Asia Pacific held the largest share of the global electroplating market in 2022, and the market in the region is expected to record the highest CAGR during the forecast period. Demand for electroplating is directly proportional to the expansion of the manufacturing industry across the region.
Ongoing Industrialization Worldwide Drives Global Electroplating Market Growth
Rising industrialization across the globe, especially in Asia Pacific, along with the increasing disposable income of consumers in the developed countries of the region, fuels the demand for electroplating across the electronics, automotive, and jewelry industries. Rising demand for high-performance automobile components with excellent corrosion resistance to enhance the appearance of exterior automobile parts, including hood ornaments, emblems, door handles, and wheel rims, propels the requirement for electroplating solutions owing to the increasing production of automobile in Asia Pacific and other emerging economies in the Middle East & Africa. Asia Pacific will remain the highest contributor to shares of the electroplating market in 2022. Opportunities remain promising for service providers in countries such as China, India, and ASEAN, in line with remarkable growth in the electronics and automotive industries. Demand will grow relatively stronger in India, with rising production facilities of various industrial sectors in the country. The zinc-nickel electroplating is considered one of the popular electroplating methods in the automotive industry. The significant growth of the electronics industry across the world coupled with high demand for electroplating in the manufacturing of various electronic components such as electric transistors, electronic power switches, conductors and semiconductors, connectors, and computer components, is the other prominent factor propelling the global market growth.
Electroplating Market: Segmental Overview
Based on metal, the electroplating market is segmented into gold, silver, copper, nickel, and others. The nickel segment held the largest share of the global electroplating market in 2022. The copper segment is expected to register a significant CAGR during the forecast period. Copper plating is the process of electrolytically plating a layer of copper on the surface of an item. Copper plating material surfaces offer a variety of advantages for substrates. The primary reason for copper plating is to increase the conductivity of the substrate, though copper is extremely conductive-only Silver is a more powerful metal for the conductivity of electricity.
Based on type, the electroplating market is segregated into barrel plating, rack plating, continuous plating, and line plating. The barrel plating segment held the largest share of the global electroplating market in 2022. The rack plating segment is expected to record a significant CAGR during the forecast period. Rack or wire plating is a good option to flatten large groups of parts. In this process, the parts are put on a wire rack, allowing each part to come into physical contact with the power source. This method is expensive and is better suited to delicate parts that cannot undergo barrel plating.
Based on end use industry, the electroplating market is segmented into automotive, electrical and electronics, aerospace and defense, medical, and others. The electrical and electronics segment held the largest share of the global electroplating market in 2022. The automotive segment is expected to register a significant CAGR during the forecast period. Automobile manufacturers have started to put greater emphasis on corrosive safety. This led to the advent of a metal finishing process now known as electroplating. In the automotive industry, electroplating is generally used to refurbish old parts such as grills, bumpers, and tire rims to make them look brand new.
Impact of COVID-19 Pandemic on Electroplating Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in the chemical & materials industry and hampered the growth of the electroplating market. Adverse effects of the pandemic on the manufacturing industry negatively impacted the demand for electroplating from this industry.
Various economies have started reviving their operations. With this, the demand for electroplating started increasing. The growing use of electroplating in heavy industries is expected to offer lucrative opportunities for the global electroplating market during the forecast period.
Electroplating Market: Competition Landscape
Allenchrome Electroplating Ltd; Atotech; Dr.-Ing. Max Schlötter GmbH & Co. KG; Jing Mei Industrial Limited.; Klein Plating Works Inc; Precision Plating Company; Sharretts Plating Co., Inc.; Summit Corporation of America; Toho Zinc Co., Ltd; and Cherng Yi Hsing Plastic Plating Factory Co., Ltd are among the major players operating in the global electroplating market. Furthermore, global electroplating market players focus on strategies such as investments in research & development activities.