A report by Future Market Insights found that the global electroplating market will grow at a CAGR of 3.7% over the forecast period of 2016 to 2026. In the UK, we can expect to see a growth below 5% CAGR; a slow pace but still at the forefront of the market as it reaches a state of maturity. As one of the leading electroplating companies in Dorset, Dorsetware is pleased to hear that the electroplating market is only growing and that our services are of great need to many businesses around us.
Automotive and electronics industries are pushing the growth
The report outlines the core regions which will experience the most growth, including the Asia Pacific such as Japan, due to the expansion in electronics and automotive industries. Electronic and automotive manufacturers use components that are under obligation to be electroplated to adequately coat and protect metal surfaces. Because these industries are making up over a third of the world’s electroplating business, their nonstop growth will only strengthen the demand for electroplating services. Automotive businesses have already invested in units for electroplating the body of vehicles with a layer of corrosion and rust resistant materials.
Which metals are the fastest growing coatings in electroplating?
Nickel, gold and copper are the fastest growing electroplated materials, due to their beneficial properties for enhanced protection in electronics and automotive parts. The report outlines that the unsteady changes in the price of these raw metals is impacting the electroplating market, but is not changing consumers preference for nickel, gold and copper plating. Gold is back in fashion, and the hike in demand for gold plated electronics could add nearly $5 billion in revenue, yet will remain behind nickel and copper with a combined global market value of more than 60%.
What is nickel, copper and gold electroplating?
All three materials are appreciated for their physical properties and aesthetics by many industries. By electroplating (adding a small layer of the metal) to an original, cheaper and less effective metal, businesses can achieve similar results on a smaller budget. Nickel plating is widely used in engineering applications for ferrous and non-ferrous metals such as steel and aluminium for mainly aesthetic reasons such as the bright clean finish it produces. Copper plating is used as a base coat during the chroming process to ensure durability and create a coating with high thermal and electrical conductivity. Gold plating can be applied to almost any metal and is the least likely to oxidise, even in water. The metal finish is one of the most conductive, malleable, and attractive materials, making it a popular choice for plating.
Learn more about our electroplating services and how we can enhance your products by getting in touch on 01202 677939. We are BSI accredited with a 24 hour turnaround!