining power of buyers is moderate as the electroplating market has many established players providing differentiated products and services. Buyers also haveoptions to choose from different plating materials as per their requirements.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials used in electroplating like chemicals, plating solutions, etc. are available from numerous suppliers globally. However, electroplaters depend on a continuous supply of quality raw materials.
Threat of new substitutes: Threat of new substitutes is moderate as there are alternative surface coating technologies available like physical vapor deposition, anodizing, thermal spraying etc. However, electroplating offers advantages in terms of durability, affordability and adaptability.
Competitive rivalry: Intense due to presence of numerous regional and global players offering varied products and services.
Strengths: Wide applications in various end-use industries, enhances corrosion resistance, aesthetic appeal and durability of materials.
Weaknesses: Initial high investment, complex multi-step process, hazardous chemicals usage.
Opportunities: Growing automotive industry, rising demand for consumer appliances and electronics. Potential in 3D printing applications.
Threats: Stringent environmental regulations, substitutes like physical vapor deposition gaining traction. Volatility in raw material prices.
Global Electroplating Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from automotive and electronics industries. Electroplating applications in automotive industry for plating functional and decorative parts is driving the market growth.
Regionally, Asia Pacific dominates the global electroplating market and is expected to continue its dominance during the forecast period. Growth in the automotive and electronics industries in China and India is boosting the regional electroplating market.
Key players operating in the electroplating market include Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, KessebÃ¶hmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others. The market is competitive with major players focusing on new product developments and mergers & acquisitions to expand their business.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it