August 22, 2022 08:01 ET | Source: The Insight Partners The Insight Partners
New York, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to our new research study on Electroplating Market to 2027 – COVID-19 Impact and Global Analysis – by Metal (Gold, Silver, Copper, Nickel, and Others), Type (Barrel Plating, Rack Plating, Continuous Plating, and Line Plating), and End-User Industry (Automotive, Electrical and Electronics, Aerospace and Defense, Medical, and Others) includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments. Electroplating or galvanic electrodeposition, is defined as an electrochemical metal finishing process in which metal ions dissolved in a solution are deposited on a substrate with the help of electricity. This process helps to create a protective coating over the substrate which offers resistance over corrosion and enhances the overall appearance of the product. Under the mechanism, the electric current through a solution of the dissolved metal ions and the metal object to be plated. The process is used to plate or coat several ferrous and nonferrous metal objects and plastics by using metals such as copper, tin, zinc, gold, palladium, platinum, silver, chromium and aluminum.
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Electroplating Market - Strategic Insights
Electroplating Market: Competition Landscape and Key Developments
Allenchrome Electroplating Ltd.; Atotech; Dr.-Ing. Max Schlötter 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 among the major players operating in the global electroplating market.
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Based on end-user industry, the electroplating market is segmented into automotive, electrical and electronics, aerospace and defense, medical, and others. The electrical and electronics segment led the electroplating market with the highest market share in 2019. 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 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. Moreover, emerging markets, such as South Korea, China, Japan, and India, are witnessing immense economic growth that has increased the demand for electroplating. This, in turn, is expected to drive the electroplating market growth during the forecast period.
The global electroplating market is segmented into five main regions—North America, Europe, AsiaPacific (APAC), Middle East &Africa (MEA), and South America. In 2019, Asia- Pacific contributed to the largest share in the global electroplating market. China is considered to be one of the significant markets for electroplating in terms of production and consumption. Rapid urbanization along with growth of electrical and electronics, automotive, aerospace and defense, medical, and other end-use industries backed by rise in disposable income is facilitating the growth of the electroplating market in Asia- Pacific. Further, presence of prominent manufacturers along with rising in demand for electroplating across various industry verticals in the region is significantly driving the growth of the electroplating market in the region.
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Electroplating or galvanic electrodeposition, is defined as an electrochemical metal finishing process in which metal ions dissolves in solution are deposited on a substrate with the help of electricity. This process helps to create a protective coating over the substrate which offers resistance over corrosion and enhance the overall appearance of the product. Under the mechanism, the electric current through a solution of the dissolved metal ions and the metal object to be plated. The process is used to plate or coat several ferrous and non-ferrous metal objects and plastics by using metals such as copper, tin, zinc, gold, palladium, platinum, silver, chromium and aluminium. Rising demand electronic components such as television, washing machine, refrigerators and other consumer electronics products are proliferating the growth of the global electroplating market.
The primary reason which is driving the global electroplating market is that the high demand from various end-users. Electroplating has prevented manufacturers from spending heavy behind expensive metals to provide efficient and aesthetics wise products. With the advent of electroplating, most of the manufacturers rely on comparatively cheap metals and later on electroplated with other metals to give better protection from corrosion. These factors have compelled manufacturers to uptake electroplating, thus making the global electroplating market to expand. Also, the advent of innovative disruptions in electroplating technologies, such as nanotechnology & dry plating methods, has meant that the efforts of industry players on ebbing their environmental footprint and improving waste management are being materialized. The major demand for electroplating is to be electrical along with the electronics industry. Rising demand for wires as well as semiconductors throughout the world due to the rise in IoT things has been proved to be a boon for the global electroplating market. Increasing penetration of television, refrigerators, smartphones, washing machine, laptops, and other consumer electronics products are favoring the growth of the global electroplating market. Apart from these, the booming automotive industry bodes well with the global electroplating market. Rising preference to lead a comfortable lifestyle coupled with the rise in disposable income is pushing the global automotive industry, which is directly helping the electroplating market to reach new heights. Furthermore, rising demand for electroplating from aerospace & defense applications for providing proper finishing to the machinery is anticipated to foster the market growth of electroplating. The finishing mainly involves the process of coating metal that sticks to the surface of the material also provides a protective bond. Moreover, the process also provides corrosion resistance, electrical conductivity, heat resistance, and friction wear to the machinery in the defense industry. Therefore, rising demand for electroplating for the aforementioned application in the defense industry is propelling the market growth.
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Impact of COVID-19 Pandemic on Electroplating Market
Coronavirus outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of October 2020, China, Italy, Iran, Spain, republic of Korea, France, Germany, and the US are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~38,394,169 confirmed cases and ~1,089,047 total deaths globally. The coronavirus outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical & materials industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns. as a result of this outbreak. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemical & materials industry in a negative manner and restrain the growth of various markets related to this industry in the coming months.
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