Future Market Insights (FMI) in a new study predicts the electroplating market to exhibit 3.6% Y-o-Y growth in 2021. Electroplating has become a vital application in a number of industries such as electronics, automotive, and machinery parts & components, due to its indispensable characteristics of corrosion resistance.
Rapid industrialization, coupled with high disposable income in developing countries, is fuelling the demand in the automotive, electronics, and jewelry industry, which in turn has been creating opportunities for electroplating applications. According to the report, the global electroplating market is projected to rise at a CAGR of ~4.3% during the forecast period of 2021-2031, reaching a market value of ~US$ 25 Bn by 2031.
While the growth projections for electroplating market continues to be strong during the forecast period, the ongoing COVID-19 pandemic crisis is anticipated to cause a minor strain in demand. Closure of manufacturing units and supply chain networks due to shutdowns in a number of countries is expected to affect the consumption of Electroplating in key industries like electronics, automotive and aerospace & defense. However the market is expected to recover in year 2021.
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Among various industries exhibiting demand, the automotive and electrical and electronics segment will continue accounting for the lion’s share. Of these, the automotive segment is expected to maintain dominance, accounting for above 34% of electroplating sales through 2031.
Key Takeaways from Electroplating Market Study
- Electroplating market will continue exhibiting growth after a temporary period of lull in 2020. It is likely to exhibit 4.3% CAGR between 2021 and 2031
- US holds 81.6% of North America market in 2021 and outlook remains positive
- UK will register a growth of 2.8% Y-o-Y in 2021
- Germany and France will continue exhibiting steady growth
- JAPAN and Korea will continue to be a bright spot, yet China will hold dominance in East Asia
“With small manufacturers eating into the market share, global players are looking into ways to improve margins by engaging in more B2C sales through collaboration with large scale end users”– says FMI analyst
Electroplating Market: Participant Insights
Key global players in the Electroplating market, like Atotech Deutschland GMBH, Interplex Holdings Pte. Ltd, Kuntz Electroplating Inc., Pioneer Metal Finishing Inc., Roy Metal Finishing Inc., are focused on establishing partnerships with automotive OEMs, machinery equipment providers and electronic companies to form long term supply contracts. Manufacturers also are focusing on innovations to gain competitive advantage. For instance, Fischer has launched an innovative laser technology to improve plastic electroplating.
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Key Segments
Plating Metal
Gold, Silver, Copper, Nickel, Chromium, Zinc, Others
Substrate
Manually Operated Inhaler Devices, Base Metal Plating, Plastic Plating
Function
Decorative, Functional
End-Use
Automotive, Electrical & Electronics, Aerospace & Defence, Jewellery, Machinery Parts & Components, Others
Region
North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), Oceania
To Know More about Electroplating Market:
A recent market study published by Future Market Insights (FMI) on the global Electroplating market report offers insights into the consumption scenario of Electroplating on both global and regional level. The report analyses the Electroplating market demand through three segments – plating metal, substrate, function, and end-use, across six regions.
The Electroplating report also offers key insights into key growth drivers by end use, major competitors across application, manufacturer margins, and import/export scenario, along with COVID impact analysis on the market demand trend.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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