Electroplating Market to Grow at a CAGR of 4.4% During 2020-2027. In 2019, Asia Pacific contributed to the largest share in the global market.
NEW YORK, UNITED STATES, November 17, 2021 /EINPresswire.com/ — According to our latest market study on “Electroplating Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Metal, Type, and End-User Industry,” the market was valued at US$ 16,446.88 million in 2019 and is projected to reach US$ 23,034.16 million by 2027.
Market Size Value in – US$ 16,446.88 Million in 2019
Market Size Value by – US$ 23,034.16 Million by 2027
Growth rate – CAGR of 4.4% from 2020-2027
Forecast Period – 2020-2027
Base Year – 2020
No. of Pages – 172
No. Tables – 83
No. of Charts & Figures – 85
Historical data available – Yes
Segments covered – Metal , Type , and End-User Industry
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Electroplating or galvanic electrodeposition is defined as an electrochemical metal finishing process in which metal ions dissolve in solution are deposited on a substrate with electricity. This process helps create a protective coating over the substrate, which offers resistance over corrosion and enhances the product's overall appearance. The process is used to plate or coat several ferrous and non-ferrous metal objects and plastics using metals such as copper, tin, zinc, gold, palladium, platinum, silver, chromium, and aluminum.
Increasing Demand of Electroplating From End – Use Industries to Boost In the Global 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.
Impact of COVID-19 Pandemic on Electroplating Market
The COVID-19 pandemic first began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace worldwide. As of October 2020, China, India, 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. The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is one of the major industries facing serious disruptions—such as office and factory shutdown, and supply chain breaks—as a result of this outbreak.
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Electroplating Market: Metal
Based on metal, the electroplating market is categorized into gold, silver, copper, nickel, and others. In 2019, the nickel segment held the largest share of the global electroplating market. Nickel plating is a hard-wearing, decorative finish that can be applied to various materials. The dominance of the segment can be attributed to the various properties of nickel plating, such as protection against corrosion,and improved wear resistance. Nickel electroplating is used for a number of functional and aesthetic purposes. The growth of the segment is mainly due to its use in various industries, such as consumer electronics, pharmaceutical, computer, and telecommunication. These factors are further propelling the growth of the electroplating market globally.
Electroplating Market: Competitive 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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