Electroplating Market to Surpass Valuation of USD 25.01 billion by 2031 | SkyQuest Technology
Westford, USA, Nov. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Electroplating Market will reach a value of USD 25.01 billionby 2031, with a CAGR of 4.18% during the forecast period (2024-2031). The growth of the global electroplating market can be attributed mainly to its active use in automotive and electric device manufacturing. Corrosion prevention and improvement of wear resistance and aesthetic value of the elements are the main reasons that make electroplating the most suitable. As the demand for metal-based consumer goods has increased, especially in the automotive and electronics industries, so has the growth of the electroplating market. These industries are significant users of this technique.
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Browse in-depth TOC on the " Electroplating Market"
Pages – 157
Tables – 101
Figures – 68
Electroplating Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 18.02 billion |
| Estimated Value by 2031 | USD 25.01 billion |
| Growth Rate | Poised to grow at a CAGR of 4.18% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Use of electroplating in renewable energy applications |
| Key Market Opportunities | Expansion of electroplating applications |
| Key Market Drivers | Rising trends for customized products requiring unique electroplating |
Industrial Machinery to Hold Significant Growth due to Increasing Demand for Corrosion-Resistant Components
Due to the rising need for long-lasting, rust-free parts vital for the survival of the equipment, the industrial machinery end use segment is the highest contributor to the revenue share of the global electroplating market. With a focus on productivity and reliability of equipment, parts, and pieces become electroplated more and more, thus growing the market. There is also a positive development of this trend, which is its dependence on new technologies for electroplating, which improves the finished products.
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Corrosion Resistance to Lead the Market due to enhance durability and lifespan
The purpose or application of corrosion resistance to the electrodes is the leading force of Hesa, in the global electroplating market as industries have been facing more concerns and challenges because of environmental factors and chemicals. This need in turn enhances the demand for electroplated parts that will promote durability and longevity. In other words, increasing focus on asset protection and maintenance in industries such as automotive and aerospace have sped up the implementation of advanced electroplating solutions justifying their market leadership.
Asia Pacific to Dominate with Rapidly Growing Industrialization and Manufacturing Sector
Asia Pacific leads the global electroplating market due to fast industrial growth and a rising manufacturing sector. With the growth of countries such as China and India in the automotive, electronics, and construction industries, there is a growing demand for electroplated products. This further growth is driven by investment in modern manufacturing systems and extension of government policies that support such systems, thereby reinforcing the region’s market dominance.
Electroplating Market Insight
Drivers:
- Electroplating Growth of the Renewable Energy Sector
- Increasing Focus on Sustainability and Recycling Processes
- Electroplating in Refurbishing Old Parts and Components
Restraints:
- Challenges Associated with Achieving Uniformity in Electroplating
- Consistency in Electroplated Coatings Across Complex Geometries
- Lack of Skilled Labor and Expertise in Advanced Electroplating Techniques
Prominent Players in Electroplating Market
The following are the Top Electroplating Companies
- Atotech (Germany)
- Coventya (France)
- BASF SE (Germany)
- MacDermid Enthone (USA)
- Parker Hannifin Corporation (USA)
- TWI Ltd. (United Kingdom)
- DOW Chemical Company (USA)
- KraussMaffei Group (Germany)
- Hana Technology (South Korea)
- Nippon Steel Corporation (Japan)
Key Questions Answered in Global Electroplating Market Report
- What is the projected value of the Global Electroplating Market by 2031, according to SkyQuest?
- Which two industries are the significant users of electroplating techniques that have contributed to market growth?
- What factors are driving the demand for corrosion-resistant components in the industrial machinery end-use segment?
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This report provides the following insights:
- Analysis of key drivers (Increased demand for electroplating in automotive parts, demand for electroplated components in connectors & circuit boards, increasing regulations on surface finishing processes), restraints (Significant capital investment required, disposal of hazardous waste and toxic chemicals, traditional electroplating processes), opportunities (Investment in R&D for advanced electroplating solutions, eco-friendly & low-energy processes, innovations in closed-loop electroplating processes), and challenges (Compliance with environmental regulations, fluctuating prices of raw materials) influencing the growth of electroplating market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the electroplating market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the electroplating market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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