Europe Electroplating Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Metal (Gold, Silver, Copper, Nickel and Others), Type (Barrel Plating, Rack Plating, Continuous Plating and Line Plating) and End User Industry (Automotive, Electrical and Electronics, Aerospace and Defense, Medical and Others)
The Europe electroplating market is expected to grow from US$ 3,670.85 million in 2019 to US$ 5,067.51 million by 2027; it is anticipated to grow at a CAGR of 4.2% from 2020 to 2027. Electroplating or galvanic electrode position helps create a protective coating over the substrate that offers resistance over corrosion and enhances the overall appearance of the product. Under the mechanism, the electric current passes through a solution of the dissolved metal ions and the metal object to be plated. The process is used to plate or coat several ferrous and non-ferrous metal objects and plastics by using metals such as copper, tin, zinc, gold, palladium, platinum, silver, chromium, and aluminum.
One of the major factors driving the Europe electroplating market is rising demand from various end users. Manufacturers use inexpensive metals in electroplating for their product, and then they apply other metals on outside to give product better protection from corrosion. Electroplating prevents manufacturers from spending heavy amount on expensive metals to provide efficient and aesthetics wise products; therefore, they prefer electroplating. Also, the advent of innovative disruptions in electroplating technologies—such as nanotechnology and dry plating methods—indicate that the efforts of industry players on ebbing their environmental footprint and improving waste management are being materialized. There is a major demand for electroplating in electrical and electronics industry. Growing demand for wires and semiconductors across the world due to the rising IoT technology and increasing penetration of consumer electronics products, such as television, refrigerators, smartphones, washing machine, laptops, and other products, drive the growth of the Europe electroplating market. Growing preference for the comfortable lifestyle and rising disposable income of consumers are bolstering the global automotive industry, which is, in turn, generating the growth of the electroplating market. Electroplating provides proper finishing to the machinery in aerospace & defense applications. The finishing mainly involves the process of coating metal that sticks to the surface of the material and provides a protective bond. It also provides corrosion resistance, electrical conductivity, heat resistance, and friction wear to the machinery in the defense industry. The demand for electroplating is rising in the defense industry for the aforementioned applications, which is propelling the market growth.
Based on metal, the Europe electroplating market is segmented into gold, silver, copper, nickel, and others. In 2019, the nickel segment dominated the market with a maximum share. Nickel has excellent adhesion, resistance over corrosion, and wear and tear, along with the metallic appeal and luster. Nickel is used to create a base layer of the gold or silver plating. Nickel plating engineering achieves a matte finish because an aesthetic appeal is less significant. It is mostly used in consumer electronics, pharmaceutical, computer, and telecommunications industries. Decorative nickel plating, wherein usually chromium additives are used to increase brightness, is also used to improve the appearance of exterior auto parts—such as grills and bumpers. Nickel electroforming, in which nickel is deposited on a mandrel or mold in a non-adhesive manner, is widely used in the aerospace, textile, and communication industries. Therefore, the use of nickel plating across various verticals in Europe drives its demand.
At present, major countries in Europe are under lockdown due to the COVID-19 pandemic. The reduced production of goods and commodities is hampering the growth of the Europe electroplating market as there is continuous decline in the demand for these solutions since past couple of months. The measures taken to contain the spread of virus are adversely affecting the chemical and material industry in the region due to disruptions in supply and distribution chains. In addition, the restrictions on overall manufacturing processes, research, and development activities would restrain the growth of the market.
The overall Europe electroplating market size has been derived using 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. The process also serves the purpose of obtaining an overview and forecast for the Europe electroplating market with respect to all the segments pertaining to the region. 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 of 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 Europe electroplating market. Atotech; Allenchrome Electroplating Ltd; Dr.-Ing. Max Schlötter GmbH & Co. KG; Jing Mei Industrial Limited (JMI); and Klein Plating Works Inc.are among the players operating in the market in this region.
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