The Global Market for Electroplating Services is Projected to Reach US$17.4 Billion by 2024
Stable
End-Use Industries and Expanding Applications to Drive Growth in the Global Electroplating
Market, According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Electroplating market. The global market for
Electroplating Services is projected to reach US$17.4 billion by 2024, driven by manufacturing
growth in key end-use industries such as automobiles, aerospace, and electronics,
as well as growing applications in new industries and materials.
Electroplating
is categorized as a “primary process” in the larger inorganic metal finishing
technologies market. Over the years, several chemical developments have made
possible electroplating of a wide range of materials like platinum and osmium;
and today, numerous industries use different procedures for electroplating.
Technological developments over the past several years have ensured that
electroplating processes find several end-use applications, including
decorative purposes, corrosion protection, engineering applications and
electrical applications. Growth in electroplating relies completely on the
state of manufacturing industries. Since electroplating is largely application
driven, the market depends entirely on the net output of the manufacturing
industries at any given point of time. Demand for electroplating services at
the global level is anticipated to record a steady growth in the ensuing years
driven mainly by the resurgence in manufacturing industries across the world,
from both the economic recession of the last decade and also the slowed-down
growth reported in major markets in the recent past owing to economic
uncertainties.
Metals
used for electroplating are generally the expensive ones including cadmium,
nickel, silver, chromium, platinum, gold etc. Of all the precious metal used by
the electroplating industry, about 5% is discharged as waste. It therefore
becomes imminent to devise ways and means to recover these expensive metals
from the sludge post electroplating. By developing appropriate recycling
methods, utilization of a wide range of materials by the industry can be
optimized. Recycled materials can be utilized many times over thus reducing raw
material costs significantly. Stringent environmental regulations governing
issues pertaining to water treatment and others also have a major say on the
prospects for electroplating services which is inherently a polluting
technique. Compliance with local environmental protection laws is a must for
all electroplating enterprises since the composition of waste water emerging
from electroplating process is extremely harmful as it contains dangerous
metals. Untreated water can cause serious damage to the environment polluting
water, soil and air. Nickel, cadmium, lead and such
other metals in the electroplating waste water are extremely harmful to human
health.
Electroplating
trends would continue to be impacted by economic considerations and
environmental regulations, which would shape the future of the industry. Modern
electroplating trends are driven mainly by factors such as improving
environmental friendliness and enabling cost-efficiency for consumers. While
there is continued focus on enhancement of the look and the durability of the
product, the metal finishing industry is also focusing on
providing consumers as well as the environment with a safe and economical
experience. This is giving rise to concerns over the toxicity of electroplating
chemicals, which in turn is contributing to the development of new
electroplating trends.
As
stated by the new market research report on Electroplating, developed markets such as
the US and Europe account for a lion’s share of the industry’s revenues. The
United States represents the largest regional market worldwide, followed
closely by Europe. Market prospects for electroplating services in a particular
region/country primarily depend on the state of manufacturing activity. Europe
and the US have traditionally scored better than other geographic markets in
this regard and have been highly successful markets for electroplating
services. While developed countries have been the traditional revenue
contributors and continue to dominate the global electroplating services market
with their strong manufacturing sectors, growth in the forthcoming years is
expected to be driven by developing nations, particularly in Asia-Pacific and
Latin America. Rapid industrialization in Asia, led by China and India, is one
of the major factors promoting electroplating services growth. Asia-Pacific
ranks as the fastest growing market with a CAGR of 5.6% over the analysis
period.
Major
players in the market include AJT Engineering Ltd, Allied Finishing Inc.,
Atotech Deutschland GmbH, Birmingham Plating Co. Ltd., Commercial Plating
Company Inc., Estañadora S.A. de C.V., Interplex Holdings Pte. Ltd., Kuntz
Electroplating Inc, Metal Surfaces Inc., NiCoForm Inc., Pioneer Metal
Finishing, LLC, Peninsula Metal Finishing Inc., Roy Metal Finishing Company,
and SIFCO Applied Surface Concepts Group among others.
The
research report titled "Electroplating: A Global
Strategic Business Report" announced by Global Industry Analysts Inc., analyzes a wealth of
data including technological trends, growth drivers and major challenges that
are shaping the global Electroplating market, as well as profiles of leading
vendors, mergers, acquisitions and other strategic industry activities. The
report provides market estimates and projections in US$ for major geographic
markets including the United States, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and
Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and
Rest of World. In addition, the global market is analyzed by ink type and
includes Aqueous, Latex, Solvent, and UV-Cured ink based Electroplating.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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