WILMINGTON, DE / ACCESSWIRE / October 6, 2022 / Transparency Market Research Inc. - The global electroplating market is prognosticated to reach a value of more than US$ 21.3 Bn by the end of 2030, state analysts of a research report by Transparency Market Research (TMR). Additionally, the study finds that the market for electroplating is expected to grow at a CAGR of 3.8% during the forecast period, between 2020 and 2030.
The electroplating market is estimated to gain notable business opportunities in Asia Pacific during the forecast period. The expansion of the Asia Pacific market is attributed to several key factors including the expansion of the automotive industry in the region. This aside, a rise in the vehicles production in several regional nations including China, India, South Korea, Japan, Indonesia, and Thailand is driving the Asia Pacific electroplating market. In addition, increase in the sales of different vehicles owing to improving spending power of the regional populace makes Asia Pacific a fastest growing market region.
Electroplating Market: Key Findings
- The demand for different types of electrical & electronics devices is being rising in the recent years due to rapid digitization and urbanization across the globe. Moreover, the use of varied portable electronics including mobile phones, laptops, digital cameras, tablets, portable chargers, wearable devices, and camcorders is being increasing owing to improving spending power of people from many developed and developing nations. These factors are projected to result into the expansion of the electroplating business globally, state analysts of a TMR study on the global electroplating market.
- The use of electroplating process is being rising during the production of electrical & electronic components and parts. Some of the key factors boosting the adoption of electroplating include their ability to provide improved electrical conductivity, advanced corrosion resistance, protection against wear, and superior solderability of the substrate, notes a TMR study that covers key insights on the electroplating market growth factors.
- In the automotive sector, the application of electroplating is being rising in the recent years owing to its ability to offer protection to various vehicle parts from corrosion. This aside, the adoption of electroplating is being rising in order to refurbish old chrome parts including grills, tire rims, and bumpers and make them look brand new. A surge in the demand for different types of vehicles across developed and developing nations is anticipated to fuel the expansion of the electroplating market shares during the forecast period.
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Electroplating Market: Growth Boosters
- Rise in the demand from the electronics and automobiles industries is fueling the expansion of the electroplating market size
- Increase in the use of electroplating in the electrical industry is expected to create profitable prospects in the market
Electroplating Market: Competition Landscape
- Key players in the electroplating market are using different strategies such as mergers, acquisitions, and new product launches in order to expand their businesses
- Leading market enterprises are investing heavily in R&Ds in order to improve the quality of product and services they provide in order to stay ahead of the competition
- Several companies in the market for electroplating are focusing on the expansion of their businesses in newer regions
Electroplating Market: Key Players
Some of the key players profiled in the report are:
- Bajaj Electroplaters
- Peninsula Metal Finishing, Inc.
- Allied Finishing
- Kuntz Electroplating Inc.
- Jing Mei Industrial Ltd. (JMI)
- Sharretts Plating Company, Inc.
- Precision Plating Co.
- Klein Plating Works, Inc.
- TOHO ZINC CO., LTD.
Electroplating Market Segmentation
- Barrel Plating
- Rack Plating
- Others (including Electroless Plating and Strip Plating)
- Corrosion Resistance
- Wear Resistance
- Others (including Enhanced Conductivity)
- Others (including Silver and Tin)
- Electrical & Electronics
- Aerospace & Defense
- Industrial Machinery
- Others (including Oil & Gas and Power Generation)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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