Global Electroplating Market touched the value of US$ 14.6 Bn in 2016, witnessing a Y-o-Y growth of 3.7% over the year 2015. The report reveals that non precious metal segment will dominate with more than 65% market share and is expected to expand at a significant CAGR in terms of value over the forecast period (2016 – 2026). Among end-use industry, electrical & electronics segment will surge at a CAGR of 3.9% within the forecast period. Western Europe accounted for a value share of 27.1% in the global electroplating market and accounted for highest market value share among all regions in 2016. APEJ regional market is expected to register high growth followed by the Latin America electroplating market in the years to come.
Metal finishing has changed itself within a couple of decades from what was previously an empirical craft into a key technology grounded on logical principles. Electroplating is a type of metal finishing finding its application among various end-use industries including automotive, electrical & electronics, aerospace & defence, machinery parts & components and many others. Electroplating is an electrochemical process whereby metal ions in solution are attached to a metal substrate by means of electrolytic deposition. Electroplating permits manufactures to utilize inexpensive metals, for example, zinc or steel for most of the product and afterward apply different metal plating on the outside to protect from corrosion, improve appearance and many other different properties desired for the product.
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Rising demand of electroplating from end-use industries propels the growth of the market. The global electroplating market is primarily driven by the electrical & electronics industry, followed by the automotive industry. Electroplating is also being used to improve electrical conductivity of electronic parts and components. In emerging markets such as India, China and South Korea, economic growth has resulted in an increase in the demand for electroplating; hence acting as a major driver for the electroplating market.
Global Electroplating Market Witnessed a Y-O-Y growth of 3.7% till the end of 2015, precious metal segment to dominate more than 65% market share and is expected to expand at a significant CAGR in terms of value through the forecast period
- On the basis of metal type, in terms of value, precious metal segment controlled around one third of the global electroplating market in 2015 in which gold metal accounted for 28.8% market value share
- Nickel metal type segment is expected to dominate the market in terms of value throughout the forecast period. The segment is expected to be the most attractive in terms of CAGR and market share
- On the basis of end-use industry, electrical & electronics segment dominated the market in terms of value. This segment accounted for 34.2% volume share in 2015
- Electrical & electronics segment is anticipated to witness high growth in terms of value over the forecast period. In terms of value, electrical & electronics segment is expected to expand at a CAGR of 3.9% over the forecast period.
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Regional market projections
Western Europe and North America collectively accounted for 53.7% value share in the global electroplating market in 2016. Electroplating market in Western Europe and North America are expected to be relatively mature as compared to that of the Asia Pacific Excl. Japan over the forecast period. In APEJ, India, South Korea and China to provide significant opportunities for electroplating market over the coming years. Latin America electroplating market, increasing at a CAGR of 3.8% over the forecast period, is projected to reach a market value of US$ 1,825.2 Mn by 2026 end.
The report highlights some of the major players operating in the global electroplating market such as
Allied Finishing Inc., Interplex Industries Inc., Atotech Deutschland GmbH, Kuntz Electroplating Market Inc., Peninsula Metal Finishing Inc., Pioneer Metal Finishing, Roy Metal Finishing, Sharretts Plating Co. Inc., J & N Metal Products LLC and Bajaj Electroplaters. The market is currently witnessing a fragmentation trend.