Future Market Insights (FMI) in a new study predicts the electroplating market to exhibit 3.6% Y-o-Y growth in 2021. Electroplating has become a vital application in some industries such as electronics, automotive, and machinery parts & components, due to its indispensable characteristics of corrosion resistance.
Rapid industrialization, coupled with high disposable income in developing countries, is fueling the demand in the automotive, electronics, and jewelry industries, which in turn has been creating opportunities for electroplating applications.
According to the report, the global electroplating market is projected to rise at a CAGR of ~4.3% during the forecast period of 2021-2031, reaching a market value of ~US$ 25 Billion by 2031. While the growth projections for the electroplating market continue to be strong during the forecast period, the ongoing COVID-19 pandemic crisis is anticipated to cause a minor strain on demand.
Closure of manufacturing units and supply chain networks due to shutdowns in several countries is expected to affect the consumption of Electroplating in key industries like electronics, automotive, and aerospace & defense. However, the market is expected to recover in the year 2021.
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Among various industries exhibiting demand, the automotive and electrical, and electronics segments will continue accounting for the lion’s share. Of these, the automotive segment is expected to maintain dominance, accounting for above 34% of electroplating sales through 2031.
Key Takeaways from Electroplating Market Study
- The electroplating market will continue exhibiting growth after a temporary period of lull in 2020. It is likely to exhibit a 4.3% CAGR between 2021 and 2031
- The US holds 81.6% of the North American market in 2021 and the outlook remains positive
- UK will register a growth of 2.8% Y-o-Y in 2021
- Germany and France will continue exhibiting steady growth
- JAPAN and Korea will continue to be bright spots, yet China will hold dominance in East Asia
“With small manufacturers eating into the market share, global players are looking into ways to improve margins by engaging in more B2C sales through collaboration with large scale end users”– says FMI analyst
Electroplating Market: Participant Insights
Key global players in the Electroplating market, like Atotech Deutschland GMBH, Interplex Holdings Pte. Ltd, Kuntz Electroplating Inc., Pioneer Metal Finishing Inc., and Roy Metal Finishing Inc., are focused on establishing partnerships with automotive OEMs, machinery equipment providers, and electronic companies to form long-term supply contracts. Manufacturers also are focusing on innovations to gain a competitive advantage. For instance, Fischer has launched an innovative laser technology to improve plastic electroplating.
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Key Segments
Plating Metal
- Gold
- Silver
- Copper
- Nickel
- Chromium
- Zinc
- Others
Substrate
- Manually Operated Inhaler Devices
- Base Metal Plating
- Plastic Plating
Function
- Decorative
- Functional
End-Use
- Automotive
- Electrical & Electronics
- Aerospace & Defense
- Jewelry
- Machinery Parts & Components
- Others
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To Know More about Electroplating Market:
A recent market study published by Future Market Insights (FMI) on the global Electroplating market report offers insights into the consumption scenario of Electroplating on both global and regional levels. The report analyses the Electroplating market demand through three segments – plating metal, substrate, function, and end-use, across six regions.
The Electroplating report also offers key insights into key growth drivers by end-use, major competitors across applications, manufacturer margins, and import/export scenario, along with COVID impact analysis on the market demand trend.
Explore FMI’s Extensive ongoing Coverage in the Chemicals & Materials Domain
Gold Plating Chemicals Market: Future Market Insights (FMI) has anticipated the demand for gold plating chemicals to witness a year-over-year growth of 4.8% in 2022 reaching a value of about US$ 445.5 Mn by the end of 2022.
Precious Metal Plating Chemicals Market: The precious metal plating chemicals market is valued at US$ 1.6 Bn in 2021. It is set to grow at 3.9% CAGR through 2027. The silver segment is projected to have a market value of nearly US$ 6 Bn by 2027-end.
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