The electroplating market size is expected to grow from US$ 72,910.22 million in 2022 to US$ 99,807.73 million by 2030; it is estimated to register a CAGR of 4.0% from 2022 to 2030.
Increasing the adoption of plating on plastic due to technological advancement is anticipated to foster the market growth of electroplating. Emerging applications of plating on plastics provide an effective solution in a wide range of applications, especially in the automotive as well as the electronics industry. Furthermore, there is a high demand for plating on plastic in the automotive industry, owing to its lightweight, cost-effectiveness, and also corrosion resistance. Therefore, the mounting adoption of plating on plastic will favor market growth during the forecast timeframe. Additionally, the utilization of plastics in the automotive industry is rising to offer lightweight solutions. With the increasing popularity of plastic composites, the requirement for plating plastics with metals to enhance the appearance, as well as the quality of the material and providing electrical conductivity to a non-conductive plastic surface, is again expected to propel the market growth. There are basically two methods to plate plastic: one is to roughen the surface to allow the metal to adhere. Then electroplate over that layer to build up layers of metal. This process is named as electroless, auto-catalytic, or chemical plating. The second method is to apply conductive paint to the plastic, then electroplate it. Contribution from the global market players in plastic plating is also noticeable for this market. Global market players like DuPont is offering high-performing, environmental-friendly plating on plastic surfaces. DuPont's decades of expertise in surface preparation and investment in novel technology enable the development of value-added products and processes for plating of plastics.
Based on application, the global market is segmented into automotive, electrical & electronics, aerospace & defense, medical, and others. The electroplating market share for the electrical & electronics segment was recorded to be the largest in 2022. The electrical and electronics industry is considerably reliant on electroplating service providers as it helps increase product lifespan and makes it more resilient. The electrical & electronics industry uses precious and non-precious plated components for various end-use applications to improve characteristics such as solder-ability, wear resistance, corrosion resistance, and the electrical conductivity of components and parts of electronic products. Hence, manufacturers of electronic devices and products are obligated to coat their products using electroplating techniques.
Based on geography, the global market is segmented into regions such as North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2022, Asia Pacific held the largest global electroplating market share. Europe is another attractive region for global electroplating market. The demand for various types of electroplating, such as barrel plating, rack plating, continuous plating, and line plating, has increased from the end-use industries within the European region, particularly in Germany, France, and the UK. Steady growth in the automotive, electrical and electronics, aerospace & defense, medical, and others industry has had a noteworthy influence on the electroplating market in Europe. End-use industries in this region are adopting these metal coating processes due to their properties, including resistance to abrasion and corrosion, lubricity, reflectivity, electrical conductivity, or appearance. In addition to that, electroplating has several effects on an object, including changes in conductivity, hardness, resistance, brittleness, and luster. When electroplating a metal surface, the component can gain favorable characteristics from the surface metal that is being plated onto the substrate.
Allenchrome Electroplating Ltd; Atotech; Dr.-Ing. Max Schl?tter GmbH & Co. KG; Jing Mei Industrial Limited.; Klein Plating Works Inc; Precision Plating Company; Sharretts Plating Co., Inc.; Summit Corporation of America; Toho Zinc Co., Ltd; and Cherng Yi Hsing Plastic Plating Factory Co., Ltd are a few players operating in the global electroplating market. Players operating in the global market focus on providing high-quality products to fulfill customer demand.
The overall global electroplating market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the electroplating market.