The electroplating market size is expected to grow from US$ 72,910.22 million in 2022 to US$ 99,807.73 billion by 2030; it is estimated to register a CAGR of 4.0% from 2022 to 2030.
The global electroplating market is highly competitive. Electroplating is considered to be one of the significant processes used for production of electronic components in order to increase the life span of electronics along with improving resilience and electrical conductivity, offering resistance over corrosion and boosting the solderability of the component. Rising demand electronic components such as television, washing machine, refrigerators and other consumer electronics products are proliferating the growth of the global electroplating market. Further, the growth of electronics industry across economies such as India, China and Brazil is expected to fuel market growth.
Many manufacturers are changing or using an alternative process of electroplating like adopting the dry process over the wet process since it reduces exposure to workers & reduces waste production. This initiative is anticipated to propel the market growth of electroplating. Moreover, shifting preference of manufacturer towards water-based cleaning agents over organic ones is further expected to foster the market growth of electroplating during the forecast timeframe. Additionally, the growing focus of most manufacturers for developing waste management techniques is anticipated to accelerate the market growth of electroplating in the upcoming years. Since sludge containing a high level of metals, which is highly hazardous waste, hence it should be handled with care for metal recovery. Therefore, many manufacturers are adopting waste management techniques to manage hazardous waste release into the environment. The aforementioned factors are also projected to foster the market growth of the electroplating during the forecast period. Also, the service providers have embraced the implementation of green chemicals, cleaner & greener technology, waste management, and recycling techniques as probable solutions, which are expected to propel the growth of the electroplating market globally. All these factors can open up new opportunities to the electroplating market.
Impact of COVID-19 Pandemic on Electroplating Market
In 2020, various industries faced challenges in terms of the availability of raw materials, economic slowdown, and reduced investment projects. The COVID-19 pandemic disrupted many sectors, supply chains, and manufacturing in different regions in early 2020. The shutdown of production facilities of various industries has negatively impacted the electroplating market growth in 2020. Moreover, the negative impact of the pandemic on industries such as automotive, electronics, aerospace has resulted in reduced consumption of electroplating. All these factors have hampered the market growth.
However, manufacturing factories from different regions reopened following the ease of restrictions. The market is also gaining momentum with increasing demand, driving the electroplating market growth.
Global Electroplating Market Breakdown - by Region
The report includes the segmentation of the global electroplating market as follows:
The global electroplating market is segmented on the basis of metal, type, end-use industry, and geography. Based on metal, the market is segmented into gold, silver, copper, nickel, and others. By type, the market is segmented into barrel plating, rack plating, continuous plating, and line plating. By end-use industry, the market is segmented into automotive, electrical & electronics, aerospace & defense, medical, and others. By geography, the electroplating market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The electroplating market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The South & Central America market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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