Electroplating Market: Introduction
Transparency Market Research delivers key insights on the global electroplating market. In terms of revenue, the global electroplating market is estimated to expand at a CAGR of 3.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global electroplating market.
The need to improve surface qualities such as abrasion & corrosion resistance, lubricity, reflectivity, and electrical conductivity is creating lucrative opportunities for the global electroplating market. The increase in the scope of electroplating in the aerospace industry is projected to fuel the growth of the electroplating market during the forecast period.
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Electroplating Market: Dynamics
The deep penetration of the rust or corrosion layer leads to structural failure of components. The electroplating process provides coating on the surface of the metal. This helps in improving corrosion resistance of the substrate. Plastic is light in weight as well as offers excellent surface finish. Therefore, it is used in a wide range of applications in aeronautics, automotive, and healthcare industries. Aircraft parts & components are highly prone to atmospheric corrosion. Electroplating plastics slowdown the corrosion, protect the parts from chemicals, and increase their strength. Thus, electroplating plastics help achieve economies of scale in the production of aircraft parts and components. The rise in the demand for value efficient aircraft parts and components is expected to propel the global electroplating market in the near future.
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Electroplating Market: Prominent Regions
Asia Pacific is a prominent consumer of electroplating across the globe. The demand for electroplating is anticipated to increase at a rapid pace in Asia Pacific compared to that in other regions. This can be ascribed to the rise in the demand for electroplating in developing countries such as China, India, and South Korea. China is the largest producer and exporter of consumer electronics in the world, with an extensive electronics manufacturing ecosystem. The U.S. is expected to offer significant opportunities for the electroplating market in North America during the forecast period, due to the expansion of the aerospace industry in the country. Investments in the U.S. aerospace industry are facilitated by a large pool of well-trained machinists, aerospace engineers, and other highly skilled workers with experience in the aerospace industry. The aerospace industry in the U.S. contributed US$ 151 Bn in export sales to the country’s economy in 2018. Brazil is one of the major consumers of electroplating in Latin America. The market in the country is anticipated to expand at a rapid pace during the forecast period. The expansion of the electroplating market in Latin America can be ascribed to the increase in consumption of electroplating in end-use industries such as automotive, defense, and industrial machinery. The contribution of the automotive industry in Mexico to the national GDP rose to 3.8% in 2019 from approximately 2.8% in 2018. Thus, the electroplating market in Latin America is anticipated to expand at a steady pace during the forecast period.
The demand for electroplating in the Gulf Cooperation Council (GCC) in Middle East & Africa is expected to increase over the next few years, due to the expansion of defense and industrial manufacturing sectors in the sub-region. Thus, the electroplating market in the region is projected to expand at a faster pace during the forecast period.
Electroplating Market: Key Players
Key players operating in the global electroplating market are Atotech, Bajaj Electroplaters, Allied Finishing, Peninsula Metal Finishing, Inc., Allenchrome, Kuntz Electroplating Inc., Sharretts Plating Company, Inc., Jing Mei Industrial Ltd. (JMI), Klein Plating Works, Inc., Precision Plating Co., and TOHO ZINC CO., LTD.
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