July 19, 2024

Rising Demand For Infrastructure Development To Boost The Growth Of Electroplating Market

Market Overview:

Electroplating is the process of applying a metallic coating to a piece of hardware by electrolysis. It can be used to deposit one metal over another, for corrosion protection, wear resistance, and enhanced aesthetics. Some common metals used in electroplating include silver, chromium, nickel, copper, cadmium and gold. Electroplating has applications across various industries such as construction, automotive, healthcare, electrical and electronics. It offers benefits such as increased product life, anti-tarnish and anti-corrosion properties, decorative appeal and hardening of metal surfaces.

Market key trends:

 

One of the key trends in the electroplating market is rising demand from the infrastructure industry. Rapid urbanization and industrialization has created an upsurge in infrastructure development activities globally. Electroplating finds extensive usage in corrosion protection of steel structures, pipes and metal fixtures used in buildings, bridges, rail roads, power grids etc. Furthermore, growth in end use industries such as automotive, aerospace and electronics is also driving the need for surface finishing techniques like electroplating. Rising environmental concerns regarding toxic metals have led manufactures to develop alternative materials and processes to make electroplating more sustainable. Advancements in nanotechnology are enabling fabricating of multilayer thin film coatings using electroplating.

Porter’s Analysis

Threat of new entrants: Electroplating has moderate barrier for new entrants due to requirement of substantial initial investments for setting up production facilities and meeting stringent industry standards.

Bargaining power of buyers: Buyers have moderate bargaining power attributable to availability of several established players and product substitutes.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of several raw material suppliers.

Threat of new substitutes: Emergence of new surface treatment technologies poses threat of substitution.

Competitive rivalry: Intense competitive environment due to presence of numerous global and regional players.

Key Takeaways

The Global Electroplating Market Demand is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing adoption across end-use industries such as automotive, electrical & electronics, industrial machinery, and aerospace & defense.

The automotive industry is the largest end user of electroplating, accounting for over 35% of the total market share. Growing automotive production globally due to rising vehicle ownership is expected to drive the electroplating consumption.

Regional analysis: Asia Pacific dominates the global electroplating market and is expected to grow at the fastest rate during the forecast period. China, Japan and India are the major countries contributing to the growth of electroplating market in Asia Pacific.

Key players operating in the Electroplating market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kessebhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others.

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