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| Global Electroplating Market Size |
Electroplating is a process that deposits a layer of any conductive metal onto
a metallic or non-metallic surface. It is widely used in automotive, electrical
and electronics, industrial machinery manufacturing and other sectors for
corrosion protection, wear resistance and aesthetics. Electroplating provides
an appealing, durable and rust-resistant finish, improves conductivity and
allows components to conduct electricity better.
The global
Electroplating Market is estimated to be valued at US$ 19.33 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased production and sales of automobiles is one of the major factor
driving the growth of the electroplating market. Various exterior and interior
components of vehicles such as bumpers, trims, engine parts require
electroplating to prevent corrosion and improve aesthetics and life of the
components. According to International Organization of Motor Vehicle
Manufacturers, global automotive production increased by over 4% from 2020 to
2021. The increased automotive production results in higher demand for
electroplated components and parts, thereby accelerating the growth of the
overall electroplating market during the forecast period.
Segment Analysis
The global electroplating market has been dominated by the automotive
sub-segment which accounts for over 35% share of the total market.
Electroplating provides a protective coating and prevents corrosion of
automobile components which are exposed to harsh environmental conditions. This
increases their longevity and makes them durable. Hence, electroplating finds
widespread application in plating various metal components used in vehicle
manufacturing such as engine parts, transmission components, brake disks, and
other decorative automotive trims and accessories.
Key Takeaways
Global
Electroplating Market Size is expected to witness high growth over the
forecast period of 2023 to 2030. The global Electroplating Market is estimated
to be valued at US$ 19.33 Bn in 2023
and is expected to exhibit a CAGR of 6.0%
over the forecast period 2023 to 2030.
Asia Pacific
currently holds the largest share of over 40% of the total market and is
expected to maintain its dominance during the forecast period. Countries like
China, Japan and India have witnessed strong automobile sales which has
contributed to the growth of electroplating market in the region. Additionally,
growing electronics and appliance industries in Asia Pacific are also boosting
the electroplating market.
Key players related content comprises
Key players operating in the electroplating market are Philips Healthcare, GE
Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu Medical, Ziehm
Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic Corporation.
Philips Healthcare and GE Healthcare have significantly large market shares due
to their extensive product portfolio and global presence.
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