iCrowdNewswire Jan 21, 2021 4:30 PM ET
The Global Electroplating Market is projected to be valued at over USD 19.8 billion by the end of 2025 at a CAGR of around 4% during the forecast period. The prominent factor favoring the growth of the global market is the burgeoning demand for metal-plated components in the automotive industry. Electroplating is the preferred process for metal-plating in the automotive industry. Moreover, the surging demand for metal-plated plastics in the manufacturing of various interior and exterior automobile parts such as grilles, light bezels, wheels, emblems, door handles, gear shift knobs, and bumpers is likely to propel the market growth during the review period.
The leading players in the global electroplating market are Precision Plating Co. (US), Atotech (Germany), Sharretts Plating Company (US), TOHO ZINC CO., LTD (Japan), Dr.-Ing. Max Schlötter GmbH & Co. KG (Germany), Summit Corporation of America (US), Klein Plating Works, Inc (US), Jing Mei Industrial Ltd. (Hong Kong), Cherng Yi Hsing Plastic Plating Factory Co., Ltd (China)Allied Finishing (US), Allenchrome (England), and Sheen Electroplaters Pvt Ltd (India).
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The global electroplating market has been categorized on the basis of metal, type, end-use industry, and region.
By metal, the global market has been divided into standard metals, precious metals, and alloys. The standard metals segment is further categorized into tin, copper, zinc, chromium, and others. The precious metals segment is further sub-segmented into gold, silver palladium, platinum, and others. The standard metals segment held the largest share of the market in 2018, with copper being the most widely used metal owing to high electrical conductivity. Additionally, it offers excellent corrosion resistance, which is essential in heat transfer applications. Chromium plating is majorly used for decorative applications in the automotive industry. The precious metals segment is expected to exhibit high growth in the coming years on account of the rising demand for gold and palladium in the electronics and automotive industries.
On the basis of type, the global electroplating market has been classified into barrel plating (mass plating), rack plating, continuous plating, line plating, and others. The barrel plating segment held the largest market share owing to the high plating efficiency, lower equipment cost than the other plating systems, and its ability to process a wide variety of parts using the same equipment.
Based on end-use industry, the global electroplating market has been categorized into automotive, electrical & electronics, industrial machinery, jewelry, aerospace & defense, medical, and others. The automotive industry is expected to be the leading segment during the forecast period. This is mainly attributed to the widespread use of electroplating to deliver corrosion resistant finished components as well as enhance the appearance of the finished parts, such as under-the-hood components, chassis hardware, power steering systems, brake systems, and many others.
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