The electroplating market is predominantly driven by the electrical and electronics industry for making the components corrosion and wear resistant, further supported by the automotive industry for rust protection and brightening of metal and non-metal components. High resistance to corrosion and heat, and greater resilience provided by the electroplating technique has promoted its implementation across various industrial sectors. The capabilities induced by the electroplating process facilitating it to withstand extreme climatic conditions particularly in the electrical and electronics industry will continue to drive the demand for electroplating process.
According to the research study conducted by Future Market Insights (FMI), the electroplating market is estimated to showcase a moderate CAGR of 3.7% during the period of forecast (2016-2026). The electroplating market is projected to account for a revenue of US$ 21.1 billion by the end of 2026.While the exceeding demand for electroplating in the electrical industry is expected to foster the average growth of the market, stringent environmental regulations constraining its application are anticipated to expose the market to a downturn.
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Among metals used for electroplating, copper, gold, and nickel, are collectively estimated to account for major shares of the electroplating market. Nickel plating, when alloyed with other metals offers surpassing resistance to elements, hardness, and electrical conductivity fostered by its capabilities to enhance performance of metals by reducing premature depreciation, making it an ideal choice for application in various end-use segments.
The growing demand from the electrical and electronics industry along with the automotive industry is expected to positively influence the copper and nickel segments to gain substantial BPS in the total electroplating market between the years 2016 and 2026. Nickel segment is expected to dominate the entire electroplating market as a result of the growing use of nickel plating in industrial hardware products and military components, food processing equipment, and material handling equipment.
As a result of the growing utilization of electroplating process in the large and emerging countries, Asia Pacific region is anticipated to be the most lucrative region for the electroplating market over the period of forecast. Additionally, the increasing use of electroplating technique in scaling industries such as automotive, electrical and electronics along with the rising demand for gold and silver segments for jewelry components, predominantly in countries such as China, South Korea, and India is projected to trigger the growth of the electroplating market in the region. APEJ is projected to expand at a CAGR of 4.6% and expected to create a considerable incremental opportunity through the forecast period.
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The key market players recognized in the electroplating market are seen focusing on industries such as automotive, electronics and aerospace and defense. Kuntz Electroplating Inc. is a major market player in the electroplating market, offering premium electroplated products. The company is seen focusing on building strategic ventures and a strong client base in order to expand at a quicker pace. With systematic improvements in research and development, the company majorly emphasizes on developing new techniques and enhanced processes to cater to the demand from diverse application areas. Companies are leveraging the benefits of electroplating in end-use segments by working towards improving the conventional process and enhancing the capabilities offered by electroplating.
Key players are expected to cater to the changing requirements of the electroplating technique in the major industries. With such strategic activities carried out by major market players, the electroplating market is expected to showcase a significant hold throughout the period of forecast.
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