by Electroplating, also known as electrode position, is the process of depositing a thin metallic coating onto a substrate through the application of an electric current. It is widely used in automotive, electronics and other industries to enhance the corrosion resistance and wear properties of components. Electroplated coatings are often applied to improve the aesthetic appearance of objects or to provide better solderability. Some common metal coatings applied through electroplating include chromium, nickel, copper and zinc. The global automotive industry in particular has been driving significant demand for electroplating as original equipment manufacturers seek to extend the lifespan of vehicle parts.
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 key trends:
One of the major trends driving growth in the electroplating market is the rapid expansion of the automotive industry. As automakers ramp up production volumes to meet rising consumer demand especially in developing economies, there is a corresponding increase in demand for electroplated components. Electroplating provides critical corrosion protection and wear resistance properties to under-hood components, brake discs, fuel system parts and other automotive applications. Moreover, regulatory mandates in several regions regarding fuel efficiency and emissions standards have also pushed automakers to use thinner metal sheets for vehicle bodies that require additional surface protection through electroplating.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as electroplating requires high initial setup costs and technical skills. Bargaining power of buyers: The bargaining power of buyers is high as electroplating services can be sourced easily from other vendors providing price competition in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used in electroplating such as metal salts and other chemicals are commodity products available from numerous suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitution options for electroplating in applications requiring corrosion resistance and hardness.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional vendors offering electroplating services.
Key Takeaways
The 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:
North America is the largest electroplating market led by the US and Canada. Growth in the automotive industry is driving demand for electroplating in the region for applications such as hard chrome plating, decorative chroming and zinc plating of parts.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
