ID: MRFR/CnM/6658-HCR | February 2021 | Region: Global | 111 pages
Electroplating also called galvanic electrodeposition, is an electrochemical metal finishing process wherein a metal is deposited on a substrate (metal or plastic) to form a protective barrier over the substrate and enhance its appearance. Electroplating is done by passing an electrical current through a solution containing the dissolved metal ions and the metal object to be coated/plated. The dissolved metal cations are reduced by the electric current so that they form a thin metal coating on the substrate. Various ferrous and non-ferrous metal objects, as well as plastics, are plated using different electroplating metals such as tin, zinc, silver, copper, chromium, gold, palladium, platinum, and aluminum. The process generally involves five steps, starting from pretreatment of the substrate (cleaning, degreasing, and other preparation steps), plating, rinsing, passivating, and finally drying. The key benefits offered by electroplating are increased resistance to corrosion, wear, and abrasion; electrical conductivity, reduced friction, surface uniformity, and improved adhesion properties of materials for painting or coating. The demand for electroplating is high in the automotive, aerospace & defense, electronics, industrial machinery, and jewelry industries, wherein the automotive industry is the largest consumer.
The global market was valued at over USD 14.1 billion in 2019 and is projected to register a CAGR of around 3% during the forecast period, 2019–2027. The increasing demand for durable metals and growing use of adaptable manufacturing processes for a wide range of applications in the automotive, aerospace & defense, and electrical & electronics industries are likely to boost the demand for electroplating. With the growing demand for high-performance automobile components having excellent resistance to corrosion to enhance the appearance of exterior automobile parts, such as emblems, door handles, hood ornaments, and wheel rims, is driving the demand for electroplating and likely to continue owing to the increasing automobiles production in Asia-Pacific and other emerging economies in the Middle East & Africa. The zinc-nickel electroplating is one of the popular methods of electroplating in the automotive industry. Additionally, the use of plastics in the automotive industry is growing to offer lightweight solutions. With the increasing popularity of plastic composites, the need for plating plastics with metals to enhance the appearance and quality of the material and providing electrical conductivity to a non-conductive plastic surface is further expected to propel the market growth.
The significant growth of the electronics industry across the globe coupled with high demand for electroplating in the manufacturing of various electronic components such as electric transistors, conductors & semiconductors, electronic power switches, connectors, and computer components, is the other prominent factor driving the growth of the global market.
However, the environmental concerns and high cost associated with the process are expected to be the key factors hampering the global market growth.
Some of the leading players in the global electroplating market are Atotech (Germany), Precision Plating Co. (US), TOHO ZINC CO., LTD (Japan), Sharretts Plating Company (US), Dr.-Ing. Max Schlötter GmbH & Co. KG (Germany), Klein Plating Works, Inc (US), Sheen Electroplaters Pvt Ltd (India), Summit Corporation of America (US), Jing Mei Industrial Ltd. (Hong Kong), Allied Finishing (US), Allenchrome (England), and Cherng Yi Hsing Plastic Plating Factory Co., Ltd (China).
Global Electroplating Market Share, by End-Use Industry, 2019 (%)
Source: MRFR Analysis
The global electroplating market has been studied with respect to five regions, namely North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America. In 2019, Asia-Pacific was the dominant regional market and is projected to be the fastest growing regional market during the review period. The increasing automobile production and robust growth of the electronics industry in the South-East Asian economies are expected to be the prominent drivers for the growth of the regional market. The aerospace & defense industry in the region is also expected to be a lucrative market for electroplating.
The Middle East & Africa is expected to witness healthy growth owing to the high growth potential exhibited by the Middle East economies including UAE, Saudi Arabia, and Qatar.
The global electroplating market has been segmented by metal, type, end-use industry, and region.
Based on metal, the global electroplating market has been classified into standard metals, precious metals, and alloys. The standard metals segment is further categorized into tin, copper, zinc, chromium, and others. The precious metals segment is further sub-segmented into gold, silver palladium, platinum, and others.
By type, the global electroplating market has been categorized into barrel plating (mass plating), rack plating, continuous plating, line plating, and others.
On the basis of end-use industry, the global electroplating market has been divided into automotive, electrical & electronics, industrial machinery, jewelry, aerospace & defense, medical, and others.
The global electroplating market has been studied with respect to five key regions—Asia-Pacific, Europe, North America, and Latin America, the Middle East & Africa.
Frequently Asked Questions (FAQ) :
The electroplating market is projected to grow at a 4% CAGR between 2019-2025.
The electroplating market is predicted to touch USD 19.8 billion by 2025.
The APAC region is expected to command the largest share in the electroplating market.
It has wide applications in medical, automotive, jewellery, and others.
Growing electronics industry and rising automobile production is boosting market growth.