Precious Metal Plating Chemicals Market Overview
The precious metal plating chemicals market size is forecasted to reach US$1.8 billion by 2027 after growing at a CAGR of 4.1% during 2022-2027. Precious metal plating chemicals which involve chemical compounds of metals such as gold, silver, and platinum, find their uses in a wide range of industries. Automotive and consumer electronics are two of the largest consumers of these chemicals. Precious metal plating chemicals are used extensively in the automotive industry for coating applications of several metals and non-metallic automotive parts through electroplating or electroless process. The automotive industry is booming globally with high production and sales and this will drive the growth of the market in the forecast period. According to the statistics by the China Association of Automobile Manufacturers, the annual sales volume of the Chinese new energy vehicles segment is projected to touch 3 million units by 2025 which was 1.2 million units in 2019. Furthermore, precious metal plating chemicals find their massive uses in the manufacturing process of various electrical and electronic products such as microchips, semiconductors, pcs, tablets, mobile phones, tv, microwave, and many more. The consumer electronics sector is displaying exceptional growth and this will contribute to the growth of the market in the forecast period. For instance, as per the July 2021 data by China.org.cn, consumer electronics exports witnessed a growth trajectory for 12 months in a row. Electroless is projected to witness the highest demand in the forecast period. The strict environmental regulations regarding the use of precious metal plating chemicals might hamper the growth of the market in the forecast period.
COVID-19 Impact
The precious metal plating chemicals market was hit severely due to the COVID-19 pandemic. Challenges such as disruption in the supply chain and temporary shutdown of factories surfaced amid the pandemic, slowing down the growth of the market. Market players faced several issues in maintaining a standard business operation during the pandemic. As per the June 2020 COVID-19 report by Heimerle + Meule GmbH, the company faced challenges in the production process and the sales, leading to delay in delivery of orders. The market was also affected due to the stagnant growth of multiple end-use industries. Going forward, the market is projected to witness significant growth due to the expansion of the automotive and consumer electronics sector.
Precious Metal Plating Chemicals Market – By Material
Silver dominated the material segment in the precious metal plating chemicals market in 2021. This is one of the most cost-effective metal plating materials that provides excellent conductivity and resistance to chemicals and acids. Silver plating is carried out in various consumer electronics, solar cells, and decorative applications. Owing to such diverse properties and a wide range of use, the silver metal plating portfolio will further expand in the forecast period. For instance, as per the January 2021 report by Heraeus, silver is likely continuing an upward trend and is expected to perform better than other metal plating materials. The report also states that the boost in the solar industry will drive the higher uses of silver-plating applications in the forthcoming years. Palladium is projected to witness significant demand in the forecast period. palladium plating is utilized in the production of catalytic converters for automobiles and the booming automobile sector will increase its uses in the forecast period.
Precious Metal Plating Chemicals Market – By Process
The electroless process dominated the precious metal plating chemicals market in 2021. This plating process bonds the coating to the metal parts with the help of electrically-charged coatings. It is a less expensive plating process that offers higher reliability, improves productivity, and increases the corrosion resistance of the parts. Owing to these robust qualities, market players and research organizations are engaging in the higher implementation of this plating process. As per the April 2021 journal by Multidisciplinary Digital Publishing Institute, electroless plating was conducted with gold and silver on additively manufactured laser powder-bed fusion parts. Such high uses of the electroless plating process will increase its demand in the forecast period. The electrolytic process will witness significant demand in the forecast period.
Precious Metal Plating Chemicals Market – By Form
Concentrated form dominated the precious metal plating chemicals market in 2021. Precious metal chemicals involving the chemical compounds of silver, gold, platinum, and palladium are utilized in precious metal chemistry, mostly as a concentrate. The demand for concentrated precious metals is increasing and this trend is projected to be there in the forecast period. For instance, as per the March 2021 journal by Frontiers Media SA, pre-leaching of tellurium was done from gold concentrate. Such high uses of precious metal chemicals as concentrate will increase in the precious metal plating chemicals market in the forecast period.
Precious Metal Plating Chemicals Market – By End Use Industry
The electrical and electronics industry dominated the precious metal plating chemicals market in 2021 and is growing at a CAGR of 4.6% in the forecast period. Precious metal plating chemicals have their widespread use in the manufacturing of several consumer electronic products, ranging from laptops to mobile phones, and microwaves. The consumer electronics industry is expanding globally and this will contribute to the growth of the market in the forecast period. For instance, as per the data by trade.gov, in 2019, US firms occupied 47% of semiconductor revenue globally and semiconductors became the country’s fifth-largest export at $41 billion. Similarly, as per the September 2021 data by the UK’s Office for National Statistics, consumer electronics import value in the European Union was 109.2 in the first quarter of 2021 which was 108.4 in the first quarter of 2020. Such massive expansion in the global electrical and electronics industry will augment the higher the uses of precious metal plating chemicals in the manufacturing of various electronic products and this will contribute to the growth of the market during the forecast period.
For More Information About Precious Metal Plating Chemicals Market @
https://www.industryarc.com/Research/Precious-Metal-Plating-Chemicals-Market-Research-504342
Report Price: $ 4500 (Single User License)
Precious Metal Plating Chemicals Market – By Geography
The Asia-Pacific region held the largest market share in the precious metal plating chemicals market in 2021 with a market share of up to 34%. The high demand for precious metal plating chemicals is attributed to the booming automobile industry in the region. For instance, according to the May 2021 stats by chinabuses.org, bus production in China reached 483000 units in April, surging 24% year on year. Similarly, as per the stats by the China Association of Automobile Manufacturers, in September 2021, the production of commercial vehicles touched 310000 units in China, increasing 35.5% month on month. Such a boost in the region’s automobile industry will stimulate the higher uses of precious metal plating chemicals in the production of catalytic converters for automobiles and coating application of several automotive parts, either through electroplating or electroless process. The North American region is expected to witness significant demand in the forecast period owing to expanding electrical and electronic industry in the region.
Precious Metal Plating Chemicals Market Drivers
Expanding electrical and electronics industry will drive the growth of the market
Precious metal plating chemicals are used in several electrical and electronic products. The electrical and electronic industry is expanding globally and this will drive the growth of the market. For instance, as per the data by India Brand Equity Foundation, India will increase its laptop and tablet production to US$ 100 billion by 2025. According to the September 2020 report by the American Customer Satisfaction Index, TV sales in the US witnessed a surge, especially in the big-screen TVs category. Such exceptional growth in the global electrical and electronic industry will augment the higher implementation of precious metal plating chemicals and this drive the growth of the market in the forecast period.
Booming automobile industry will drive the growth of the market
Precious metal plating chemicals are utilized in the automobile industry for the production of catalytic converters and coating applications of different automotive parts either through electroplating or electroless process. The automobile industry is booming globally and this will contribute to the growth of the market in the forecast period. For instance, according to the July 2021 stats by European Automobile Manufacturers Association, in June 2021, passenger car registrations jumped with Germany leading the passenger car market with a 24.5% surge, followed by Spain (+17.1%). Similarly, according to the data by the India Brand Equity Foundation, in April 2021, demand for passenger vehicles surged in India with 261,633 units sold, gaining a market share of 12.9%. Such massive expansion in the global automobile sector will amplify the uses of precious metal plating chemicals and this will drive the growth of the market in the forecast period.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=504342
Precious Metal Plating Chemicals Market Challenges
Strict environmental regulations regarding the use of precious metal plating chemicals might hamper the growth of the market
The strict regulations regarding the use of precious metal plating chemicals have been a major challenge in the market and this might affect the market’s growth in the forecast period. Many plating processes involve toxic metals and dangerous chemicals owing to which governing bodies closely monitor the implementation of precious metal plating chemicals in the market. For instance, as per the December 2020 article by IWA Publishing, the cumulative level of palladium is increasing rapidly in the environment and the threat to human health is surging. Owing to such adverse effects of precious metal plating chemicals, strict monitoring is conducted and this might affect the growth of the market in the forecast period.
Precious Metal Plating Chemicals Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the precious metal plating chemicals market. major players in the precious metal plating chemicals market are:
Heimerle + Meule GmbH
Japan Pure Chemical Co., Ltd.
American Elements
Metalor Technologies International SA
Heraeus Holding
MATSUDA SANGYO Co., Ltd.
SAXONIA Edelmetalle GmbH
The TANAKA Group
Others
Key Takeaways:
Silver precious metal is leading the precious metal plating chemicals market. This precious metal is less expensive than other precious metals, allowing its higher adoption in several end-use industries.
The automotive industry will drive the growth of the market in the forecast period. According to the July 2021 report by the European Automobile Manufacturers Association, registration in passenger cars surged by 25.2% in the European region in the first of 2021.
The Asia-Pacific region will witness the highest demand for precious metal plating chemicals in the forecast period owing to the expanding automotive sector in the region. As per the stats by the China Association of Automobile Manufacturers, in September 2021, production of Chinese passenger vehicles reached 1.767 million units, jumping 18.1% month on month.
Recent Developments
In February 2019, Ravindra-Heraeus set up the first pyrometallurgical smelter for precious metal catalyst recycling in India. Such developments will help the market to expand in the forecast period.
Relevant Reports
Fine Chemicals Market – Forecast(2022 – 2027)
https://www.industryarc.com/Report/15895/fine-chemicals-market.html
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/