May 21, 2024
Electroplating Market

Electroplating Market to Flourish at 6% CAGR Owing to Growing Electric Vehicle Industry

The electroplating market has been gaining significant prominence over the last few decades. Electroplating involves depositing a thin layer of metal like silver, gold, copper chromium or nickel on a solid surface using an electric current to avoid corrosion and enhance appearance. It is widely used across applications like automotive, industrial machinery, consumer goods, and construction among others. Electroplating offers key advantages such as long-lasting shine, color alteration, durable and scratch-resistant finish, enhanced conductivity. It protects surfaces from corrosion and improves product life. Growing adoption across automotive and electronic industries has been favoring market growth.

The Global electroplating market is estimated to be valued at US$ 22.27 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the electroplating market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation. Electroplating helps achieve enhanced aesthetics and finishes that otherwise cannot be achieved, thus opening new opportunities. Growing demand from automotive and electronics industry has been prompting companies to expand globally. Major players are focusing on strategic collaborations and partnerships to expand into high growth regional markets.

Key players operating in the Electroplating Market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation. The key opportunities in the market include growing demand for lightweight components in automotive and aircraft industry and increasing use of gold and silver electroplating in jewelry industry. Major players are expanding globally driven by growing automotive manufacturing and increasing foreign direct investments across developing regions.

Market drivers

The major driver for the electroplating market has been growing electric vehicle industry. Electroplating plays a key role in manufacturing critical EV components like battery packs, motors and electronic control units owing to its ability to offer corrosion resistance. Electroplated metal finishes are increasingly replacing chrome plating owing to stringent environmental regulations. This has been favoring adoption across exterior and interior automotive parts. Growing industrial manufacturing and investment in infrastructure development is further driving the demand for electroplated machinery parts and construction materials.

PEST Analysis

Political: The Electroplating Market is influenced by regulations regarding environmental protection and workers’ safety. Restrictions on hazardous materials like heavy metals can impact the costs of electroplating operations.
Economic: As the manufacturing industry grows in different regions, the demand for electroplating from sectors like automotive and electronics also rises. Economic cycles affect the ability and willingness of companies to invest in metal finishing operations.
Social: Customers are increasingly concerned about ethically sourced materials and responsible manufacturing practices. Eco-friendly alternatives and pollution control technologies allow electroplaters to address such social demands.
Technological: Advancements in plating chemistry and equipment help improve deposition control and waste treatment. Digital technologies assist in automation and remote monitoring of electroplating lines. New specialty coatings expand the scope of applications.

The North American region accounts for over 30% of the global electroplating market value, driven by the large and growing automotive, industrial machinery and metal fabrication industries in the US and Canada. The Asia Pacific region has emerged as the fastest growing market for electroplating and is expected to exceed North America by 2028 due to expansions in manufacturing capacities across China, India, Japan and South Korea along with rising domestic demand.

Germany, Italy, UK and France make up the bulk of the European electroplating market, powered by their strong manufacturing export bases, specially in automotive, aerospace and metal components. Though mature, these countries continue innovating with new surface treatment technologies and eco-friendly alternatives. Meanwhile, governments in certain Asian countries like Vietnam, Indonesia and Thailand are actively promoting local industrialization through partnerships with foreign OEMs, positioning these regions for future electroplating growth.

With the strong adoption of new protective and decorative coating applications in construction, oil & gas, energy and other industries, regions like Latin America and the Middle East & Africa are witnessing accelerated electroplating deployment on a broader scale. Over time, they aim to develop localized plating expertise as their manufacturing economies expand and diversify.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it