Electroplating Market - Forecast(2021 - 2026)

Electroplating Market is forecast to reach $18.6 billion by 2025, growing at a CAGR 3.2% from 2020 to 2025. Electroplating is a process that uses an electrical current to deposit material on a workpiece. It is a method by which a thin layer of metal is deposited on a workpiece known as the substrate. The primary use of electroplating is to modify an object's physical properties. The change in the physical properties is done in order to provide the object with aesthetic appeal, increase wear resistance, increase thickness and provide protection against corrosion. Market growth can be attributed to the burgeoning demand for consumer goods made of metal. The increasing adoption of electroplating across different vertical industries, such as the automotive and aerospace industries and defense, among others, are other factors that contribute significantly to stimulating market growth.

Electroplating Market Report Coverage

The report: “Electroplating Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of Electroplating Market. 

By Metal Type: Gold, Silver, Platinum, Nickel, Zinc, Chromium, Copper, Others

By Application: Corrosion Protection, Decorative Coating, Electrical Application, Others

By End-User: Automotive, Electronic and Electrical, Aerospace and Defense, Jewellery, Machinery Parts and Components, Home Appliances, Others

By Geography: North America, South America, Europe, APAC, RoW.

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Key Takeaways

• Factors contributing significantly to stimulating market growth are the increasing adoption of electroplating across various vertical industries, such as the automotive and aerospace industries and defense, among others.
• Chrome reduces rust risk and improves the strength of the base material. By reducing friction to prolong the life of a machine, it offers elevated lubricity. Not only does chrome prevent wear on the machine, it also delivers extra performance. With a decreased risk of overheating, less friction implies smoother operation.
• Electroplating allows manufacturers to use cheap metals such as steel or zinc for the majority of the product in machine parts and components, and then apply different metals on the outside to account for the appearance, protection and other properties required for the product of the machine. Without breaking the torque tolerance, electroplating can strengthen machinery parts and components.
• The Asia-Pacific region is projected to hold a large market share in high consumer electronics production, coupled with rapid industrialization in major developing economies and the presence of a substantially large manufacturing sector in major countries such as China and India, among others.
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Electroplating Market Segment Analysis - By Metal Type

During the forecast period Chromium is expected to grow at a highest CAGR 5.98%. Chrome plating, though it looks pleasing to the eye, is more than just an aesthetic improvement. Chrome plating improves the hardness, durability and corrosion resistance of a surface, while also creating a shiny and smooth surface that is easier to clean. The best protection against corrosion and wear on a machine is a chrome-plated finish. A chromium metal finish extends the life of parts in spite of high-friction conditions. Chrome plating provides protection in environments where other base materials are conducive to corrosion. For equipment exposed to caustic elements, chrome plating is ideal. Chrome reduces the risk of rust and improves the base material's strength. It provides elevated lubricity by reducing friction to prolong the life of a machine. Not only does chrome prevent wear on the machine, it provides additional performance as well. Less friction implies smoother operation with a decreased risk of overheating.

Electroplating Market Segment Analysis - By End-User

The Machinery Parts and Components is projected to grow during the forecast period at the highest CAGR 4.33%. Due to advantages related to corrosion prevention, highlighting appearance and creating special features for the surface, such as increasing electrical conductivity, durability and surface hardness, electroplating is done in machinery parts and components. It improves the wear resistance of machine parts and, due to good friction and heat resistance properties, improves their operation. This prevents damage to heat and increases the longevity of components. Electroplating enables manufacturers to use cheap metals such as steel or zinc in machinery parts and components for the majority of the product and then apply various metals on the outside to account for the appearance, protection and other properties required for the machinery product. Electroplating can strengthen machinery parts and components without breaking torque tolerance.

Electroplating Market Segment Analysis - By Geography

APAC is expected to hold a large share of Electroplating market and is expected to grow at a CAGR of 3.95%. The Asia-Pacific region is projected to hold a large market share in high consumer electronics production, coupled with rapid industrialization in major developing economies and the presence of a substantially large manufacturing sector in major countries such as China and India, among others. In addition, large automobile manufacturing facilities in countries such as China, India , and Japan are also contributing to the region 's significant demand for electroplating. Increasing investment in expanding production will further contribute to market growth in the Asia-Pacific region over the forecast period.

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