This process is widely used in industries like automotive, electrical & electronics, machinery manufacturing etc. for applications like surface finishing, anti-corrosion plating, functional plating etc.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
New application development in industries like 3D printing, medical devices is one of the key trends driving the growth of the electroplating market. Electroplating is increasingly being used to coat 3D printed components for improving properties like wear & corrosion resistance. It is also used for plating medical implants and surgical components for biocompatibility. The precision electroplating helps in developing ultra-thin, anti-microbial and non-allergenic coatings for such applications. This has significantly increased the demand for electroplating from the medical device industry.
Segment Analysis
The global electroplating market size is dominated by hard chrome plating segment. Hard chrome plating provides hardness, corrosion resistance and wear resistance properties to substrates. It is widely used for plating components in various industries such as automotive, aerospace, oil & gas and electronics industry. Hard chrome plating finds applications for plating shafts, gears, cylinders and many load bearing components. The hard chrome plating segment accounts for over 30% of the total electroplating market.
Key Takeaways
The global electroplating market is expected to witness high growth over the forecast period. With increasing industrialization and manufacturing activities across the globe, the demand for electroplating from various end-use industries is projected to rise substantially. 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.
Regional analysis: Asia Pacific region dominated the electroplating market with over 40% share in 2023. Rapid industrialization and manufacturing activities along with growing automotive, electronics and heavy machinery production are driving the demand for electroplating in Asia Pacific region especially in countries like China and India. The growth of the region is expected to continue during the forecast period.
Key players: 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 is one of the leading player in electroplating market with wide range of offerings for various applications.
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