Electroplating, also known as electrodeposition, is a process that uses an electric current to reduce dissolved metal cations so that they form a thin coherent metal coating on an electrode. The process produces a range of surface finishes that have excellent corrosion and wear resistance along with good electrical and thermal conductivity. It is widely used for rustproofing, decorative applications, hard-facing and automotive and industrial applications. Electroplating finds applications in automotive, electrical & electronics, construction, industrial machinery and aerospace industries. The increasing demand from these end-use sectors is expected to drive the growth of global electroplating market.

The Global electroplating market is estimated to be valued at US$ 22.27 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the electroplating market are Philips Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation. Major players are investing in R&D activities to develop advanced electroplating technologies and new coating materials with enhanced properties. For instance, in 2022, Orthoscan Inc launched a new desktop-sized dental cone beam CT scanner called 'Orthoscan Mini' to expand its product portfolio.

The key opportunities in the Electroplating Market include development of environment-friendly electroplating processes with less toxic chemicals and waste generation. Technological advancements focus on electroplating processes that can plate complex geometries uniformly. Growing demand from the electronics industry for miniaturization is also opening new application areas.

The major players are focusing on global expansion by strengthening their distribution networks across Asia Pacific, Europe, North America and Latin America. Acquisitions and partnerships with regional players help to gain access to new regional markets. For example, in 2021, Hologic Corporation acquired Mobidiag to expand its molecular diagnostics capabilities and global footprint.

Market drivers
- Rising demand from automotive industry for weight reduction, appearance and rust prevention is a major driver. Automotive applications such as bumpers, wheels and other metallic auto components drive electrolytic plating consumption.
- Growing electronics sector necessitates miniaturization of components and circuits. Electroplating helps create circuit boards and contacts on a microscopic level accurately which drives its demand.

Market restraints
- Stringent environmental regulations regarding use of hazardous chemicals like chromium, nickel restricts market growth. Effluent treatment of wastewaters containing heavy metals adds to operational costs as well.
- Slow global economy reduces capital investments across end-use industries affecting their production output and hampering electrolytic plating consumption.

Segment Analysis
The chrome plating segment currently dominates the market owing to its widespread applications across automotive, construction and industrial machinery applications where it provides protection and enhances the aesthetic appeal of components. Chrome is known for its hardness, corrosion resistance and bright finish properties. The automotive industry accounts for the largest share of chrome plating currently.

Electroless nickel plating has emerged as the fastest growing segment in recent years. It is commonly used for plating plastic and heat sensitive components due to its ability to form uniform deposits. Electronic industry utilizes electroless nickel for printed circuit boards and connectors due to its non-magnetic properties. Increasing use of plastics in various end-use industries is expected to drive the growth of electroless nickel plating segment during the forecast period.

Global Analysis
North America currently holds the largest share in the global electroplating market led by the presence of a mature automotive industry and electronics manufacturing base in the region. Stringent environmental regulations regarding wastewater discharge are positively impacting the adoption of innovative chrome-free electroplating technologies in North America.
Asia Pacific is poised to be the fastest growing market for electroplating during the forecast period supported by growing industrialization, rising automotive production and surging demand for consumer electronics from countries such as China, India and South Korea. Shifting of manufacturing facilities from developed markets to Asia Pacific will further propel the regional market.


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