Electroplating Market is Estimated to Witness High Growth Owing to Increasing
Demand from Automotive Industry



Electroplating refers to processes that use electric current to reduce
dissolved metal cations or form a metal coating on an electrode. Electroplating
is commonly used to deposit a layer of metal on plastics or other
non-conductive materials. Some common uses of electroplating include decorative
finishes, corrosion protection, wear resistance and solderability enhancement.

The global
electroplating market is estimated to be valued at US$ 19.33 Bn in 2023 and
is expected to exhibit a CAGR of 6.0%  over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.



Market Dynamics:

Increasing demand from the automotive industry remains the major driver
bolstering the growth of the global electroplating market over the forecast
period. Electroplating is widely used in automotive manufacturing to deposit
protective coatings on metals in order to enhance the longevity and appearance
of various automotive components such as engine blocks, gears and other metal
parts. Growing automotive production globally will continue fueling the demand
for electroplating in the upcoming years. Moreover, miniaturization of electronic
devices is pushing electroplating applications in packaging and interconnection
solutions. Electroplating provides a cost-effective method for depositing thin
metallic films precisely for applications in the electronics industry.



SWOT Analysis



Strength: Electroplating has various industrial applications. It increases the
corrosion resistance and durability of metal parts. It helps extend the life of
products. It also improves the aesthetic appeal and functionality of surfaces.



Weakness: Environmental concerns related to chemical wastage during
electroplating processes. Setting up an electroplating facility requires large
capital investments in equipment and maintaining environmental standards.



Opportunity: Growing demand from automotive, electronics and industrial
machinery sectors. Emerging applications in the medical devices industry.
Advancements in plating technologies and materials are expanding uses.



Threats: Stringent environmental regulations around the world increase
compliance costs. Availability of alternative surface coating techniques can
replace electroplating in some applications. Trade barriers and geopolitical
risks affect procurement.





Key Takeaways



Global
Electroplating Market Size is expected to witness high growth. The
global electroplating market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0%  over the forecast period 2023 to 2030.

Regional analysis related content
comprises the Asia Pacific region dominates the global market currently.
Widening industrial base in China, India, Japan and Southeast Asian countries
drives vast electroplating needs.



Key players related content comprises Key players operating in the
electroplating market are Philips Healthcare, GE Healthcare, Siemens Health,
Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical
Systems, Orthoscan Inc. and Hologic Corporation.



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