SEATTLE, April 24, 2020 (GLOBE NEWSWIRE) -- Electroplating is a process that includes the coating of metal in order to avoid the corrosion of metal. This process is basically done by using an electric current to develop a lean layer of metal coating on the electrode. Electroplating is basically used to enhance the surface properties of the material such as texture, lubricity, and abrasion. It is also used to enhance the wear resistance and thickness of the surface. Moreover, it is also used to improve the electrical conductivity on the electrical component.
Statistics:
The global Electroplating market is estimated to account for US$ 16.3 Bn in terms of value by the end of 2019, growing at CAGR of 3.7% during the forecast period (2019-2027).
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Drivers:
Growing demand for semiconductors and wires around the globe is expected to augment the market growth of the electroplating. Also, the advent of consumer products such as smartphones, washing, machines, refrigerators, and other electronic products is further anticipated to augment the market growth of the electroplating.
The rising use of electroplating technology for the decorative purpose is expected to accelerate market growth over the forecast period. Silver, copper, and gold plating are widely used for decorative purposes. Gold plating has applications in jewelry and is also used across other applications such as printed board circuits. Thus, the growing use of electroplating for decorative purposes is anticipated to accelerate market growth.
Market Opportunities
Rising demand for electroplating from the medical industry is expected to offer enormous growth opportunity to the market of electroplating. In the healthcare sector, medical implants and devices are plated by using the electroplating process where a thin layer of metal is deposited onto the surface of medical devices.
Growing demand for copper plating for offering smooth texture and shiny look to the metal surface is expected to augment the market growth of electroplating. Moreover, the growing use of gold plating on helmets of astronauts in order to protect them from solar radiation is further expected to accelerate the market growth of the electroplating.
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Market Restraints
Strict rules and regulations regarding the harmful emissions of the chemicals and gases released during the electroplating process is expected to hinder the market growth of the electroplating.
Key Takeaways:
Geographically, in terms of revenue, Asia Pacific is expected to grow at the fastest pace during the forecast period (2019-2027), in the global electroplating market. In Asia Pacific, emerging economies such as China and India are now being preferred as the manufacturing hubs for consumer electronic products, such as home appliances, smartphones, and televisions owing to the rapidly growing demand for electrical & electronic products. According to according to India Brand Equity Foundation, electronics market in India was valued at US$ 69.6 billion in 2012, and is expected to witness a CAGR of 24.4% to reach US$ 400 billion by 2020. Growth of the regional market is primarily driven by increased use of consumer electronics products, which in turn has increased the demand for electroless plating market.
Among end-use industry, electrical & electronics industry dominated the global electroplating market in 2019 with a 34.3% of market share in terms of revenue, followed by automotive. Electroplating is the application of a metal coating onto a substrate material via electrodeposition method. Electroplating enhances electrical conductivity, improves corrosion resistance and solderability of the substrate and protects it against wear. The increasing demand consumer electronics, semiconductors and wires across the globe is expected to boost growth of the global electroplating market. For instance, according to National Council on Electronics and Hardware (ASSOCHAM) and National Statistical Offices and German Electrical and Electronic Manufacturers' Association (ZVEI), electronics Industry is the fastest growing industry in the world and was valued at US$ 1.75 trillion in 2017, and it is expected to reach US$ 5.45 trillion by 2020
Competitive Section:
- Allied Finishing Inc.
- Atotech Deutschland GmbH
- Interplex Holdings Pte.Ltd.
- Kuntz Electroplating Market Inc.
- Peninsula Metal Finishing Inc.
- Pioneer Metal Finishing
- Roy Metal Finishing
- Sharretts plating Co. Inc.
- J & N Metal Products LLC
- Bajaj Electroplaters
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Recent Developments:
Pioneer Metal Finishing
- In August 2018, Aterian Investment Partners has acquired Pioneer Metal Finishing, a Wisconsin-based provider of metal finishing services, from Prairie Capital.
Taxonomy (Scope, segments)
By End-Use Industry
- Automotive
- Electrical & Electronics
- Aerospace & Defense
- Jewelry
- Machinery Parts & Components
- Others (silverware, optics, home appliance, health care, etc.)
By Metal Type
- Gold
- Silver
- Copper
- Nickel
- Chromium
- Zinc
- Others (Cadmium, Tin, etc.)
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)