According to a new report of Future Market Insights (FMI), the electroplating market reached approximately US$ 16 Bn in 2018, and is estimated to record a Y-o-Y growth at nearly 4% in 2019. The electroplating industry remains upheld by a slew of factors, which range from the focus of players on the development of new technologies, to cost reduction and service improvement. Partnerships and joint ventures with regional players continue to remain key strategies for expansion among leading players in the electroplating market.
The study finds that electrical & electronics industry accounts for leading shares of the electroplating market, with the automotive industry following the suit. Electroplating demand continues to grow abreast popularity and proliferation of consumer electronics, owing to its particular essentiality in plating myriad electronic components to enhance their durability and reliability. Automotive electronics is a lucrative application of electroplating process, driven by plating demand for components such as integrated circuits, microprocessors and connectors.
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Electroplating has further gained demand as a particularly important process for vehicle components, wherein coating innovations are witnessing rapid advancements with the aim of enhancing lifecycle and durability of these components. Corrosion protection, and valuable benefits of aesthetic improvements, have further driven the demand for electroplating in the automotive industry. Additionally, growing demand for high-performance plating elements, for optimal protection against corrosion, wear and excessive heat, with lowest deposit thickness possible, has been underpinning the development and demand for electroplating processes in the automotive industry.
Nickel Leads the Way among Electroplating Metals
Nickel continues to remain the sought-after metal in the electroplating market, as it offer an unmatched and unique combination of wear & corrosion resistance, along with its additional benefits of appeal, luster, and brightness. The study finds that nickel-based electroplating surpassed revenues worth US$ 4,700 Mn in 2018. Excellent adhesion property of nickel for subsequent layers is a key attribute of nickel, which has driven its preference among electroplating market players and end-users alike. Additionally, electroless nickel coatings have gained popularity as the prime solution to protecting crucial parts & components, such as transmission parts, turbochargers, and fuel systems, from corrosion in harsh environments.
According to the study, Asia-Pacific excluding Japan (APEJ) continue to remain the leading as well as the high-growth market for electroplating, underpinned by robust demand and adoption of consumer electronics, along with promising prospects for automotive manufacturing in the region. North America and Western Europe are also estimated to remain lucrative regions for growth of the electroplating market, owing to the consolidated occupancy of leading players in these regions.
Splintered Nature of the Electroplating Market to Prevail
The study opines that the electroplating market continues to remain highly fragmented in nature, as these businesses involve hidden glitches entailed by the occupancy of numerous unorganized players and small-scale enterprises in the purchasing side of the market. Although electroplating is a low-cost process in comparison to end-product prices, higher criticality of the process for corrosion resistance, along with the application diversity of the electroplating techniques continue to underpin its demand across various industries.
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Leading players in the electroplating market are focusing on the provision of a combination of services, including extensive range of metal finishing methods, technical support and premium services, in a bid to serve a wide range of customers. The primary objective of the players in the electroplating market is inclined toward expanding their market footprint through strategic partnerships and collaborations. Additionally, these players are also concentrating on increasing their shares in the electroplating market, by delivering quality plating and polishing services to auto component manufacturers.