According to our latest market study on “Electroplating Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Metal (Gold, Silver, Copper, Nickel, and Others), Type (Barrel Plating, Rack Plating, Continuous Plating, and Line Plating), and End-User Industry (Automotive, Electrical and Electronics, Aerospace and Defense, Medical, and Others),” the market was valued at US$ 16,446.88 million in 2019 and is projected to reach US$ 23,034.16 million by 2027; it is expected to grow at a CAGR of 4.4% from 2020 to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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 well-established players in the global electroplating market.
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Ongoing Industrialization Worldwide to Escalate Electroplating Market Growth
Electroplating or galvanic electrodeposition is defined as an electrochemical metal finishing process in which metal ions dissolved in a solution are deposited on a substrate with the help of electricity. This process helps create a protective coating over the substrate which offers resistance over corrosion and enhances the overall appearance of the product. Under the mechanism, the electric current through a solution of the dissolved metal ions and the metal object to be plated. The process is used to plate or coat several ferrous and nonferrous metal objects and plastics by using metals, such as copper, tin, zinc, gold, palladium, platinum, silver, chromium, and aluminum.
Ongoing industrialization across the globe, especially in the AsiaPacific region, along with increasing disposable income of consumers in the developed countries of Asia Pacific, is fueling the demand for electroplating across the electronics, automotive, and jewelry industry. Rise in demand for high-performance automobile components having excellent resistance to corrosion to enhance the appearance of exterior automobile parts, including emblems, door handles, hood ornaments, and wheel rims, is driving the demand for electroplating. This is likely to continue owing to increasing production of automobile in Asia-Pacific and other emerging economies in the Middle East & Africa. Asia-Pacific, except Japan (APEJ), will remain the largest contributor to the electroplating market in 2019.Opportunities remain promising for service providers in countries such as China, India and ASEAN, in line with the phenomenal growth of the electronics and automotive industries.However, demand is likely to grow relatively stronger in India, with increasing production facilities of various industrial sectors in the region. The zinc-nickel electroplating is considered as one of the popular methods of electroplating in the automotive industry. The significant growth of the electronics industry around the world coupled with high demand for electroplating in the manufacturing of various electronic components such as electric transistors, electronic power switches, conductors & semiconductors, connectors, and computer components is another prominent factor propelling the growth of the global market.
Impact of COVID-19 Pandemic on Electroplating Market
Coronavirus outbreak first began in Wuhan, China, during December 2019 and since then it has spread at a fast pace across the globe. As of October 2020, China, Italy, Iran, Spain, republic of Korea, France, Germany, and the US are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~38,394,169 confirmed cases and ~1,089,047 total deaths globally. The coronavirus outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical & materials industry is one of the major industries that is suffering serious disruptions, such as supply chain breaks, technology event cancellations, office shutdowns, as a result of this outbreak. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnership opportunities. All these factors are anticipated to affect the chemical & materials industry in a negative manner and restrain the growth of various markets related to this industry in the coming months.
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The report includes the segmentation of the global electroplating market as follows:
Global Electroplating Market, by Metal
Global Electroplating Market, by Type
Global Electroplating Market, by End-User Industry