July 21, 2024

Increased Adoption Of Electroplating In Automotive Industry Is Anticipated To Open Up New Avenue For Electroplating Market

Market Overview:

Electroplating is a process that uses an electric current to coat a solid object with a thin layer of metal. It is widely used for corrosion prevention, wear resistance, and aesthetic appearance in various end-use industries such as automotive, electrical & electronics, industrial machinery, and more. Electroplating is commonly used to coat materials like steel, copper, aluminum, plastic, and chromium with protective and decorative metal layers. In the automotive industry, electroplating is used to plate chrome on various exterior and interior automobile components to improve aesthetics and prevent corrosion.

Market Dynamics:

Increasing demand for lightweight and fuel-efficient vehicles is expected to drive the automotive production output over the forecast period. This in turn is anticipated to boost the demand for electroplating as plated automotive components help reduce weight and improve fuel efficiency. Additionally, rising adoption of electric vehicles is also pushing the demand for electroplated components as plating helps protect delicate EV electronics and wiring from harsh corrosive environments. Furthermore, growing industrialization and manufacturing sector across emerging economies is fueling the demand for electroplated industrial machinery and equipment. However, stringent environmental regulations regarding heavy metal emissions during plating processes may hinder the market growth.

Segment Analysis

The electroplating market can be segmented based on metal type, end-use industry and geography. Based on metal type, the market has been segmented into gold, silver, copper, nickel, chrome and others. The nickel segment dominates the market as it is extensively used for electroplating automobile parts, industrial machinery parts and decorative purposes due to its hardness, durability and corrosion resistance properties.

PEST Analysis

Political: Environmental regulations around the usage of heavy metals like chromium will drive the market for alternatives like aluminum.

Economic: Growing automotive and electronics industries in developing nations will boost market growth.

Social: Rising disposable incomes and focus on aesthetics will increase demand for decorative electroplating.

Technological: Innovation in plating solutions and adoption of environment-friendly practices by manufacturers will create opportunities.

Key Takeaways

The Global Electroplating Market Demand is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing automobile production. Asia Pacific region dominates the market and is expected to continue its dominance during the forecast period, driven by the strong presence of automotive and electronics industries in China, Japan and other developing Asian countries.

Regional analysis indicates that Asia Pacific will remain the largest and fastest growing regional market over the next decade led by China, Japan, India and other Southeast Asian countries. This growth can be attributed to increasing foreign direct investments and government initiatives promoting electronics manufacturing.

Key players operating in the Electroplating Market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kessebhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it