ALBANY, N.Y., Aug. 16, 2021 /PRNewswire/ -- Electroplating is the technique of transferring metal from one surface to another by utilizing hydrolysis to avert corrosion or for aesthetic purposes. In addition to protecting components from corrosion, electroplating is commonly used to repair older components and make them look anew. As such, electroplating plays a crucial role in the automobile industry. The rising demand from different end-use sectors such as agriculture, recreational, electronics, aircraft, and automotive is likely to drive the global electroplating market during the forecast period of 2020 to 2030.
By creating a protective barrier during the electroplating process, a surface's friction and tarnishing can be reduced or prevented. It also uses a thin, robust metal coating to protect the surface from any kind of wear and tear. When a non-metallic surface is coated with metal, it alters the surface properties of the item. Besides providing wear resistance, corrosion protection, and abrasion resistance, metal coatings are also utilized to modify the appearance of components.
The global electroplating market is expected to expand at a CAGR of 3.8% during the forecast period. The market is expected to value over US$ 21.3 Bn through 2030.
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Key Findings of Market Report
- Plastic Electroplating Widely Used in the Fashion Industry
As a result of its application on non-metallic substrates such as plastic, the scope of electroplating usage is projected to expand. Electroplating of plastic is commonly carried out in the fashion industry to give garments a lustrous appearance. Electroplating non-metals offers huge benefits in a wide range of industrial applications. When a copper coating is applied to a plastic surface, the material can conduct electricity. It assists in the transformation of a drab plastic object into a bright metallic-looking object. Due to the growing demand for plastic coating, the global electroplating market is expected to grow during the forecast period.
- Electronic, Automotive Industries are Major End Users of Electroplating Process
Electroplating high-performance automobile parts, such as wheel rims, hood ornaments, door handles, and emblems is becoming popular with the growth of the automobile production. Additionally, the demand for electrical and electronic equipment has increased globally with the rapid expansion of the digitalization. Portable gadgets, such as wearable devices, portable chargers, camcorders, digital cameras, tablets, cellphones, and computers are widely used. With the increasing usage of electronic gadgets, the demand for electroplating is rising.
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Electroplating Market: Growth Drivers
- Ceramics, gold, palladium, copper, and silver are used in electroplating in the electrical and electronics industry. Ceramics have a number of unique electrical characteristics that make them useful in the production of electronic gadgets and parts. Due to its superconductor and semiconductor properties, ceramic electroplating is gaining popularity.
- At present, Asia Pacific is one of the leading manufacturers of electronics and automobiles. Japan, South Korea, and China account for a large chunk of the global automobile manufacturing. Over the forecast period, this factor is anticipated to produce the huge demand for electroplating in the Asia Pacific region.
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Electroplating Market: Key Competitors
Some of the key market players are:
- Jing Mei Industrial Ltd. (JMI)
- Peninsula Metal Finishing, Inc.
- Sharretts Plating Company, Inc.
- Klein Plating Works, Inc.
- Bajaj Electroplaters Private Limited
- Precision Plating Co.
Electroplating Market: Segmentation
- Barrel Plating
- Rack Plating
- Corrosion Resistance
- Wear Resistance
- Electrical & Electronics
- Aerospace & Defense
- Industrial Machinery
Chemical & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research's award-winning coverage of the global Chemicals & Materials Industry:
Nickel Sulfate Market - The global nickel sulfate market is driven by several factors; however, the huge demand for battery manufacturing for various end-use industries such as automobiles, electronics, chemicals, and textiles is the key market driver. Nickel sulfate usage in electroplating and dyeing & printing is also driving the demand for nickel sulfate significantly. The rise in the global demand for batteries and electroplating has led to considerable growth of the nickel sulfate market. There is a high demand for nickel sulfate in the manufacture of various batteries, primarily low-powered batteries and high-powered batteries. Thus, the rise in the demand for nickel sulfate in Li-Ion batteries and various other applications is propelling the demand for nickel sulfate in the automotive industry.
Plating on Plastics Market - The rise in demand for plastic in the automotive industry is expected to drive the global plating on plastics market during the forecast period. Plastics offer several structural and weight advantages over traditional metal automotive parts. They are used as raw materials to manufacture various structural, interior, exterior, and other automobile components. Furthermore, plating with metals, such as chrome and nickel provides enhanced esthetic appearance, corrosion resistance, and overall strength to products. Therefore, increase in usage of metal plating on various automotive components made of plastics is estimated to propel the global plating on plastics market during the forecast period.
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