Electroplating is a process of coating a thin layer of metal on a substrate using an electric current. It is commonly used for decorative purposes and to provide corrosion resistance and wear resistance to components. Electroplating improves the appearance and life of products used across diverse industries such as automotive, electronics, and aerospace. Increasing industrial production driven by strong economic growth worldwide has augmented the demand for electroplated components.

The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Growing industrial production especially in emerging economies of Asia Pacific and Latin America has opened lucrative growth opportunities for the electroplating market. Rapid industrialization is increasing the manufacturing of components and parts that require wear resistance, corrosion protection and aesthetic coating. Electroplating offers a cost-effective solution for providing these features. The market is expected to witness high demand from industries such as automotive, consumer electronics and heavy equipment manufacture that are growing substantially in developing countries. Increased outsourcing of manufacturing to low-cost countries will further propel the electroplating market growth over the forecast period.

Porter's Analysis

Threat of new entrants: The global electroplating market size requires high initial capital investments for setting up plants and machinery. Established players such as Philips Healthcare, GE Healthcare hold large market shares decreasing possibilities for new entrants.

Bargaining power of buyers: Buyers in the electroplating market have moderate bargaining power. However, the availability of substitutes keeps their bargaining power in check.

Bargaining power of suppliers: The electroplating market has several raw material suppliers with no single supplier accounting for major supply share, limiting their bargaining power.

Threat of new substitutes: Electroplated components face threats from substitutes like anodized aluminium and powder-coated surfaces, but new substitutes finding large-scale acceptance will take time.

Competitive rivalry: The electroplating market sees tight competition among established players. Market consolidation is on as players focus on capacity additions to gain scale.

SWOT Analysis

Strengths: Electroplating provides excellent corrosion resistance and wear properties to components. It allows deposition of a wide range of metals.

Weaknesses: Electroplating requires use of hazardous chemicals and involves a multi-step process. The plated layers may crack or peel off due to stresses.

Opportunities: Growing end-use industries like automotive and electronics are driving electroplating volumes. Developing nations are witnessing infrastructure growth offering opportunities.

Threats: Stringent environmental regulations raise compliance costs. Substitutes capture market shares in price-sensitive applications. Volatility in raw material prices and energy costs affect profitability.

Key Takeaways

The global electroplating market is expected to witness high growth over the forecast period supported by rising automotive and electronics production. The global Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the electroplating market currently due to the presence of leading automotive and electronics manufacturers along with availability of cheap labour. Many new electroplating plants are being set up in China, India, and other Southeast Asian countries.

Electroplating finds widespread use in the automotive industry for plating automotive components like engine parts, brake rotors, and transmission components to protect them from corrosion. Growth in global automotive sales is driving electroplating consumption.

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. Players are focusing on adopting sustainable processes to meet environmental regulations. They are also enhancing their service networks in developing markets.

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