The electroplating market size is estimated to be valued at USD 20 billion in 2023 and is expected to surpass USD 30 billion by 2033. The adoption of electroplating is likely to advance at a CAGR of 4.1% during the forecast period.
Electroplating, which is also known as electro deposition is a process in which depositing of material is done on a work-piece using an electric current. It is a process by which a thin layer of metal is deposited on a work-piece known as the substrate. The primary use of electroplating is to change the physical properties of an object. With the expansion of the electronics industry, the demand for electroplating is expected to surge in the coming years.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for electroplating. The report tracks the global sales of electroplating in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the product type and end-use industry in general, and electroplating in particular.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 20 billion |
| Projected Market Size (2033) | USD 30 billion |
| CAGR through (2023 to 2033) | 4.1% |
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Rising environmental concerns and stringent regulations in developed regions such as North America and Europe, over the use of electroplating and its adverse impact on health and environment have remained the key concerns for manufacturers and end user alike.
The electroplating industry is counted among the major polluting industries as its process discharges toxic materials, solid wastes, heavy metals through effluents and air emissions in the environment. For instance, cyanide, lead and cadmium plating are highly toxic & hazardous in nature, making their disposal very difficult. Subsequently, the clean and environment friendly electroless nickel plating method is gaining popularity and has become a preferred option now days.
Manufacturers are continuously launching new substrate materials for electroplating which are environment friendly and have good aesthetics. With surging demand for materials such as plating on plastics which improve the aesthetics of product, the electroplating demand is set to grow steadily through 2033.
Rapid industrialization, coupled with high disposable income in developing countries is fuelling the demand for the automotive, electronics, and jewelry industry, which in turn is boosting electroplating market. The rising demand for electroplating from different end-use industries is propelling the growth of the market. For instance, the electrical & electronics industry uses copper, nickel, silver and gold plated components for various end-use applications to improve characteristics such as corrosion resistance, wear resistance, solderability and electrical conductivity. FMI expects global electroplating market to grow at 4.1% CAGR through 2033.
| Period | Market Size (in USD billion) |
|---|---|
| 2018 | 14 |
| 2022 | 17 |
| 2023 | 20 |
| 2033 | 30 |
Chrome on Wheels: Exploring the Electroplating Market's Automotive Opportunities
The adoption of electroplating for aesthetic appeal and protecting electronic components has grown steadily. The rising adoption of nickel and ABS is a favorable factor for electroplating manufacturers. Electroplating is increasingly used in the automotive sector to refurbish old chrome parts such as grills, bumpers, and tire rims to improve their longevity and make them look brand new.
Growth in the automotive industry is driven by the rising demand for zinc and zinc-nickel alloy plating; for corrosion protection and to improve aesthetics of automotive parts. Demand for gold plated exterior parts is fueled by the luxury car segment for aesthetic appeal, as well as corrosion and wear resistance the process offers.
The global market for electroplating will exhibit impressive expansion in the South Asia & Pacific region. According to FMI, the demand in ASEAN will be significantly high. According to ASEAN Automotive Federation, nearly 256,158 motor vehicles were sold in November 2020. Despite considerable decrease in sales in comparison to cars sold over the same period previous year, the automotive sector continues representing high scope for electroplating.
With several companies prioritizing the use of plating on plastics, growth opportunities seem impressive. The rate at which electronic products are being sold in the world effectuates a robust growth in demand for electroplating services. Manufacturers of electronic products and electrical devices & components are obligated to use electroplating techniques for coherently coating metal surfaces.
Close Collaboration for Lasting Success: The Importance of Proximity to End-Users in Electroplating
Some of the leading companies are investing in collaboration activities to gain competitive advantage. Collaboration and partnerships with OEMs of respective end-use industry to be key strategies that could help electroplating companies to thrive in the market space.
Proximity to the end-users helps in better communication and acquisition of projects. It also helps in expanding the equipment and service coverage as well as availability of wide range of services for different applications.
Principal Consultant
In order to ensure compliance with extremely strict environmental standards and to create a cleaner operating atmosphere, electroplating companies have had to find ways to adapt their procedures. The electroplating procedure on plastics is one particular field where metal finishers have had to make significant alterations.
Over time, it became apparent that the hexavalent chromium used for chrome plating resulted in significant health hazards. Specifically, it was determined that the health effects of exposure to hexavalent chromium in an occupational setting included eye irritation and damage, perforated eardrums, respiratory irritation, kidney and liver damage.
The Occupational Safety and Health Administration established and implemented a set of rules about its use in the workplace because of the health risks associated with hexavalent chromium. Companies that use chrome for plastics and other products are also expected to comply with stringent environmental laws to protect their employees.
Instead of incurring increasing costs that can negatively impact their bottom line, many manufacturers are turning to more environmentally friendly materials for plastic electroplating. A trivalent chromium plating procedure is currently being used in the industry. Furthermore, a coating that gives many plastics greater functionality, including greater power, conductivity and toughness, can be given by some metals such as copper and gold without presenting such environmental risks.
FMI has projected North America to remain one of the most lucrative markets throughout the course of the forecast period. Within North America, the USA is expected to spearhead growth. Among the significant factors supporting expansion is the presence of numerous growing manufacturing and automotive sector in the country. The USA is considered one of the biggest automotive markets in the world. According to the Select USA, sales of light vehicles reached 17.2 million units in the USA alone in 2018. The country’s mature automotive sector has been among key end users of electroplating.
Although price moderation will to some degree limit market value changes, real growth will intensify, driven by higher-than-average gains in the large-scale market for transport equipment. Furthermore, increasingly strict restrictions on the climate and workplace welfare will help raise demand for higher-value and cleaner alternatives.
The country has huge demand electroplating from high end passenger cars. Increasing demand for plating on plastic especially from automotive industry and presence of large number of prominent plating on plastic manufacturers is leading to high growth of plastic based electroplating in the country.
Favorable policies, coupled with high per capita spending, have created a conducive environment for the growth of electroplating industry in the USA. Also the presence of leading players such as Allied Finishing, Inc. and Pioneer Metal Finishing Inc. is supporting growth in the USA. Strategies undertaken by these companies include product launches and expansion plans, which will continue aiding overall expansion in the USA.
The adoption of electroplating is expected to rise considerably across various end-use industries in Germany. The country is likely to witness stable growth over the next few years on account of growing automotive development. Germany is identified by FMI as the leading market in Europe, a position it is likely to hold on to through the forecast period.
The electroplating market in Germany is expected to witness high demand due to the expanding manufacturing and automotive sectors. The region also has well-established infrastructure and the presence of major luxury automotive manufacturers such as Mercedes, BMW and Volkswagen. In Germany, chrome complete cars have gained substantial success. The increasing stringent environmental regulations and increasing demand for electric, lightweight and aerodynamic cars is leading to increasing consumption of electroplating in the country.
Primary hiccups and threats faced by the market on a regular basis include price pressure, product growth and creativity, fighting emerging coating solutions on par with consumer trends. Spurious growth of the electroplating market in India is attributable to the expansion of the country’s industrial sector. According to the India Brand Equity Foundation (IBEF), the thriving domestic market with rapidly increasing middle class population will be key to manufacturing expansion in the country.
Furthermore, initiatives such as “Make in India” and launch of Production Incentive Scheme for large manufacturing units will enable growth of manufacturing sector. Consequently, India has emerged as a lucrative market for electroplating. As per IBEF, the sector’s gross value added (GVA) grew at 5% between 2016 and 2020, exhibiting attractive potential for expansion of electroplating sales.
Japan has established electronics and automotive industries. The growing electronics and electrical sector in Japan is expected to fuel the demand for electroplating in the country. According to the Japan Electronics and Information Technology Industry Association (JEITA), production by the Japan’s electronic industry stood at US$ 8326.43 Million in November 2020.
The country has been showcasing increasing production of electronic components. Japan is one of the largest exporters of electronic components such as PCBs. The large automobile manufacturing base in Japan is also contributing to the significant demand for electroplating in this country. By plating metal, copper segment is expected to grow at the fastest rate owing to the large electronics industry in the country.
Manufacturing growth and the expansion of industries are presenting lucrative scope for expansion within the United Kingdom Manufacturing sector in the country offers employment to millions of people. According to the Office for National Statistics, British manufacturers registered product sales worth £364.7 billion in 2016. Besides this, surging research and development initiatives in the field of integrated transport, clean energy, sustainable manufacturing among others have been boosting industrial production, creating attractive opportunities for electroplating applications.
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The nickel plating metal segment will continue accounting for largest share in the market among plating materials through the forecast period. According to FMI, the segment is expected to hold a little below 31% of the market, in terms of product type, by the end of 2033. Nickel based plating provides corrosion resistance, as the process creates a microcrystalline structure that is less porous and provides a strong barrier to basis metals. Sulfamate nickel plating and sulfate nickel plating all give exceptional wear resistance and can be further improved by intense heat treatments and the use of diamond composites.
Accounting for over 96% of the overall share through the forecast period, base metal plating continues to account for bulk of demand. High market share can be attributed to the properties of metal finishing chemicals, such as resistance to corrosion, electrical, wear, torque, hardness, and chemicals coupled with electrical conductivity, appearance, and reflectivity to the metal surface.
The need for base metal plating is motivated by the rise in demand for high-performance automotive products that have excellent corrosion resistance to improve the quality of exterior automotive parts, including emblems, door handles, hood ornaments, and tire rims.
While use for decorative purposes is gradually increasing, the functional segment continues to lead the market. It is expected to hold nearly 88.2% in the market in 2023. Growth within the segment will remain positive, however, in the coming years the demand for electroplating will rise for decorative purposes.
Plating metal such as nickel is increasingly used for decorative purposes because of its glossy deposit. This metal is used for accessorizing and jewelries, as an intermediate layer or finishing.
Among end users, the demand from automotive and electrical and electronics segment will continue rising. FMI also has identified both industries among key end-use industries within the market. According to the report, the automotive segment will continue dominating the market through the course of the forecast period. It is expected to hold over 34% of the global market in terms of end use in 2023.
The electrical and electronics segment will trail closely. Spurring electronic sales in China, India, and other emerging nations will remain a key growth enabler. Besides this, continued growth opportunities across developed markets will fuel demand for electroplating within the segment.
The global electroplating market is highly fragmented, with numerous players vying for market share. The market players are adopting strategies such as mergers and acquisitions, partnerships, and collaborations to expand their presence and increase their market share.
Atotech Deutschland GmbH is a leading player in the electroplating market, providing solutions for decorative and functional plating applications. The company offers a wide range of products, including pretreatment chemicals, electroplating processes, and post-treatment chemicals. The company is also investing heavily in R&D to develop new and innovative products.
Overall, the competitive landscape of the electroplating market is highly fragmented, with numerous players vying for market share. The market players are adopting strategies such as mergers and acquisitions, partnerships, and collaborations to expand their presence and increase their market share.
| Company Name | Atotech Deutschland GMBH |
|---|---|
| Key Focus Areas | Offering surface finishing technologies, sustainable and environmentally-friendly processes. |
| Key Offerings | pretreatment chemicals, plating chemicals, and equipment for electroplating and surface finishing. |
| Company Name | Interplex Holdings Pte. Ltd |
|---|---|
| Key Focus Areas | Precision metal stamping and Plating and surface finishing. |
| Key Offerings | electroplating, metal surface finishing, wire bonding, and laser marking. |
Strategies for Electroplating Manufacturers to Expand in the Market
Recent Developments in the Electroplating Industry:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 20 billion |
| Market Value in 2033 | USD 30 billion |
| Growth Rate | CAGR of 4.1% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Plating Metal, Substrate, Function, End User, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | Atotech Deutschland GMBH; Interplex Holdings Pte. Ltd; Kuntz Electroplating Inc.; Pioneer Metal Finishing Inc.; Roy Metal Finishing Inc.; Bajaj Electroplaters; J & N Metal Products LLC; Peninsula Metal Finishing, Inc. |
| Customization | Available Upon Request |
The electroplating market size is valued at US$ 20 billion in 2023.
The electroplating market is projected to thrive at a 4.1% CAGR through 2033.
The electroplating market is predicted to surpass US$ 30 billion by 2033.
The nickel plating metal segment is likely to lead, with nearly 31% of the electroplating market share by 2033.
The decorative segment dominates with 88.2% of the global electroplating market shares in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Plating Metal 5.1. Gold 5.2. Silver 5.3. Copper 5.4. Nickel 5.5. Chromium 5.6. Zinc 5.7. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Substrate 6.1. Manually Operated Inhaler Devices 6.2. Base Metal Plating 6.2.1. Copper 6.2.2. Nickel 6.2.3. Aluminum 6.2.4. Zinc 6.2.5. Lead 6.3. Plastic Plating 6.3.1. ABS 6.3.2. PPA 6.3.3. PC 6.3.4. PP 6.3.5. Polysulfone 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Function 7.1. Decorative 7.2. Functional 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 8.1. Automotive 8.2. Electrical & Electronics 8.3. Aerospace & Defense 8.4. Jewelry 8.5. Machinery Parts & Components 8.6. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Atotech Deutschland GMBH 17.2. Interplex Holdings Pte. Ltd 17.3. Kuntz Inc. 17.4. Pioneer Metal Finishing Inc. 17.5. Roy Metal Finishing Inc. 17.6. Bajaj Electroplaters 17.7. J & N Metal Products LLC 17.8. Peninsula Metal Finishing, Inc. 17.9. Sharretts Plating Co. Inc. 17.10. Allied Finishing 18. Assumptions & Acronyms Used 19. Research Methodology
Chemicals & Materials
August 2024
REP-IN-87
302 pages
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Electroplating Market
