by Electroplating is a process that uses an electric current to apply a layer of metal atoms onto another metal or non-metal object. It is widely used for corrosion protection, enhanced appearance or electrical conductivity. Electroplated products like decorative trim, hardware and engine parts are in high demand in the automotive industry.
The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for electroplated products in the automotive industry has been a key growth driver for the electroplating market. As automotive production and sales are rising globally especially in developing regions like Asia Pacific, electroplaters are receiving higher orders for various metal coatings. Electroplated parts not only enhance the aesthetic appeal of vehicles but also provide crucial protection against corrosion. This has ensured steady workload for electroplating facilities catering to the automotive aftermarket as well as original equipment manufacturers. Rising automobile usage is thus propelling the electroplating market forward through increased consumption of electroplated components.
SWOT Analysis
Strength: Electroplating offers corrosion resistance and wear resistance properties to materials. It increases the surface hardness of materials.
Weakness: The electroplating process requires extensive machinery and handling of hazardous chemicals like cyanide and heavy metals which can cause health and environmental hazards if not handled properly.
Opportunity: Growing demand from end-use industries like automotive, electrical & electronics, construction will drive the electroplating market. Increasing investment in infrastructure development and focus on renovation will boost market growth.
Threats: Stringent environmental regulations regarding the discharge of hazardous waste can restrain the market. Alternative coating technologies like physical vapor deposition and chemical vapor deposition offer environmental friendly solutions.
Key Takeaways
Global Electroplating Market Size is expected to witness high growth. The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis related content comprises The Asia Pacific region dominates the electroplating market and is expected to witness the fastest growth during the forecast period. China, Japan, and India are major countries contributing to the growth of the APAC electroplating market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
