The Global Electroplating Market Growth Accelerated By Increased Automotive Production

Electroplating is a process that deposits a layer of any conductive metal onto a metallic or non-metallic surface. It is widely used in automotive, electrical and electronics, industrial machinery manufacturing and other sectors for corrosion protection, wear resistance and aesthetics. Electroplating provides an appealing, durable and rust-resistant finish, improves conductivity and allows components to conduct electricity better.

Market key trends:
The increased production and sales of automobiles is one of the major factor driving the growth of the electroplating market. Various exterior and interior components of vehicles such as bumpers, trims, engine parts require electroplating to prevent corrosion and improve aesthetics and life of the components. According to International Organization of Motor Vehicle Manufacturers, global automotive production increased by over 4% from 2020 to 2021. The increased automotive production results in higher demand for electroplated components and parts, thereby accelerating the growth of the overall electroplating market during the forecast period.

Segment Analysis
The global electroplating market has been dominated by the automotive sub-segment which accounts for over 35% share of the total market. Electroplating provides a protective coating and prevents corrosion of automobile components which are exposed to harsh environmental conditions. This increases their longevity and makes them durable. Hence, electroplating finds widespread application in plating various metal components used in vehicle manufacturing such as engine parts, transmission components, brake disks, and other decorative automotive trims and accessories.

Key Takeaways
Global Electroplating Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0%  over the forecast period 2023 to 2030.

Asia Pacific currently holds the largest share of over 40% of the total market and is expected to maintain its dominance during the forecast period. Countries like China, Japan and India have witnessed strong automobile sales which has contributed to the growth of electroplating market in the region. Additionally, growing electronics and appliance industries in Asia Pacific are also boosting the electroplating market.

Key players related content comprises
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. Philips Healthcare and GE Healthcare have significantly large market shares due to their extensive product portfolio and global presence.

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