Cabinet Organizers are Expected to Dominate the Global Electroplating Market.
According to
TechSci Research report, “Global Electroplating Market
- Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Electroplating is anticipated to project robust growth in the
forecast period with a CAGR of 3.5% through 2028. Electroplating is a process
that uses an electrical current to deposit material on a workpiece. It is a
method by which a thin layer of metal is deposited on a workpiece known as the
substrate. The primary use of electroplating is to modify an object's physical
properties. The change in the physical properties is done in order to provide
the object with aesthetic appeal, increase wear resistance, increase thickness
and provide protection against corrosion. Market growth can be attributed to
the burgeoning demand for consumer goods made of metal. The increasing adoption
of electroplating across different vertical industries, such as the automotive
and aerospace industries and defense, among others, are other factors that
contribute significantly to stimulating market growth.
Consequently, the COVID-19 pandemic has had a significant negative
impact on people's lives and their employment. To stop the spread of the sickness
and prevent the exploitation of healthcare systems, governments of several
nations have closed borders, mandated cross-border isolations, and taken
physical eradication measures. Additionally, the safety and well-being of the
workforce should have been the top priority. However, organizations are
currently focusing on the pandemic's financial effects and developing
strategies to overcome the limitations brought on by its spread.
Since the COVID-19 pandemic spread, the typical percentage of several sectors,
such as metals and hardware, has usually decreased, and individual companies
have lost up to half of their fair value. This has had a significant impact on
the electroplating sector, and various contemporary applications have shown
decreasing interest. The Asia-Pacific region is projected to hold a large market share in
high consumer electronics production, coupled with rapid industrialization in
major developing economies and the presence of a substantially large
manufacturing sector in major countries such as China and India, among others.
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Figures spread through 188 Pages and an in-depth TOC on " Global Electroplating Market.
Although the
Electroplating Market is growing rapidly, environmental concerns related to
this technique are hampering the growth of the market during the forecast
period. Electroplating operations, including heavy metals and cyanide, can
produce emissions of toxic air pollutants. Furthermore, toxic air pollutants
and volatile organic compounds (VOC) are released by degreasing and cleaning
solutions. Cyanide is a key component of plating solutions that affect the
nervous system, heart, and lungs. In order to curb the emission of harmful
chemicals and gases that are released into the atmosphere throughout the
electroplating process, the governments of several countries are imposing
certain electroplating industry regulations. This is likely to be a major
obstacle for the Electroplating Market.
Factors
contributing significantly to stimulating market growth are the increasing
adoption of electroplating across various vertical industries, such as the
automotive and aerospace industries and defense, among others. Chrome reduces
rust risk and improves the strength of the base material. By reducing friction
to prolong the life of a machine, it offers elevated lubricity. Not only does
chrome prevent wear on the machine, it also delivers extra performance. With a
decreased risk of overheating, less friction implies smoother operation. Electroplating
allows manufacturers to use cheap metals such as steel or zinc for the majority
of the product in machine parts and components, and then apply different metals
on the outside to account for the appearance, protection and other properties
required for the product of the machine. Without breaking the torque tolerance,
electroplating can strengthen machinery parts and components.
Key market
players in the Global Electroplating Market are following: -
- Atotech (Germany)
- Sharretts Plating Company (US)
- Sheen Electroplaters Pvt Ltd (India)
- Allenchrome (England)
- Summit Corporation of America (US)
- Precision Plating Co. (US)
- TOHO ZINC CO.LTD (Japan)
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“The automotive
industry is one of the largest consumers of electroplating technology that
utilizes all the zinc to gold electroplating process available. Plastic
electroplating is also used in modern automobiles for chrome-plating the
lightweight parts. Palladium plating is used in the manufacture of catalytic
converters because of its ability to absorb excess hydrogen. In the automotive
industry, manufacturers are always looking for ways to protect their goods from
the relentless forces of corrosion. In addition to the rapid growth of the
automotive industry, the galvanising technique is widely used in various
automotive components. Several automotive companies are investing in vehicle
body electroplating units with corrosion and rust resistant material layers. In
addition, advanced electroplating techniques are provided by several companies.
For instance, Techmetals offers solutions such as Electroless Nickel (EN), that
can optimize resistance to corrosion and wear passing over 1,000 hours of salt
spray testing and they also provide anodizing for parts found on brake calipers
and body frames.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Electroplating Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented By Product Type (Cabinet Organizers/Drawer
Organizers, Food Storage, Pantry Organizers, Sink & Under Sink, Dinnerware
& Serving Storage, Others), By Material Type (Plastic, Metal, Glass &
Crystal, Wood, Others), By Region, Competition 2018-2028 has evaluated
the future growth potential of Global Electroplating Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Electroplating Market.
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