PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485737
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485737
The electroplating Market size was valued at USD 19,223.32 million in 2023, expanding at a CAGR of 5.5% from 2024 to 2032.
The electroplating market involves the process of coating metal objects with a layer of another metal using electrical current, enhancing properties like corrosion resistance and aesthetics. The demand for the electroplating market arises from various industries including automotive, electronics, aerospace, and jewelry industries for surface finishing and corrosion protection. Furthermore, advancements in eco-friendly electroplating techniques are driving the market growth. Environmental concerns regarding chemical waste disposal and regulatory pressures on chemical usage present challenges. However, opportunities exist in developing advanced, environmentally friendly plating techniques and expanding applications in medical devices and renewable energy sectors, encouraging growth and innovation in the electroplating industry.
Electroplating Market- Market Dynamics
Electrical and Electronics Industry Drives Electroplating Market Growth
The growth of the electroplating market is driven by the expanding needs of the electrical and electronics industry, which requires surface finishing and corrosion protection for components used in various applications. For example, in the automotive sector, electroplating is crucial for enhancing the durability and aesthetics of parts. Similarly, the electronics industry relies on electroplating for circuit board manufacturing and electronic component protection. A report by the Ministry of Electronics and IT, India aims to achieve electronics manufacturing worth USD 300 billion by 2026. Aerospace and jewelry industries also contribute to the market growth due to similar surface treatment requirements. Moreover, advancements in eco-friendly electroplating technologies further bolster market expansion, aligning with sustainability goals in manufacturing.
Electroplating Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2024-2032)
Based on Type segmentation, gold plating was predicted to show maximum market share in the year 2023
Based on application segmentation, Automotive parts were the leading type in 2023
Based on Function segmentation, Functional or engineering plating was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Electroplating Market is segmented based on Type, Application, Function, End-User, and Region.
The market is divided into six categories based on Type: Nickel Plating, Gold Plating, Silver Plating, Copper Plating, and Chromium Plating. Nickel plating holds the highest preference due to its corrosion resistance and durability in automotive and electronics applications. Gold plating follows, valued for its conductivity in electronics and luxury goods. Silver plating is sought after for its antimicrobial properties, particularly in healthcare. Copper plating is essential for electronics and plumbing. Chromium plating is used for corrosion protection and aesthetics in the automotive and industrial sectors.
The market is divided into seven categories based on application: Automotive Parts, Electronics & Electrical Components, Aerospace & Defense, Jewelry & Accessories, Plumbing Fixtures, Medical Devices, Machinery & Equipment. Automotive parts dominate electroplating demand, driven by the need for corrosion resistance and aesthetics. Electronics and electrical components follow, requiring conductivity and protection. Aerospace and defense applications demand durability and corrosion resistance. Jewelry and accessories benefit from decorative plating. Plumbing fixtures require corrosion protection. Medical devices and machinery seek biocompatibility and durability in electroplating applications.
Electroplating Market- Geographical Insights
In North America and Europe, the electroplating market thrives due to the presence of robust automotive and electronics industries, which create substantial demand for electroplated components used in vehicle parts, electronic devices, and consumer goods. The region's advanced manufacturing capabilities and stringent quality standards further drive market growth. In Asia-Pacific, countries like China and India are witnessing rapid industrialization and infrastructure development, leading to increased demand for electroplating services to support manufacturing activities across diverse sectors. Southeast Asia is emerging as a significant electronics manufacturing hub, fueling additional demand for electroplating processes to enhance product quality and durability. South America and the Middle East are experiencing steady growth in the electroplating market, driven by expanding industrial sectors such as construction, aerospace, and automotive, where surface finishing and protection are essential for product performance and longevity.
Companies like Atotech, Coventya, and Enthone-OMI (OM Group) are prominent participants, offering a wide range of electroplating solutions for various industries. Atotech specializes in electroplating chemicals and equipment, serving automotive, electronics, and decorative applications. Coventya focuses on specialty chemicals and processes for the metal finishing, catering to the automotive, aerospace, and electronics sectors. Enthone-Omi, now part of Platform Specialty Products Corporation, provides electroplating solutions for the automotive and electronics industries. Other notable players include MacDermid Enthone Industrial Solutions and C.Uyemura & Co., Ltd., contributing to the market's competitiveness with innovative technologies and customized solutions tailored to diverse industry needs. Regional players like Erie Plating Company also play significant roles in specific markets, emphasizing local expertise and customer relationships. Furthermore, several key players engaged in strategic initiatives such as acquisitions, mergers, and collaborations to strengthen market positions and expand offerings. For instance, in November 2023, H&M Plating Company completed strategic acquisitions over five years, including Schumacher Co., Dixie Electroplating, Mirror Industries, and Southcoast Grinding. These additions expanded their 170,000-square-foot facility, providing comprehensive precision grinding and industrial plating services.
In October 2022, Ag-Nano System developed a new electroplating method utilizing golden silver nanoparticles marking a significant innovation in the industry, offering a potential alternative to traditional gold plating for electrical circuits.
In May 2022, SIFCO ASC launched a new portable all-in-one plating system featuring dripless technology called the Advanced Solution Control System (ASCS). This innovative piece of electroplating technology is entirely portable, enabling it to be brought directly to the specific part or component.
GLOBAL ELECTROPLATING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Atotech Deutschland GmbH
MacDermid Enthone Industrial Solutions
Sharretts Plating Company
Coventya Group
SIFCO Applied Surface Concepts Group
Columbia Chemical Corporation
Epner Technology Inc.
Gold Touch Inc.
JCU Corporation
Luster-On Products Inc.
Peninsula Metal Finishing Inc.
Plating Technology
Acme Surface Dynamics, Inc.
Dixie Industrial Finishing Company
Rechroming Ltd.
Metal Surfaces, Inc.
Others