Electroplating Chemicals Market, Electroplating Chemicals Market Size, Electroplating Chemicals Market Share, Electroplating Chemicals Industry, Electroplating Chemicals Market Analysis Regional Insights and Forecast to 2032

Updated On: 29 April 2024

ELECTROPLATING CHEMICALS MARKET REPORT OVERVIEW

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The global electroplating chemicals market size was USD 2580.8 million in 2022 and the market is projected to touch USD 3783.59 million by 2032, exhibiting a CAGR of 3.9% during the forecast period.

Electroplating is a popular process for coating metals on top of each other by hydrolysis. This is mostly done for decorative purposes or to prevent corrosion of the metal surface. Galvanizing can be divided into silver plated, copper and chrome. Galvanizing provides protection, desirable appearance and other special surface properties. The electroplating process is widely used in the electronics, aerospace, automotive, electronics and jewelry industries. Usually such products have a silver or gold layer for an attractive appearance. Electroplating chemicals are an important part of today's manufacturing world, serving industries from electronics to automotive to jewelry. These chemicals facilitate the deposition of a metal or metal alloy on an object and provide properties such as corrosion resistance, abrasion resistance, electrical conductivity or aesthetic appearance. The global market for electroplating chemicals has seen steady growth, fueled by increasing demand in industries such as electronics, where small components with higher conductivity are critical.

The growing demand for electroplating applications in the automotive industry is driving the demand in the market. The automotive industry uses all zinc-gold plating techniques, making it probably the largest consumer of electroplating innovations. In modern cars, plastic coating is also used for chrome plating of lightweight components.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Thus, the COVID-19 pandemic has had a significant negative impact on people and their lives and employment. In order to stop the spread of the disease and prevent the abuse of health systems, governments in several countries closed borders, required cross-border isolation and took physical extermination measures. In addition, the safety and well-being of the workforce should have been a priority. However, organizations are currently focusing on the economic impact of the pandemic and are developing strategies to overcome the constraints caused by its spread. After the spread of the COVID-19 pandemic, several industries, such as metals and hardware, typically saw typical percentage declines, with individual companies losing up to half of their fair value. This had a significant impact on the electroplating chemical industry, and several modern applications showed declining interest.

LATEST TRENDS

"Growing Demand For Decorative Galvanizing Solutions To Drive Market Growth"

An emerging trend in the market is the growing demand for decorative galvanizing solutions. The use of decorative coatings in industries such as automotive, jewelry and electronics is growing rapidly, which offers significant growth opportunities for electroplating manufacturers. A visible trend observed over the last decade is the growing demand for environmentally friendly electroplating chemicals. Due to increasing environmental concerns and strict regulations, manufacturers are switching to chemicals that are less toxic and have minimal environmental impact. This eco-friendly move is not only good for the environment, but also offers cost savings in terms of waste disposal and fulfillment.

ELECTROPLATING CHEMICALS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into pretreatment agent, electroplating additive, post-treatment agent. Pretreatment agents prepare the semiconductor for coating by removing impurities and creating a suitable surface for coating.

• By Application

Based on application the global market can be categorized into automotive, electrical & electronics, home appliance, machinery parts & components.

The electrical and electronic equipment segment dominated the electroplating market. Electrical panel service providers play an important role in an electrical and electronic company's ability to produce durable and long-lasting products.

DRIVING FACTORS

"Increasing Industrialization to Augment The Market Growth"

Industrialization across the globe, especially in the Asia Pacific region, coupled with rising disposable incomes in  developed  Asia Pacific countries is fueling the demand for electroplating in the electronics, automotive, and jewelry industries. According to an analysis by Coherent Market Insights, Asia Pacific will register a CAGR due to high demand in end-use industries. Therefore, the ongoing industrialization is expected to stimulate the growth of the electroplating market during the forecast period. Growing demand for electroplating in aerospace and defense applications along with proper machining finishing is expected to contribute to the growth of the electroplating market. A finish is usually a coating of metal that adheres to the surface of the material and forms a protective bond. In addition, the process also ensures corrosion resistance, electrical conductivity, heat resistance and friction wear for defense industry machines. Therefore, increasing demand for the aforementioned electroplating in the defense industry is contributing to the electroplating chemicals market growth.

"Increasing Technology And Urbanization to Expand The Market"

Several factors are driving the growth of the electroplating chemicals market. The continuous march of technology, especially in electronics, requires components with improved properties, which increases the demand for electroplating chemicals. In addition, urbanization and the corresponding growth of infrastructure require corrosion-resistant and durable materials, which will further boost the market. While environmental regulations present challenges, they also indirectly drive the market. As traditional electroplating chemicals come under regulatory scrutiny, it opens the door for innovative environmentally friendly chemicals to capture market share. Finally, there is a push for lightweight and durable materials, especially in sectors such as automotive and aerospace. As the industry strives for efficiency and effectiveness, the role of electroplating in achieving these goals becomes increasingly important.

RESTRAINING FACTOR

"Environmental Damage Caused By Chemicals to Hamper the Market Expansion "

According to forecasts, the global market will face obstacles due to fluctuating prices of raw materials required during the electroplating process. Current changes in political power dynamics can also affect the precious metals supply chain, as some regions have higher concentrations of metals than others, giving them an edge. Coating of precious metals results in the generation of large amounts of wastewater, which includes spray losses, wash water, spills, and leakage of the conductive solution. This is a major challenge for the global Precious Metal Coatings market players as companies have to invest heavily to address the issues caused by environmental damage. Although the metals themselves are renewable, fixing the environmental impacts will take years and collective work.

ELECTROPLATING CHEMICALS MARKET REGIONAL INSIGHTS

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• "North America to Dominate the Market Due To Growing Manufacturing And Automotive Industries"

North America dominates the largest electroplating chemicals market share. The U.S. is believed to contribute to economic growth in North America. The country and its large and growing manufacturing and automotive industries are one of the most important factors promoting growth. It is believed that one of the largest car markets in the world is the U.S. One of the country's top galvanizing end-users was the developed business sector.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

This precious metal plating chemicals market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. Several trends are emerging in the global semiconductor coating chemicals market. First, the growing demand for miniature and compact electronic devices is driving the adoption of electrical techniques in the semiconductor industry.

List of Market Players Profiled

• Atotech (Germany)
• DuPont (U.S.)
• MacDermid (U.S.)
• JCU CORPORATION (China)
• Uyemura (Japan)
• Jetchem International (Japan)
• Chemetall (Germany)
• Quaker Houghton (U.S.)
• Daiwa Kasei (Japan)
• GHTech (China)
• Guangzhou Sanfu (China)
• Guangdong Dazhi Chem (China)
• Wuhan Fengfan Electrochemical Technology (China)

INDUSTRIAL DEVELOPMENT

• October 2022: Nanotechnology startup Ag-Nano System LLC developed a new and improved replacement device for gold plating. The company aims to develop ways of electroplating with gold silver nanoparticles that can resemble gold in appearance and properties. New technology is helping to replace gold in electrical circuits.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.