The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electroplating is a process that uses an electric current to reduce dissolved metal cations so that they form a thin coherent metal coating on an electrode. The process produces a range of surface structures and properties depending on the metals, electrolyte, and operating conditions. It is used for decorative purposes as well as industrial applications such as corrosion and wear resistance. Common metals used for electroplating include chromium, nickel, copper, and zinc. The major advantage of electroplating is that it allows for applying metals and alloys onto surfaces in a controlled way to produce a range of aesthetics and properties without altering the form or fit of the substrate. It is widely used for decorative applications in jewelry, cutlery, hardware and also for industrial applications such as corrosion resistance in automotive parts.
Market key trends:
Automated electroplating lines are gaining traction in the market as they offer high consistency and quality with reduced labor costs. Automation allows for precise control over plating parameters such as current density, agitation and temperature uniformly across large batches of parts. This leads to consistent coating thickness and properties. Key industry players are focusing on developing advanced automated systems integrated with AI and IoT technologies for real-time process monitoring and quality control. Growing demand from end-use industries such as electronics, automotive and aerospace is also fueling investments in automated electroplating systems. Integration of robotics further enhances automation capabilities. Technological advances are expanding application possibilities of electroplating and driving the overall market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and available technologies have lowered barriers to entry in the electroplating market. However, existing players have established brand image and customer base.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. Established players bargain on bulk orders and product quality.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of raw material substitutes and bulk orders from large players.
Threat of new substitutes: Threat from new substitutes like anodizing is low as electroplating offers better corrosion resistance and durability.
Competitive rivalry: Intense due to large number of global and regional players competing on basis of quality, service and price.
Key Takeaways
Global Electroplating Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from automotive, electrical & electronics and aerospace industries.
The automotive segment accounted for largest share of the global electroplating market in 2023. Electroplating improves appearance and enhances corrosion resistance of automobile parts. Growing vehicle production worldwide is driving the consumption of electroplated components in the automotive industry.
Asia Pacific dominated the global electroplating market in 2023 and is expected to maintain its lead over the forecast period. China, Japan and India are major markets in the region owing to presence of large automotive and electronics manufacturing base.
Key players operating in the electroplating market include Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer 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. These players are focusing on new product launches and expansion in developing economies to strengthen their market position.
Read More- https://www.ukwebwire.com/electroplating-market-size-share-and-demand/
Comments
0 comment