Global Electroplating Market Overview
The Electroplating market Size was valued at USD 21,131.5 Million in 2023. The Electroplating Market is projected to grow USD 28,824.2 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.6% during the forecast period (2023 - 2032).
The Electroplating market is driven by several factors that contributes towards its rising demand from several industries.
The growth of the automotive industry has been a significant driver for the expansion of the electroplating market. Electroplating is a process used in the automotive industry to apply a thin layer of metal, such as chromium, nickel, or copper, onto the surface of various components. This process enhances the appearance, durability, and corrosion resistance of these components, making them more attractive and longer-lasting. As the automotive industry continues to grow, the demand for electroplated parts has increased. Emerging markets, such as China and India, have seen a surge in vehicle production and sales, fueling the need for electroplated components. Additionally, the increasing popularity of electric vehicles (EVs) has also contributed to the growth of the electroplating market. EVs require specialized components that need to be electroplated to ensure proper functioning and durability.
Moreover, the automotive industry's focus on improving fuel efficiency and reducing emissions has led to the development of lightweight materials, such as aluminum and magnesium. These materials require electroplating to enhance their corrosion resistance and improve their appearance. As a result, the demand for electroplating services has grown to accommodate the increasing use of these lightweight materials in automotive manufacturing. Also, the automotive industry's emphasis on customization and personalization has also driven the growth of the electroplating market. Consumers are increasingly seeking vehicles with unique and personalized features, such as custom-plated trim pieces, wheels, and interior accents. This trend has created a demand for specialized electroplating services that can produce high-quality, customized parts.
Electroplating Market Trends
GROWING DEMAND FROM AUTOMOTIVE INDUSTRIES
The global electroplating market has been experiencing significant growth in recent years, and a key driver of this trend is the increasing demand from the automotive industry. Electroplating is a crucial process in the manufacturing of various automotive components, and as the automotive industry continues to expand, the demand for electroplating services has been steadily rising. In 2022, global sales of passenger cars reached 58,644,601 units, while commercial vehicle sales stood at 24,226,493 units. However, in 2023, these figures saw a notable increase, with passenger car sales rising to 65,272,367 units and commercial vehicle sales reaching 27,452,301 units.
The electroplating is widely used in automotive parts such as bumpers, grilles, wheel rims, exhaust systems, interior trims, bolts, and others. One of the most prominent applications of electroplating is on bumpers, both front and rear. These components are often electroplated with materials like chrome or nickel to create a stunning, mirror-like finish while providing exceptional corrosion resistance. Corrosion is a major concern for automotive manufacturers, as it can significantly reduce the lifespan of a vehicle's components and lead to costly repairs. Electroplating, particularly with zinc, provides an effective solution to this problem by creating a protective layer that shields automotive parts from the elements. This protective coating helps to prevent rust and other forms of corrosion, ensuring that the vehicle's components remain in good condition for longer. Zinc electroplating is commonly used on fasteners, bolts, and other metal parts that are exposed to the elements, such as those in the exhaust system or the undercarriage of the vehicle. By using electroplating to provide this corrosion protection, automotive manufacturers can extend the lifespan of their vehicles and reduce the need for costly repairs, ultimately saving money for both the manufacturer and the consumer.
EXPANDING ELECTRONICS AND ELECTRICAL INDUSTRY
The electronics and electrical industry have been a major contributor to the growth of the global electroplating market. As the demand for electronic devices, such as smartphones, laptops, and consumer electronics, continues to rise, the need for high-quality and reliable components has also increased. The consumer electronics sector was valued at $245.60 billion in 2018 and is projected to reach $397.00 billion by 2029, while the household electronics sector is expected to grow from $77.00 billion in 2018 to $315.40 billion by 2029. Electroplating is extensively used in the production of these components, as it helps to improve their performance, lifespan, and overall quality. Electroplating with gold is commonly used in the electronics industry, particularly in the manufacturing of connectors, circuits, and contacts.
Gold electroplating is a popular choice in the electronics industry due to its unique properties and the numerous benefits it offers. Gold is an excellent conductor of electricity, with a low contact resistance that helps ensure reliable signal transmission in electronic devices. This makes it an ideal material for use in connectors, circuits, and contacts, where efficient electrical conductivity is critical. Gold is also highly resistant to corrosion, which is particularly important in applications where the components may be exposed to harsh environments or repeated use. By protecting the underlying metal from oxidation and wear, gold electroplating can significantly extend the lifespan of electronic components, reducing the need for frequent maintenance or replacement.
Electroplating Market Segment Insights
Electroplating Market By Application Insights
The Electroplating Market has been segmented into Decorative Coating, Corrosion Protection, and others. In 2023, the Corrosion Protection segment drove the Electroplating market by holding a substantial market share of 69.5% with a market value of USD 14,677.39 million. It is projected to register a CAGR of 3.5% during the projected timeframe.
Electroplating Market by Plating Insights
Based on Plating, the Electroplating market has been segmented into Metal and Plastics. In 2023, the metal segment drove the Electroplating Market by holding a substantial market share of 95.4% with a market value of USD 245.6 million. It is projected to register a CAGR of 22.59% during the projected timeframe.
Electroplating Market by End-Use Industry Insights
Based on End-Use industry, the Electroplating market has been segmented into Automotives, Consumer Electronics, Aerospace & Defense, Medical Devices, Jewelry, and Others. In 2023, the automotive segment drove the Electroplating Market by holding a substantial market share of 35.86% with a market value of USD 20,168.32 million. It is projected to register a CAGR of 3.5% during the projected timeframe.
Electroplating Market Regional Insights
By region, the global market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East & Africa. Among these, Asia Pacific emerged as the leading segment with a share of 40.6%. The segment is projected to reach a value of USD 8,576.13 million by the end of the forecast period. The Asia Pacific region witnessed the fastest segment with a healthy CAGR of 3.3%.
Electroplating Key Market Players & Competitive Insights
Global Electroplating Market is characterized by a high level of competition, with many players emerging for market share. The top 30 companies in the market account for a significant market share of Global Electroplating Market. The competitive landscape of Global Electroplating Market is dynamic, with companies constantly innovating and expanding their product offerings. Despite the challenges, there are several factors that are driving growth in the Electroplating Market. These include growing Demand from Automotive Industry and expanding Electronics Industry. The Electroplating Market is expected to witness significant growth in the coming years, owing to the expansion of the electronic industry.
Key Companies in the Electroplating Market includes
Electroplating Industry Developments
July 2023: MKS Instruments announced the release of the Atotech CMA Closed-Loop System for alkaline zinc nickel plating. Certified by TÜV Rheinland, this technology enables virtually wastewater-free operations while minimizing waste generation and reducing carbon footprint. This technology is a closed-loop system that functions as an all-encompassing solution, covering every aspect of the alkaline zinc nickel plating process, including rinsing. It features compact membrane anodes (CMA), custom chemical additives, a vacuum evaporator, and a freezing unit, resulting in a significantly reduced environmental impact, enhanced product quality and a longer lifespan for the electroplating line.
July 2023: SurTec, has announced the acquisition of TF Chemical srl, a renowned chemical supplier known for its cutting-edge product quality and tailor-made service. This strategic move will strengthen SurTec's position in the Italian market and further enhance its ability to deliver innovative solutions to customers worldwide.
December 2023: SurTec, a specialist for chemical surface finishing solutions, acquires Italy-based Aluservice. Aluservice specializes in research and development as well as the distribution of chemical specialties for surface treatment of alloys made of aluminum, zinc, steel and iron. The range includes products for aluminum anodization, aluminum coating processes, electroplating of ferrous metals, and coating of other metals.
Electroplating Segmentation
Electroplating Type Outlook
Electroplating Paints & Coatings Plating Outlook
Electroplating End-Use Industry Outlook
Electroplating Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 21,131.5 Million |
| Market Size 2024 | USD 21,680.89 Million |
| Market Size 2032 | USD 28,824.2 Million |
| Compound Annual Growth Rate (CAGR) | 3.6% (2023-2032) |
| Base Year | 2023 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018 & 2022 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Plating, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Countries Covered | The U.S, Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, South Korea, Vietnam, Indonesia, Malaysia, Thailand, Brazil, Argentina, GCC Countries, South Africa |
| Key Companies Profiled | Anoplate Corporation, Jing Mei Industrial Ltd., Aman Metal Finishers Ltd., Sharretts Plating Company, Hylite Group, Umicore, Plateco, Inc., Dekalb Metal Finishing, New Method Plating Company, Inc., Ss Electroplaters, Eigen, Ssoss Cast Pte Ltd, The Plating Place, Solarplating, Sterling Plating Pty Ltd, Atotech, Macdermid Enthone, The Dow Chemical Company, Generac Holdings Inc., Jcu Corporation, Okuno Pharmaceutical Industry Co., Ltd., Surtec, Columbia Chemical, Powergear Limited, Frost Electroplating, Klein Plating Works, Inc, Jasco, Pavco Inc., Uyemura Frost Electroplating, Schlotter, Allied Finishing, Inc. |
| Key Market Opportunities | · Increasing Use in Jewelry Applications |
| Key Market Dynamics | · Growing Demand from Automotive Industry · Expanding Electronics and Electrical Industry |
Electroplating Market Highlights:
Frequently Asked Questions (FAQ) :
The Electroplating market is US$ 21,131.55 Million in the year 2023.
The growth rate of Electroplating market is 3.6%
Asia Pacific held the largest market share in the Electroplating Market.
Atotech, Nihon Kagaku Sangyo Co. Ltd., Umicore, and Others
Corrosion Protection segment had the largest share in the Electroplating Market.
Meral segments have the largest market share in the Electroplating Market.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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