PUBLISHER: Allied Market Research | PRODUCT CODE: 1365640
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365640
According to a new report published by Allied Market Research, titled, "Electroplating Market," The electroplating market was valued at $18.3 billion in 2022, and is estimated to reach $27.2 billion by 2032, growing at a CAGR of 4% from 2023 to 2032.
The automotive industry is one of the greatest consumers of electroplating processes that convert zinc to gold. Modern automobiles also use plastic electroplating to chrome-plate lightweight components. Palladium plating is utilized in the production of catalytic converters due to the metal's capacity to absorb excess hydrogen. In the automotive industry, manufacturers are constantly searching for ways to protect their products from corrosion. In addition to the rapid expansion of the automotive industry, the galvanizing process is extensively applied to a variety of automotive components. Several automakers are investing in electroplating units with corrosion- and rust-resistant material layers for vehicle bodies. Moreover, a number of businesses offer advanced electroplating techniques. Techmetals provides solutions such as Electroless Nickel (EN), which can optimize corrosion and wear resistance and pass over 1,000 hours of saline spray testing, as well as anodizing for components such as brake calipers and body frames.
Electroplating techniques face significant environmental concerns that are hampering the electroplating market. One major issue is the generation of hazardous waste, including heavy metal-containing wastewater and toxic chemicals. Improper disposal of these pollutants can lead to water contamination and harm aquatic ecosystems. Additionally, the energy-intensive nature of electroplating processes contributes to greenhouse gas emissions, impacting climate change. Even though the electroplating market is expanding at a rapid rate, environmental concerns associated with this technique are impeding the market's growth over the forecast period. Electroplating processes, which may include the use of heavy metals and cyanide, can result in the emission of toxic air pollutants. In addition, degreasing and cleaning solutions release harmful air pollutants and volatile organic compounds (VOC). Cyanide is a key ingredient in plating solutions, and it is toxic to the nervous system, heart, and airways. Several governments are implementing regulations on the electroplating industry to reduce the emission of harmful chemicals and gases released into the atmosphere during the electroplating process. This is anticipated to be a significant hurdle for the electroplating market.
Sustainable Electroplating Solutions present lucrative opportunities for the electroplating market, driven by the increasing demand for environmentally friendly and socially responsible practices. With growing concerns over the environmental impact of traditional electroplating processes that involve hazardous chemicals and waste generation, sustainable alternatives offer a competitive edge. These solutions typically employ eco-friendly materials, energy-efficient technologies, and closed-loop water management systems, reducing the overall carbon footprint and waste production. As governments and industries prioritize sustainable practices, electroplating companies adopting these solutions can gain a competitive advantage, attracting environmentally conscious customers and meeting stringent regulatory requirements. Additionally, sustainable electroplating can lead to cost savings in the long run through reduced resource consumption and waste disposal expenses. Embracing sustainable practices not only contributes to environmental conservation but also enhances the reputation and credibility of businesses in the electroplating industry, fostering growth and profitability in the evolving market.
The electroplating market is segmented into type, end-use, and region. Depending on the type, the market is divided into gold, silver, copper, platinum, palladium, rhodium, and others. On the basis of end-use, it is categorized into automotive, electrical and electronics, aerospace and defense, jewelry, machinery parts and components, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global electroplating market are Allied Finishing Inc., Cherng Yi Hsing Plastic Plating Factory Co. Ltd., Atotech, Sheen Electroplaters Pvt Ltd., Precision Plating Company., Summit Corporation of America, Klein Plating Works, Inc., Superchem Finishers, Sharretts Plating Company, Jing-Mei Industrial Limited.
Other players include Saporito Finishing Company, Pioneer Metal Finishing, Valence Surface Technologies, Reliable Plating Works, Inc., Roy Metal Finishing, Columbia Chemical Corporation, Bales Metal Surface Solutions, Cadillac Plating Corporation, and Artcraft Plating & Finishing.
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