The global electroplating market was valued at US$ 16,446. 88 million in 2019 and is projected to reach US$ 23,034. 16 million by 2027; it is expected to grow at a CAGR of 4. 4% from 2020 to 2027.
New York, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electroplating Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Metal, Type, and End-User Industry" - https://www.reportlinker.com/p05988364/?utm_source=GNW
Electroplating or galvanic electrodeposition is defined as an electrochemical metal finishing process in which metal ions dissolve in solution are deposited on a substrate with electricity.This process helps create a protective coating over the substrate, which offers resistance over corrosion and enhances the product’s overall appearance.
The process is used to plate or coat several ferrous and non-ferrous metal objects and plastics using metals such as copper, tin, zinc, gold, palladium, platinum, silver, chromium, and aluminum.
Based on end-user industry, the electroplating market is segmented into automotive, electrical and electronics, aerospace and defense, medical, and others.The electrical and electronics segment led the electroplating market with the highest market share in 2019.
The electrical and electronics industry is considerably reliant on electroplating service providers as it helps increase product lifespan and makes it more resilient.The electrical & electronics industry uses precious and non-precious plated components for various end-use applications to improve characteristics such as solder-ability, wear resistance, corrosion resistance, and electrical conductivity of components and parts of electronic products.
Hence, manufacturers of electronic devices and products are obligated to coat their products using electroplating techniques.Moreover, emerging market s, such as South Korea, China, Japan, and India, are witnessing immense economic growth that has increased the demand for electroplating.
This, in turn, is expected to drive the electroplating market growth during the forecast period.
Geographically, the electroplating market is segmented into North America, Europe, AsiaPacific (APAC), South America, and Middle East &Africa (MEA).In 2019, Asia Pacific contributed to the largest share in the global electroplating market .
Rapid urbanization and increased production of consumer electronics are some of the potential drivers facilitating the growth of the electroplating market in Asia Pacific.China is considered to be one of the significant market s of electroplating, in terms of production and consumption, followed Japan and India.
Further, the growth of end-use industries, such as automotive, electrical and electronics, aerospace and defense, medical, and jewelry, with strong presence of leading manufacturers has significantly driven the growth of the electroplating market in the region.
The COVID-19 pandemic first began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace worldwide.As of October 2020, China, India, Italy, Iran, Spain, republic of Korea, France, Germany, and the US are some of the worst affected countries in terms of confirmed cases and reported deaths.
The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is one of the major industries facing serious disruptions-such as office and factory shutdown, and supply chain breaks-as a result of this outbreak.
Allenchrome Electroplating Ltd.; Atotech; Dr.-Ing. Max Schlötter GmbH & Co. KG.; Jing Mei Industrial Limited; Klein Plating Works Inc.; Precision Plating Company; Sharretts Plating Co., Inc.; Summit Corporation of America; Toho Zinc Co., Ltd.; and Cherng Yi Hsing Plastic Plating Factory Co., Ltd. are among the major players operating in the global electroplating market .
The overall global electroplating market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market .
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the global electroplating market .
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