Electroplating Market

According to Stratistics MRC, the Global Electroplating Market is accounted for $17.7 billion in 2024 and is expected to reach $25.3 billion by 2030 growing at a CAGR of 6.1% during the forecast period. Electroplating is a surface treatment process that involves depositing a thin layer of metal onto a substrate through electrolysis. It is used to enhance the appearance, corrosion resistance, and durability of metal and non-metal objects. During electroplating, the object to be plated acts as the cathode, while the metal to be deposited serves as the anode. When an electric current is passed through a solution containing dissolved metal ions, the metal ions are attracted to the substrate's surface, forming a uniform and adherent coating. Electroplating is widely used in industries such as automotive, electronics, jewelry, and aerospace for decorative and functional purposes.

According to Indian Brand Equity Foundation, in February 2023, Manufacturing is emerging as an integral pillar in the country’s economic growth, thanks to the performance of key sectors like automotive, engineering, chemicals, pharmaceuticals, and consumer durables.

Market Dynamics: 

Driver: 

Increasing demand for miniaturized and high-performance electronic components

Electroplating plays a crucial role in manufacturing electronic components by providing them with protective and conductive coatings. As electronic devices become smaller and more complex, the need for precise and uniform coatings to enhance conductivity, corrosion resistance, and durability grows. Electroplating enables the deposition of thin layers of metals such as gold, silver, copper, and nickel onto electronic components, ensuring optimal performance and reliability.

Restraint:

Fluctuating prices of raw materials

The electroplating process relies heavily on metal salts and other chemicals, the prices of which are susceptible to market volatility and geopolitical factors. Sudden spikes or fluctuations in raw material prices can significantly increase production costs for electroplating manufacturers, leading to reduced profit margins or higher prices for customers. Moreover, uncertainties in the supply chain and availability of raw materials may disrupt production schedules and lead to delays in fulfilling orders hampering the markets growth.

Opportunity:

Stringent emission regulations and focus on fuel efficiency

As automotive and other industries seek to reduce emissions and improve fuel efficiency, there is a growing demand for lightweight and corrosion-resistant materials. Electroplating plays a vital role in enhancing the performance and durability of components used in vehicles and machinery. However, meeting strict environmental standards requires electroplating processes to adopt a cleaner and more sustainable practice which drives the growth of the market.

Threat:

Competition from alternative finishing techniques

Advancements in technologies like physical vapor deposition (PVD), chemical vapor deposition (CVD), and powder coating, manufacturers have alternative methods for achieving similar or superior surface finishes without relying on electroplating. These techniques often offer advantages such as reduced environmental impact, improved efficiency, and enhanced performance characteristics. Consequently, electroplating faces challenges in maintaining market share and profitability amidst growing adoption of alternative finishing methods.

Covid-19 Impact

The COVID-19 pandemic has had a significant negative impact on people's lives and their employment. To stop the spread of the sickness and prevent the exploitation of healthcare systems, governments of several nations have closed borders, mandated cross-border isolations, and taken physical eradication measures. Additionally, the safety and well-being of the workforce should have been the top priority. However, organizations are currently focusing on the pandemic's financial effects and developing strategies to overcome the limitations brought on by its spread.

The gold segment is expected to be the largest during the forecast period

The gold is expected to be the largest during the forecast period as a noble metal, gold offers exceptional conductivity, corrosion resistance, and aesthetic appeal. In the electronics industry, gold plating is commonly used to provide reliable electrical contacts and prevent corrosion on connectors and circuit boards. In the jewelry industry, gold electroplating enhances the appearance and durability of accessories boosting the market.

The vaccuum electroplating segment is expected to have the highest CAGR during the forecast period

The vaccuum electroplating segment is expected to have the highest CAGR during the forecast period vacuum electroplating operates in a controlled vacuum environment, allowing for precise deposition of thin metal coatings onto substrates. This technique offers advantages such as uniform coating thickness, high purity, and improved adhesion compared to conventional electroplating methods. Vacuum electroplating finds applications in industries requiring high-performance surface finishes, such as automotive, electronics, and aerospace.

Region with largest share:

North America is projected to hold the largest market share during the forecast period accounting for more than one-third of the global electroplating market revenue. The high demand for electroplating in North America is pushed by way of increase in the manufacturing sector, elevated adoption in automotive and electronics industries, corrosion protection needs, ornamental applications, and stringent environmental regulations promoting sustainable surface finishing methods.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period due to the surge in 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. As a result, APAC-based electroplating companies often leverage cutting-edge technologies and adhere to stringent quality standards, further enhancing their competitiveness in the global market.

Key players in the market

Some of the key players in Electroplating market include Allenchrome, Allied Finishing, Atotech, Cherng Yi Hsing Plastic Plating Factory Co.Ltd, Dr.-Ing. Max Schlötter GmbH & Co. KG, Interplex Industries, Inc., Jing Mei Industrial Limited, Klein Plating WorksInc, Kuntz Electroplating Inc., MacDermid Enthone Industrial Solutions, Precision Plating Co, Sharretts Plating Company, Sheen Electroplaters Pvt Ltd, Summit Corporation of America, Technic Inc. and Toho Zinc Co., Ltd 

Key Developments:

In May 2024, MKS’ Atotech and ESI to participate in CPCA Show, the show serves as a platform to promote the exchange of knowledge sharing and explore the latest technologies in the electronic circuit industry, providing valuable insights into the future trends of industrial development.

Metal Types Covered:
• Gold
• Silver
• Nickel
• Copper
• Chromium
• Zinc
• Other Metal Types 

Technologies Covered:
• Electrochromic Deposition
• Electroless Plating
• Pulse Plating
• Vacuum Electroplating
• Cyanide-Based Plating
• Acid Sulfate Plating
• Other Technologies 

Applications Covered:
• Corrosion Protection
• Decorative
• Wear Resistance
• Electrical Conductivity
• Heat Resistance
• Other Applications 

End Users Covered:
• Electrical & Electronics
• Automotive
• Aerospace & Defense
• Industrial Machinery
• Jewelry
• Medical Devices
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances