NEW YORK, Feb. 9, 2022 — The Electroplating Market value is set to grow by USD 5.55 billion, progressing at a CAGR of 6.70% from 2021 to 2026, as per the latest report by Technavio. The report is segmented by End-user (automotive, electrical and electronics, aerospace and defense, jewelry, and others) and Geography (APAC, North America, Europe, South America, and MEA).
The electroplating market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
Aalberts NV- The company offers electroplate for ferrous-castings, forgings, stampings, cold-headed parts, and screw machine parts. Bajaj Electroplaters- The company offers different types of electroplating such as gold, copper, tin, and others. J and N Metal Products LLC- The company offers different types of electroplating including Anodizing, Powder Coating, and others.
Geographical Market Analysis
36% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for electroplating in APAC. Market growth in this region will be faster than the growth of the market in Europe. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
Key Segment Analysis
The electroplating market share growth by the automotive segment will be significant during the forecast period. Electroplating is mainly used in automobile components, exterior and interior panels, rigid exterior trim systems, rigid bumper systems, and wheel systems, and under-the-hood areas. Electroplating confers excellent chemical resistance to the automobile parts and prolongs the life of the vehicles. Electroplating is used for passenger cars as well as commercial vehicles.
The growth of this segment is also attributed to the increased production of automobiles in emerging economies such as India and China. Automotive original equipment manufacturers manufacture different types of automotive components which require electroplating. The electroplating process is mainly used for hood parts and alloy surfaces as it protects them from damages caused by UV radiations. All the above-mentioned factors will lead to the segment’s growth and will, in turn, lead to the electroplating market growth during the forecast period.
Key Market Drivers & Challenges
Rising Demand for Electroplating Applications in Automotive Industry to Drive the Market:
The automotive industry is the largest end-user industry for the global electroplating market. The global automotive industry is growing at a significant rate and will continue to do so during the forecast period. The increase in the disposable income of consumers in developing economies has driven the demand for automobiles. Several automobile companies are establishing their manufacturing facilities in developing countries to cater to this increased demand. All these factors will drive market growth in the market in focus during the forecast period.
Increasing Environmental Concerns to Hamper the Market Growth:
With the electroplating market developing quickly, the environmental concerns regarding the electroplating process are increasing. Electroplating activities, including those associated with heavy metals and cyanide, can carry discharges of poisonous air toxins. In addition, unstable natural mixtures and poisonous toxins released during degreasing and cleaning arrangements are harmful to humans.
Such ecological concerns will hinder the growth of the market during the forecast period. Cyanide is a critical part of electroplating arrangements, and it can negatively impact sensory systems, the heart, and the lungs. Therefore, vendors in the market must comply with the stringent regulations imposed by various governments. Such factors can hinder the growth of the global electroplating market.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries.
Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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