Analysis of Potential Impact of COVID-19 on Electroplating Market
Global Electroplating Market: Brief Account
The global electroplating market is anticipated to witness a year to year to growth during the forecast period 2018 – 2026. Electroplating is a type of metal finishing which has found its application in numerous applications in several number of end users, such as electrical & electronics, automotive, machinery parts and components, and aerospace and defense. Rapid urbanization and fast industrialization is likely to play a crucial role in the lifting the global electroplating market in years to come. Emerging economies are witnessing a strong industrialization and construction activities, as various manufacturers are trying to gain profit by investing in the untapped region.
Electroplating helps manufacturers to use inexpensive metals, for instance steel or zinc for almost all the products and later on to protect the product metal plating of other metals are used for protecting it from corrosion, enhance its outlook, and others depending upon customer’s choice.
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Global Electroplating Market: Trends and Opportunities
The primary reason that is driving the global electroplating market is its high demand from various end users. Electroplating has prevented manufacturers to spend heavy behind expensive metals to provide efficient and aesthetics wise products. Previous manufacturers use to spend hefty amount behind expensive metals such as gold, silver, and platinum to draw attention. However, with the advent of electroplating, manufacturers rely on cheap metals and later on electroplated with other metals to provide a better protection from corrosion. This factors have compelled manufacturers to uptake electroplating thus making the global electroplating market to expand at a robust CAGR during the tenure period.
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The major demand for electroplating is be the electrical and electronics industry. Rising demand for wires and semiconductors throughout the world due to rise in IoT things has proved to be a boon for the global electroplating market. Increasing penetration of television, refrigerators, washing machine, smartphones, laptops and other consumer electronics products are favoring the growth of the global electroplating market. Apart from these, booming automotive industry to bode well with the global electroplating market. Rising preference to lead a comfortable lifestyle and rise in disposable income is pushing the global automotive industry which is directly helping the electroplating market to reach new heights. However, it has been noted that the electroplating market is confronted with various restraints which are likely to pull down the market. Several governments are imposing certain regulations on electroplating industry to curb the emission of harmful chemicals and gases that are released in the atmosphere throughout the electroplating process. This is likely to play a major roadblock for the global electroplating market.
Global Electroplating Market: Regional Outlook
North America and Western Europe collectively held a whooping share in the past. It is expected by the analysts that the global electroplating market in the Western Europe and North America will be mature in comparison to APEJ region. Countries such as China, South Korea, and India are likely to be the key contributors in the APEJ region. This is likely to attract various investors thus making the global electroplating market to grow at an exponential rate. On the other hand, Latin America is expected to expand at a steady CAGR during the tenure period.
Global Electroplating: Companies Mentioned
The players in the global electroplating market are opting for strategic partnership such as mergers and acquistions in order to have a strong foothold in the market. Some of the major players in the global electroplating market are ASB Industries Inc., Birmingham Plating Co, Ltd., Metal Surfaces Inc., and Allied Finishing Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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