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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.

Electroplating Market: Overview

  • According to Transparency Market Research’s latest research report on the global electroplating market for the historical period of 2019 and the forecast period of 2020 to 2030, rapid industrialization, owing to increase in investments in various end-use industries, such as automotive, electrical & electronics, aerospace, defense, and manufacturing is expected to boost the global electroplating market during the forecast period
  • In terms of revenue, the global electroplating market is estimated to exceed US$ 21.3 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. Based on end use, the electrical & electronics segment dominated the global electroplating market in 2019. Electroplating is adopted in the electrical & electronics industry to improve appearance, damage prevention, hardness, and conductivity. Rise in demand for consumer electronics due to growth in digitization, urbanization, and disposable income is projected to propel the electrical & electronics segment of the global electroplating market in the near future.

Expansion of Automotive Industry in Asia Pacific: Key Driver of Electroplating Market

  • Electroplating plays a key role in the automotive sector. Electroplating is extensively employed to protect parts from corrosion; and refurbish old chrome parts such as bumpers, grills, and tire rims to make them appear brand new.
  • Consumers in developed and developing countries have different mobility needs. Constant rise in urbanization is expected to lead consumers toward car ownership in the near future. Increase in sales of new vehicles and rise in the number of on-road vehicles in regions such as Asia Pacific, Latin America, and Middle East & Africa are estimated to propel the demand for electroplating in these regions in the near future.
  • This surge is apparent in Asia Pacific, which is turning out to be an automotive manufacturing hub. Countries in the region such as India, China, Japan, South Korea, Thailand, and Indonesia account for a major share of the global car production. China is the leading producer of automobiles in the world. Production of cars in India is also increasing at a rapid pace. These factors are projected to augment the demand for electroplating in Asia Pacific during the forecast period.

Growth of Electrical & Electronics Market: Driver of Electroplating Market

  • Rapid urbanization and digitization have boosted the demand for electrical & electronics devices globally. Consumption of portable electronics, such as laptops, mobile phones, tablets, digital cameras, camcorders, portable chargers, and wearable devices has been increasing at a rapid pace due to the improvement in standard of living and rise in disposable income of consumers across the globe.
  • Electroplating is an important process in the manufacture of electrical & electronic parts and components. Electroplating is carried out for several reasons such as improving corrosion resistance, enhancing electrical conductivity, increasing solderability of the substrate, and protection against wear.
  • Various metals are utilized in electroplating in the electrical & electronics sector such as gold, silver, copper, palladium, and ceramics. Ceramics possess several unique electrical properties that are beneficial in the manufacture of various electronic parts and components. Some ceramic materials act as semiconductors, while some others exhibit superconductivity.
  • Thus, expansion of the electrical & electronics segment is estimated to propel the global electroplating market during the forecast period

Electroplating Market: Competition Landscape

  • Detailed profiles of providers of electroplating have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Major 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.

Electroplating Market: Key Developments

  • Key providers of electroplating, such as Atotech and Jing Mei Industrial Ltd. (JMI), are focusing on value efficient electroplating processes to attract more customers. Major developments in the global electroplating market are highlighted below:
    • On December 17, 2020, Atotech launched the new DynaSmart plating line for corrosion resistant coatings. DynaSmart comes with a revolutionary automation design, which enables several product carriers to be moved simultaneously through different plating tanks. It is compact in size and available as a modular system. Thus, it fits into already designed factories.
    • On December 14, 2020, Atotech launched its innovative super-bright mid-phosphorus electroless nickel process: Nichem MP 400. Nichem MP 4000, a sustainable and hazard-free process, is able to plate Ni-P (Nickel Phosphorous) coating with very high gloss values ranging from 300 GU to 600 GU.
    • On November 17, 2020, Jing Mei Industrial Ltd. (JMI) opened a new production facility in Bangkok, Thailand. The surface treatment facility in Thailand offers high quality, state-of-the-art electroplating services with a broad range of finishes such as chrome, matte nickel, satin chrome, and brushed.
  • In the global electroplating market report, we have discussed individual strategies, followed by company profiles of providers of electroplating. The ‘Competition Landscape’ section has been included in the global electroplating market report to provide readers with a dashboard view and company market share analysis of key players operating in the electroplating market.

Electroplating Market – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the electroplating market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the electroplating market in order to identify opportunities for stakeholders. The report also provides insightful information about how the electroplating market would expand during the forecast period of 2020 to 2030.

The report offers intricate dynamics about different aspects of the electroplating market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the electroplating market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the electroplating market and estimates statistics related to the market in terms of value (US$ Mn).

This study covers detailed segmentation of the electroplating market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the electroplating market, wherein various development, expansion, and winning strategies practiced by these players have been presented in detail.

Key Questions Answered in TMR’s Report on Electroplating Market

The report provides detailed information about the electroplating market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.

  • Which segment of the electroplating market would emerge as a major revenue generator during the forecast period?
  • How are key market players successfully earning revenues in the electroplating market?
  • What would be the Y-o-Y growth trend of the electroplating market between 2019 and 2030?
  • What are the winning imperatives of leading players operating in the electroplating market?

Research Methodology – Electroplating Market

The research methodology adopted by analysts for compiling the report on the electroplating market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the electroplating market.

During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the electroplating market.

For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the electroplating market.

Electroplating Market – Segmentation

TMR’s research study assesses the electroplating market based on type, application, metal, end use, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the electroplating market.

  • Barrel Plating
  • Rack Plating
  • Others (including Electroless Plating and Strip Plating)
  • Corrosion Resistance
  • Wear Resistance
  • Appearance
  • Solderability
  • Others (including Enhanced Conductivity)
  • Gold
  • Zinc
  • Platinum
  • Copper
  • Nickel
  • Chromium
  • Others (including Silver and Tin)
End Use
  • Automotive
  • Electrical & Electronics
  • Aerospace & Defense
  • Jewelry
  • Industrial Machinery
  • Others (including Oil & Gas and Power Generation)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Electroplating Market

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