by The global electroplating market is estimated to reach US$ 22.27 billion in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Electroplating is the process of coating a metal object with a thin layer of another metal, utilizing an electrical current to plate one metal over the other. Electroplating has various industrial applications and provides a decorative and protective coating to a variety of metal parts and components. It is commonly used for coating parts with nickel, chromium, copper, zinc, silver, gold, and platinum, among others. Electroplating improves the corrosion resistance and wear characteristics of metal parts and enhances their aesthetic appearance. Growing demand from various end-use industries such as automotive, electrical & electronics, industrial machinery, and aerospace & defense is a key factor augmenting the demand for electroplating globally.
The Global electroplating market is estimated to be valued at US$ 22.27 Billion in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031. Key players operating in the electroplating market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation.
Key Takeaways
Key players: Key players operating in the electroplating market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation.
Growing demand: – Electroplating Market Demand from end-use industries such as automotive, electrical & electronics, aerospace, and industrial machinery is expected to propel market growth during the forecast period.
Global expansion: Market players are focusing on expansion strategies and capitalizing on opportunities posed by developing regions. They are investing heavily in setting up manufacturing plants across Latin America, the Middle East, and Asia Pacific to leverage growth opportunities.
Market Key Trends
Electroplating helps in nanoengineering. Electroplating at the nanoscale allows you to plate layers that are only a few nanometers thick. Nanoelectroplating is finding increasing usage in the fabrication of advanced miniaturized devices used in sectors like biomedical and aerospace, among others. This emerging trend of nanoelectroplating is expected to drive the overall electroplating market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and no economies of scale pose a minor threat. Bargaining power of buyers: Large customers can negotiate lower prices due to bulk orders. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitution. Threat of new substitutes: Introduction of new surface treatment techniques like anodizing, thermal spray and PVC plating may limit market growth. Competitive rivalry: Market is fairly competitive, with participants fighting for market share.
Geographical Regions
China, India and South-East Asia account for over 30% of global electroplating market value due to low capital and manufacturing costs. These regions are major hubs for electroplating surface treatment.
North America is the fastest-growing market, projected to expand at over 7% CAGR during the forecast period. Growth will be driven by rising automotive, electronics, and aerospace production in the US and Canada that requires protective and decorative surface finishes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
