Electroplating Market

Electroplating Can Process Older Components to Display as New, Premium

Electroplating is the process of using hydrolysis to plate metal onto the other to prevent corrosion of metal or for decorative purposes. This process is similar to the electroforming process as both come under additive manufacturing and work through an electro-deposition process. The plating of metal is practiced by immersing anode and cathode in an electrolytic bath that is made of salt solutions, including the metal to be plated. When the direct current is passed through the solution, it transfers metal ions on the cathode surface, resulting in the process of electroplating. Electroplating is widely used to protect components from corrosion and refurbish older components to make them appear new. Thus, electroplating plays an important role in the automotive sector. The rise in demand for the automotive sector is contributing to the increasing demand for the electroplating market during the forecast period.

The process of electroplating creates a protective barrier to decrease friction and avoid tarnishing of a surface. It also protects the surface from wear and tear by employing a thin, durable metal coating. Coating a non-metallic surface with metal results in changing the surface qualities of an object. The metal coating also enables wear resistance, corrosion protection, and safeguard from abrasion, and sometimes is used to change the aesthetics of components. Moreover, electroplating can make low-priced metals look similar to higher-quality metals. The global electroplating market is witnessing increased use in industries such as automobiles, airplanes, electronics, recreational, and agricultural. Thus, the global electroplating market is expected to rise in demand during the projected period.

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Decreased Demand from Automotive Sector Affects Electroplating Market amid Pandemic

The COVID-19 pandemic, with no visible boundaries, has severely impacted human lives and livelihoods across the world. Governments of various nations have closed borders, and imposed nationwide quarantines and physical-distancing measures to reduce the spread of the virus and to avoid overuse of healthcare systems. Moreover, the safety and well-being of employees were rightly the top priority. However, now companies are focusing their attention on the economic effects of the pandemic and working on strategies to overcome the restraints caused due to the spread of the coronavirus.

Since the rise of the COVID-19 pandemic, the average share of several industries, including metals and electronics, has largely dropped, and individual companies have lost up to half of their market value. This has severely affected the electroplating market and observed a decreasing demand from various industrial applications. Furthermore, the shutdown of several sites or the temporary halt of operations have also contributed to the loss of production. The circumstances have forced procurement leaders to play a pivotal role in decreasing supply-chain risks, protecting cash, improving productivity in processes, and making decisive alternatives that will help the business to become successful with a more flexible and competitive cost base. The decisions of chief officers in this situation can also cement their roles as decisive producers of value and true strategic partners in the industry.

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Various Types of Metal, Non-metal Coatings Drive Global Industrial Demand

Electroplating is widely used in various sectors for coating metal components with a thin layer of a different metal. Electroplating copper can be remarkably important in industrial applications such as the manufacturing of electronic parts and components, and valuable parts used in the aerospace and defense industries. Moreover, the use of copper is extensive in plating on plastics and other non-metallic surfaces. Other copper electroplating benefits include better corrosion protection, extraordinary thickness build, and heat processing stop-off. Likewise, nickel is one of the most used metals for electroplating in a variety of applications where increased substrate strength and reduced stress are desired. Sulfate is a type of nickel electroplating, which is typically used to brighten the surface of a substrate and sulfamate.

Tinning or electroplating of tin is growing popular as a cost-effective alternative to plating with more costly metals such as gold, silver, or palladium. The abundant supply and low cost of tin have increased the popularity of tin in various applications around the world. Tin is mostly being used due to its excellent protection against surface corrosion, high solderability, and good contact resistance. However, the tin electroplating process can lead to tin whiskers or sharp microscopic protrusions. The electroplating market is also expected to grow due to its uses for non-metallic substrates such as plastic, which is more challenging than plating onto metal surfaces. Nevertheless, electroplating non-metals can offer important benefits in several industrial applications. Applying a copper coating onto a plastic surface can allow the component to conduct electricity. It helps in making the dull plastic object more appealing and shiny metallic-looking. The use of coating plastic is widely being adopted in the fashion industry to give certain clothing items a shiny appearance. Thus, the rising demand for plastic coating is boosting the demand for the global electroplating market during the forecast period.

Automobiles, Electronics Major Consumers of Electroplating

The demand for durable metals and versatile manufacturing processes for an extensive range of applications in the automotive, aerospace, defense, and electrical & electronics industries is rapidly increasing. Moreover, the increasing automobile production is demanding the electroplating for high-performance automobile components to hold an exceptional resistance to corrosion and to improve the presentation of exterior automobile parts, such as emblems, door handles, hood ornaments, and wheel rims. Moreover, the increasing rate of urbanization and digitization has heightened the demand for electrical & electronics devices globally. There is a high dependence on portable electronics, such as laptops, mobile phones, tablets, digital cameras, camcorders, portable chargers, and wearable devices. The use of electroplating in electronics, automobiles, and other sectors is increasing its demand, and the global electroplating market is estimated to exceed US$ 21.3 Bn by 2030, expanding at a CAGR of ~4% during the forecast period.

The Asia Pacific region currently is the largest producer of automobiles and electronics. Countries such as India, China, Japan, South Korea, Thailand, and Indonesia account for a major share of the global car production. This is likely to generate the largest demand for electroplating in the Asia Pacific during the forecast period. In addition, the expansion of the aerospace industry in North America is like to generate more opportunities for the electroplating market in the upcoming future.

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Analysts' Viewpoint

The global electroplating market is increasingly in demand, owing to its applications such as corrosion resistance, wear resistance, appearance solderability, and others in industries including automotive, electrical & electronics, aerospace & defense, jewelry, and industrial machinery. Several innovations are being developed to improve the quality of electroplating and extend the markets for decorative electroplated nickel or chromium plating, owing to the rising demand for the excellent corrosion performance of decorative multilayer in automotive decorative plating. However, rising concern over toxic wastes generated by metal finishing operations in the electroplating process and a developing potential to develop alternative clean technology are anticipated to restrain the growth of the market. Nevertheless, growing end-use industries and low-cost metal shielding advantages are likely to overcome any restraints of the global electroplating market.