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A Complete Study On Electroplating Market

Introduction

Electroplating is the process that involves surface engineering for the deposition of metals on another metal surface. In this process, less expensive metals are used to manufacture several products and then metal plating of other metals is used to protect the product from corrosion and to give it a better look. It has several applications in many industries such as electrical & electronics, automotive, machinery parts and components, and aerospace and defense as it helps in cost-cutting and improving the service of the. Earlier, manufacturers have to spend a fortune on expensive metals such as gold, silver, and platinum to provide efficient and aesthetics wise products. However, with the growth of electroplating, manufacturers use less expensive metals and later on electroplate them to provide protection from corrosion, and to enhance its look. Growing awareness regarding sustainable development and waste management is also increasing its demand. Rapid industrialization and urbanization is the key factor for the growth of the market. 

Drivers of Electroplating Market

Automotive and engineering industries are witnessing continuous growth, and with the growth of these industries, demand for electroplating is also increasing for covering vehicle bodies with non-corrosive and rustproof metal. Also, the manufacturing of electronic devices, components, etc. requires electroplating for coating metal surfaces, and the demand for electronic products is increasing rapidly on account of continuous innovation in the products, which is increasing the electroplating market size. Growing demand for consumer goods and the growth in the manufacturing industry is boosting the electroplating market growth. Another reason for the growth of the electroplating market is the expanding demand for automobiles and aircraft. Increasing construction activities in developing countries are also uplifting its market.

Hindrance and Growth Opportunities

Various harmful gases and chemicals are released in the electroplating process and increasing environmental concern coupled with government’s regulations for the chemicals and gases released by the electroplating industry is hampering the market growth. However, the electroplating market trend is expected to be positive owing to the high demand from the end-users of the market. Growth in IoT and growing demand for semiconductors and wires is opening growth avenues for the market.

Market Segmentation

By metal type, nickel is expected to have a significant market share due to its unmatched corrosion, wear & tear resistance. Also, it has the property of excellent adhesive which has boosted its demand. Geographically, the Europe region is expected to have a significant market share in the global electroplating market share. The presence of several key manufacturers of automobile and electronics industries in the region is increasing the demand for electroplating in the region. The market of the Asia Pacific region is expected to grow at a rapid pace owing to increasing developmental activities by the developing countries and the shift of key manufacturers to the region. On the basis of application, the electrical and electronics segment is expected to have a significant market share. However, the corrosion segment market is also expected to grow. By industrial vertical segment, the electrical and electronics industry share is expected to be significant.

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