According to the most recent study carried out by FMI, the electroplating market is expected to grow at 4.3% CAGR through 2030.
Growth of the market owes to rapid industrialization, production of electronics and a major role played by the automotive sector.
Global sales of electronic products have prompted the demand for electroplating as the coating process on metal surfaces is highly regarded to meet the aestheticism as well as the quality of products.
In the automotive sector, electroplating processes restore parts such as grills, bumpers and tire rims. This also adds value to the appeal, the longevity of the metal surfaces and ensure corrosion-free life span.
“The market is witnessing initiatives in the development of electroplating techniques and methods that are eco-friendly. This is an ongoing trend which the new decade will continue to see.” Says an FMI analyst.
Request a report sample to gain comprehensive market insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-936
Electroplating Market – Important Highlights
- FMI reports that the expansion of the market is significantly higher during the forecast period in ASEAN based on their findings from ASEAN Automotive Federation that, in November 2020, around 256,158 motor vehicles were sold.
- The U.S. market is set to maintain its dominant position owing to the growth of manufacturing in the automotive sector. While Germany also has a matured automotive sector as the region is known to be one of the giants in manufacturing luxury automobiles such as Mercedes, BMW and Volkswagen. This has increased demand in electroplating market.
- By product type, the nickel plating segment will hold almost 31℅ of the market by 2031. This comes as a result of its attributes which provides corrosion resistance.
- By end-use, the automotive segment is expected to hold over 34% of the global market during the forecast period.
Electroplating Market – Drivers
- The market is set to penetrate economies that are constantly expanding the electronics industry. These industries are driving the demand in products such as copper, nickel, silver and gold which enhance the durability, electrical conductivity, and solderability.
- Demand in electronics and jewellery due to upgrade in lifestyle in emerging economies are subsequently boosting electroplating market.
Electroplating Market – Restraints
- Electroplating is consequently affecting the health and environment. Thus, stringent laws or regulations are being implemented especially in lucrative markets like North America and Europe. Compliance with such measures has interrupted the rapidity and large scale production by manufacturers.
- The electroplating industry is on the red list of the most pollution-generating industry as disposal of toxic substances, solid wastes pose a risk to the environment and even aquatic life.
We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-936
Key Market players are now undertaking collaboration and partnership activities towards clean and environment-friendly electroplating methods in the market space. Some of the leading companies operating in the market are, Atotech Deutschland GMBH, Interplex Holdings Pte. Ltd, Kuntz Electroplating Inc., Pioneer Metal Finishing Inc., Roy Metal Finishing Inc., Bajaj Electroplaters, J & N Metal Products LLC and Peninsula Metal Finishing, Inc.