Electroplating Equipment Market Size, Share, Growth, And Industry Analysis By Type (Automatic, Semi-Automatic, Others) By Application (Automotive, Aerospace, Machinery, Home Appliance, Electronic, Others) Regional Forecast From 2024 To 2031

Updated On: 20 November 2023

ELECTROPLATING EQUIPMENT MARKET REPORT OVERVIEW

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The global Electroplating Equipment Market Size was USD 752.9 million in 2021 and the market is expected to reach USD 1405.71 million in 2031, exhibiting a compound annual growth rate (CAGR) of 6.44% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with electroplating equipment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

An electrical current is used in the electroplating process to deposit material on a work piece. It is a technique where a thin layer of metal is applied to the substrate, a work piece. The main purpose of electroplating is to change the physical characteristics of an object. The physical characteristics are altered to improve wear resistance, thickness, and corrosion protection while also giving the object a more appealing appearance.

The rising demand for consumer goods made of metal is responsible for the market's expansion. Another aspect that significantly stimulates market expansion is the expanding use of electroplating across numerous vertical industries, including the automotive, aerospace, and military sectors, among others.

COVID-19 Impact: COVID 19 Pandemic Decreased Demand From The Automotive Industry Affects The Electroplating Market.

Globally, the COVID-19 epidemic, which has no discernible borders, has had a devastating effect on people's lives and means of subsistence. To stop the spread of the virus and prevent overuse of healthcare systems, governments of several countries have shut borders, enacted national quarantines, and implemented physical-distancing policies. Additionally, it was understandable that the safety and wellbeing of the workers came first. However, businesses are increasingly concentrating on the pandemic's economic impacts and developing plans to get over the obstacles the coronavirus's expansion has created.

As a result, both people's lives and employment have been significantly impacted by the COVID-19 pandemic. Governments in a number of countries have instituted border closures, required cross-border isolations, and implemented physical eradication steps to restrict the disease's spread and prevent the abuse of healthcare systems. Additionally, the workforce's security and health ought to have come first. Organizations are currently concentrating on the financial repercussions of the pandemic and creating plans to get over the obstacles caused by its spread.

The normal percentage of numerous industries, including metals and hardware, has typically declined since the COVID-19 epidemic spread, and individual companies have lost up to half of their fair value. The electroplating industry has been significantly impacted by this, and interest in a number of modern applications has decreased.

Latest Trends

"Raising Demand For Electrical Gadgets Resulting Market Expansion"

Global demand for electrical and electronic gadgets has increased as a result of rapid urbanization and digitization. The use of portable electronics, including computers, mobile phones, tablets, digital cameras, camcorders, portable chargers, and wearable technology, has been growing quickly as consumers' standards of living and disposable income have increased all around the world.

ELECTROPLATING EQUIPMENT MARKET SEGMENTATION 

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• By Type Analysis

According to type, the market can be segmented into Automatic, Semi-Automatic, Others. Automatic is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Automotive, Aerospace, Machinery, Home Appliance, Electronic, Others. Automotive will be the dominating segment.

Driving Factors

"Increasing Consumer Electronics Product Demand"

Due to continued product innovation, technological adoption, and consumer demand for electrical gadgets, the popularity of electronics items is growing, which is driving the expansion of the electroplating market. Electroplating is used to uniformly coat metal surfaces as part of the production of electrical devices, components, and electronic goods. The electrical and electronics sector uses precious and non-precious plated components for various end-use applications to enhance product properties like corrosion resistance, wear resistance, solderability, and electrical conductivity. Additionally, a number of businesses have made significant investments in the creation of electronic goods. India wants to create mobile phones with a total value of $24 billion by 2020 and $190 billion by 2025.

"Electroplating Applications Are Becoming More Popular In the Automotive Industry"

One of the biggest users of electroplating technology, which makes use of all available processes from zinc to gold, is the automotive sector. Modern autos also use plastic electroplating to chrome-plate lightweight components. Catalytic converters are made with palladium plating because of its capacity to bind excess hydrogen. Manufacturers in the automobile sector are constantly looking for new strategies to shield their products from the destructive powers of corrosion. In addition to the automobile industry's explosive growth, many automotive parts require the galvanising procedure. Numerous automakers are investing in electroplating machines for vehicle bodies that have layers of corrosion- and rust-resistant material. In addition, a number of businesses offer sophisticated electroplating methods. Techmetals, for instance, provides anodizing for components found on brake callipers and body frames, as well as solutions like Electroless Nickel (EN), which can optimize resistance to corrosion and wear by passing more than 1,000 hours of salt spray testing.

Restraining Factors

"Environmental Issues Associated With the Electroplating Process"

Even though the market for electroplating is expanding quickly, environmental issues associated with this technique are impeding market expansion over the coming years. Electroplating operations, which include cyanide and heavy metals, may emit dangerous air pollutants. Degreasing and cleaning agents also release hazardous air pollutants and volatile organic compounds (VOC). The main ingredient in plating solutions that harms the heart, lungs, and nervous system is cyanide. The governments of numerous nations are enforcing specific laws on the electroplating sector in an effort to reduce the amount of dangerous chemicals and gases that are discharged into the atmosphere during the electroplating process. This will likely pose big problems for the electroplating market.

ELECTROPLATING EQUIPMENT MARKET REGIONAL INSIGHTS

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"APAC Region Will Surpass the Electroplating Equipment Market Growth"

APAC is anticipated to develop at a CAGR of 3.95% and represent a sizable portion of the global electroplating market. Due to high consumer electronics production, increasing industrialization in important developing economies, and the presence of a sizably large manufacturing sector in important nations like China and India, among others, the Asia-Pacific region is predicted to hold a significant market share. The huge need for electroplating in the region is also being fueled by sizable vehicle production facilities in nations like China, India, and Japan. Over the course of the projected period, rising investment in production expansion will further support market expansion in the Asia-Pacific region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• George Koch Sons (U.S.)
• PAL (Phillipines)
• PENC (India)
• EEJA (Japan)
• PAT (U.S.)
• Atotech (Germany)
• JCU (Japan)
• KOVOFINIS
• Technic Inc (India)
• HEKEDA (China)
• HL
• Gangmu machinery (China)
• Besi (Europe)
• Jettech (U.S.)
• STS (Dhaka)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.